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Energy market today: prices are rising

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Energy market today: prices are rising
November 01
09:00 2017

At the moment, oil prices are showing the serious growth.

Thus, January futures for Brent oil have risen by 0.33% to $ 61.14 per barrel in the morning (at 8 am in Moscow); in absolute terms the increase totalled 0.20 US dollars.

Today, another benchmark oil – WTI has managed to grow by 0.46% to 54.63 US dollars per barrel (so the increase is 0.25 US dollars).

Yesterday the oil of both brands showed an excellent growth:
Brent crude oil rose by 0.58% to $ 60.94 per barrel (by $ 0.35)
WTI crude oil rose by 0.42% to 54.38 US dollars per barrel (by 0.23 US dollars)
Thus, in October, Brent crude oil showed a significant increase of 8%, while WTI crude oil traded in the USA rose in price by 4.7%.

This growth is due to several factors. The most significant, perhaps, was a report on commercial oil reserves in the United States. In reality, the stocks have declined more than predicted.
The willingness of two significant players in the energy market – the Russian Federation and Saudi Arabia – to continue the strategy in order to reduce the oil production has become another significant factor of the price increase. We recall that the agreement on the restrictions of production among the OPEC + countries will continue for about five months.

Yesterday the authoritative organization API (American Petroleum Institute) reported that the United States had significantly reduced commercial oil reserves.

More specifically:
– the amount of oil was reduced by 5.1 million barrels
– distillates – by 3.1 million barrels
– gasoline – by 7.7 million barrels.

Press release of the Ministry of Energy of the United States will be released today at 17:30 Moscow time. It will finally clarify the situation with the reserves of gasoline, oil and distillates. You should expect large volatility during the tomorrow’s trading session.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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