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Session begins with the growth of oil prices

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Session begins with the growth of oil prices
May 20
09:00 2020

Today, oil quotes began to grow at the start of the session. We recall that yesterday, the trading was extremely volatile in nature.

So, at 8.04 Moscow time, July contracts for the European Brent crude oil (traded on the London Stock Exchange) were trading at around $ 34.91 per barrel. This is 0.75% higher than the value at the close of trading on the eve.

At the same time, July futures of the American WTI crude oil grew by 0.5% and cost 32.12 US dollars per barrel. Yesterday, the asset grew up to the level of 31.96%, i.e. by 1%.

The authoritative economic portal MarketWatch has published the information that the curve of WTI contracts has turned backward. This means that July futures are cheaper than June ones. Experts believe that such backwardation means the presence of steady demand and sufficient volumes of free storage.

Today, the attention of analysts will be focused on the report of the US Department of Energy on the volume of commercial reserves of oil, gasoline and distillates in the country.

Yesterday, the American Petroleum Institute (API) published its weekly report. According to the API analysts, US oil inventories have decreased by 4.8 million barrels, gasoline inventories have dropped by 651 thousand barrels, but distillates have increased by 5.1 million barrels. Experts believe that the US Department of Energy will not report on a decrease, but an increase in commercial oil reserves of 2.4 million barrels.Session begins with the growth of oil prices

Today, oil quotes began to grow at the start of the session. We recall that yesterday, the trading was extremely volatile in nature.

So, at 8.04 Moscow time, July contracts for the European Brent crude oil (traded on the London Stock Exchange) were trading at around $ 34.91 per barrel. This is 0.75% higher than the value at the close of trading on the eve.

At the same time, July futures of the American WTI crude oil grew by 0.5% and cost 32.12 US dollars per barrel. Yesterday, the asset grew up to the level of 31.96%, i.e. by 1%.

The authoritative economic portal MarketWatch has published the information that the curve of WTI contracts has turned backward. This means that July futures are cheaper than June ones. Experts believe that such backwardation means the presence of steady demand and sufficient volumes of free storage.

Today, the attention of analysts will be focused on the report of the US Department of Energy on the volume of commercial reserves of oil, gasoline and distillates in the country.

Yesterday, the American Petroleum Institute (API) published its weekly report. According to the API analysts, US oil inventories have decreased by 4.8 million barrels, gasoline inventories have dropped by 651 thousand barrels, but distillates have increased by 5.1 million barrels. Experts believe that the US Department of Energy will not report on a decrease, but an increase in commercial oil reserves of 2.4 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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