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Oil grows because of Tramp’s statements

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Oil grows because of Tramp’s statements
April 02
09:00 2020

Today, energy prices are increasing. We recall that yesterday oil quotes dipped after the data on the growth of energy reserves in the States were published.

The information that Donald Trump plans debates with the heads of major oil companies has become the bullish factor for the oil market. They are going to talk about the state support for the industry, which is in an obviously deplorable situation.

The participants of the upcoming meeting at the White House are already known. They are: Exxon Mobil CEO Darren Woods, Chevron CEO Mike Wirth, Vicki Hollub and Harold Hamm, heads of Occidental Petroleum and Continental Resources, as well as leaders of US energy companies.

At 7.50 Moscow time, Brent oil futures were trading at around $ 26.23 per barrel, which is 6.02% more than yesterday’s closing level. Thus, the previous drop was almost completely won back. We recall that on Wednesday, the decline was 6.1%.

At the same time, WTI oil futures grew in price by almost 5% and were trading at $ 21.32.

The reason for yesterday’s fall was the expected but gloomy statistics from the US Department of Energy. Thanks to the report, investors were convinced that the growth of oil reserves had been growing for the tenth week in a row. Energy stocks have increased 13.8 million barrels. By the way, experts did not expect such high figures; they considered the increase would be 4.6 million barrels.

Gasoline inventories in the United States have increased 7.5 million barrels, while distillate inventories have lost 2.2 million barrels.

For the first quarter, oil has shown an absolute historical record for falling prices. Brent crude oil has dropped by 65.6%, WTI – by 66.5%.

We recall that yesterday the agreement on restricting the extraction of the member of the OPEC+ cartel expired. Just on the first day, Saudi Aramco increased the extraction to 12 million barrels.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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3 Comments

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