Recently, the American Petroleum Institute (API) has published data on the state of the “black gold” reserves in the territory of the United States of America. According to the published data, over the past week oil reserves have decreased by a record 5 million barrels. The official information of the US Ministry of Energy in that regard will be reported to the public today. It is assumed that the Ministry is going to note a decrease in the stock level by 4.7 million barrels.
It is logical to assume that if oil reserves are declining, then stocks of gasoline and distillates should grow. That’s how it happened. The figures show an increase in gasoline stocks by 2 million barrels and distillate stocks – by 1.3 million barrels in a week.
The published figures and expectations of official data from the US Ministry of Energy have naturally affected the price of oil.
So, today, during the bidding process the benchmark crude oil is being traded at values close to the highs for the last three years.
March futures for Brent crude oil on ICE Futures in London have grown to $ 68.14 per barrel so far (an increase of $ 0.3 or 0.44%).
Another benchmark crude oil – WTI – also has showed a significant growth. So, February futures for this brand (traded on the New York Mercantile Exchange) have risen in price to the level of 62.12 USD per barrel. Thus, the price increase compared to the end of the previous trading session has amounted to 0.49 US dollars or 0.8%.
Yesterday, both grades of crude oil showed a record growth:
– Brent finished trading at around $ 67.84 per barrel (an increase of 1.91%);
– WTI rose to 61.63 US dollars per barrel (an increase of 2.09%).
According to analysts of commodity markets, oil will continue its phenomenal growth, and then the correction will happen.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade