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US oil reserves are shrinking, oil is getting more expensive

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US oil reserves are shrinking, oil is getting more expensive
June 06
09:00 2018

Yesterday’s rumors that the US officials asked the OPEC members to increase oil production by 1 million barrels per day led to the fact that both benchmark crudes traded on the market showed strong volatility. Insiders let slip that the request had been made during the meeting of several Arab oil ministers.

Daniel Hynes, a senior commodity strategist at the Australia & New Zealand Banking Group (ANZ) said that over the next few days not the unconfirmed rumors, but the reports on the reserves of the black gold in the US would mainly influence the market.

As the official report has not been released yet, the market is based on the data prepared by the American Petroleum Institute (API). According to them, the commodity stocks of oil in the United States decreased by 2.03 million barrels last week and the reserves in Cushing (where the warehouses of oil traded at NYMEX are based) decreased by 1.04 million barrels.

The official report of the US Department of Energy will be published today; consensus forecasts suggest that it should point to a decrease in oil reserves by 2.1 million barrels.

Meanwhile, the price of August futures for the Brent benchmark (traded on the London Stock Exchange ICE Futures) has increased by 0.36% to $ 75.65 per barrel. During yesterday’s session, contracts rose by 0.12% to the mark of $ 75.38 per barrel.

The futures price of WTI for July (traded on the New York Mercantile Exchange NYMEX) also shows an increase by 0.43% to $ 65.8 per barrel. From yesterday this crude has gone up by 1.19% to the value of 65.52 US dollars per barrel.

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

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