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Oil prices still grow due to the news of stock reduction in Cushing

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Oil prices still grow due to the news of stock reduction in Cushing
March 06
14:23 2018

The MarketWatch portal has informed its readers that oil prices continue to grow significantly.

So, futures of Brent (deadline for implementation is May) traded on the London Stock Exchange ICE Futures have grown to the level of $ 65.65 per barrel as at 8:00 am Moscow time. This is 0.17% higher than the closing price of the previous session. Yesterday, Brent crude rose by $ 1.17 (1.8%) to $ 65.54.

Another crude oil – WTI – has showed a very significant growth too. Just this morning, April futures have risen by $ 0.12 (in relative terms – by 0.19%) to the level of $ 62.69 per barrel.

Analysts note that yesterday’s trading session was the first in the past year when both grades of oil showed the most significant growth.

Market experts attribute the growth of oil prices to the state of reserves in the oil tanks of Cushing. We recall that Cushing is a small town located in the US state of Oklahoma known for the fact that there are major trading hubs for crude oil, several oil pipelines and significant oil tanks. Genscape (the main supplier of information on the state of commodity markets) reports that last week, the reserves of Cushing’s oil tanks fell to the lows in the last four years.

Tonight, the American Petroleum Institute will release data on changes in national oil reserves. On average, consensus forecasts indicate that during a week, oil reserves have increased by 2.5 million barrels.

Well, we are waiting for the publication of the official data. This information will clarify the further behavior of the assets in the commodity markets.

 

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

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