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Oil market news for Thursday

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Oil market news for Thursday
July 20
09:00 2017

News about oil reserves in the United States affects the price of energy. The day before, the US Department of Energy reported on the reduction of stocks in the country by 4.73 million barrels. These figures exceeded analysts’ expectations by more than 1.5 million barrels.

Saudi Arabia significantly reduced oil shipment. Figures speak for themselves: exports amounted to 524 thousand barrels per day (this is by 327 thousand barrels per day less than previous indicators). The figure recorded last week turned out to be the minimum for the last seven years.

Interesting news related to oil production came today from Nigeria. The fact is that this West African country (like Libya) is not obliged to participate in the agreement on the global reduction in oil production. Over the past few years, Nigeria has been unable to raise oil production due to the destruction of oil refineries during military conflicts. Fortunately, these dark times ended and Abuja reported on a significant growth of oil production. Nigeria is becoming an increasingly important player on the global oil scene. Oil Minister Emmanuel Ibe Kachikwu announced the intention of Omar Faruk Ibrahim (the official representative of the country) to participate in the meeting of OPEC +.

All the above news could not but affect the price of oil. The most significant in this regard was the news of the reduction in the US stocks – energy prices are at their highest in the last six weeks.

Yesterday, September futures for Brent crude oil finished the day at $ 49.70 per barrel (+ $ 0.86 or 1.76%) on the London Stock Exchange ICE Futures.
On the same day August futures for WTI crude oil also showed an impressive growth to $ 47.12 (+ $ 0.72 or 1.55%) on the New York Mercantile Exchange NYMEX.
The trend for the growth of oil quotations will continue until the release of the next inventory report.

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

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