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US oil reserves are declining; black gold prices are breaking records

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US oil reserves are declining; black gold prices are breaking records
November 22
09:00 2017

There is interesting news for those who follow the markets. The thing is that oil prices are going on to rise today. Quotations are approaching two-year highs and are not going to lose ground.
Experts do not have to rack their brains in search of a reason; unequivocally, this is due to a reduction in commodity stocks of oil in the US.

At the moment, January futures for oil of the benchmark Brent (traded on the ICE Futures exchange in London) are showing an increase of 0.69%. In absolute terms, the price increase amounts to 0.43 dollars (to the level of 63 US dollars per barrel). During yesterday’s trading session, the following indicators were fixed: futures price – 62.57 US dollars, an increase of 0.35 US dollars or 0.56%.

The case for another oil benchmark – WTI (traded on the New York Mercantile Exchange NYMEX) – is also very good. January futures are currently trading at $ 57.72 a barrel. The increase is 1.57% or $ 0.89 in absolute terms. Yesterday’s trading session showed the following values: the closing price – 56.83 US dollars per barrel, an increase is 0.41 US dollars or 0.73%.

Yesterday, the American Petroleum Institute (API) unveiled statistics on the change in oil reserves in the United States for the week. According to the published figures, stocks fell by as much as 6.36 million barrels. Tonight, traders and analysts are waiting for official figures from the US Department of Energy. Perhaps, on the results of this report, oil will continue to grow in price.

In addition to the United States, Saudi Arabia influences oil prices, that means a significant reduction in exports by the Kingdom compared to the previous month. Currently, about 6549 million barrels per day are being produced, while in August 6708 million barrels per day were being produced.

Next week, the market is waiting for a shock in the form of the Vienna meeting of the OPEC member countries. It is assumed that the participants of the cartel will agree on the prolongation of the agreements on the reduction of world oil production. This will undoubtedly cause a further rise in the price of black gold.

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

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