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Oil futures advanced slightly on Thursday, pushing back a request from President Donald Trump that the Organization of the Petroleum Exporting Countries move to counter a rally whose prices are near or above the 3-year highs years and a half. weekly data from the US Energy Information Administration on crude oil supplies.
West Texas Intermediate crude for delivery in August
CLQ8, + 0.36%
on the New York Mercantile Exchange rose 36 cents, or 0.5%, to $ 74.50 a barrel, the US index reaching its highest level since November 2014. US markets have been closed the independence holidays. Raw Brent
LCOU8, + 0.01%
the global benchmark, was up 3 cents to $ 78.27 a barrel on the ICE Europe London Stock Exchange
Trump still on Wednesday complained of rising gas prices from oil-exporting countries were doing "little to help", and demanded that the cartel, "REDUCE PRICES NOW!"
The monopoly of OPEC must remember that the Gas prices are rising and they do little to help. On the contrary, they drive up prices, because the United States defends many of its members for very little money. It must be a two-way street. REDUCING PRICES NOW
– Donald J. Trump (@realDonaldTrump) July 4, 2018
The tweet comes after Trump tweeted on Saturday that King Salman of Saudi Arabia had agreed to go ahead. increase production by 2 million barrels a day. The OPEC and its main producing allies, namely Russia, had agreed at a meeting in June to increase production by 1 million barrels a day to counter the barrels lost from Venezuela and Iran
. The nuclear deal and the demands of the administration that countries eliminate Iranian oil purchases have been a key factor in the rally.
"The US President does not think it's Trump himself that drives up prices thanks to his Iranian policy.Trump wants all countries to reduce their oil imports from Iran to zero This would remove 2.5 million barrels a day from the market, "wrote Commerzbank badysts in a note. "Unused capacity in OPEC countries is just enough to offset that amount, but will not be enough if supply is reduced by failures elsewhere – as in Libya and Canada at the time current – and by a decline in oil production in Venezuela. "
In addition, Iran has threatened to block oil shipments in the Strait of Ormuz if the United States continued to seek new sanctions against Tehran.
Weekly EIA data should show a 4.5 million barrel drop According to a survey by S & P Global Platts, a 2.5 million barrel drop in gasoline stocks and a drop of 250,000 barrels for distillate stocks would be "one of the poorest storage ratios," Robert said. Yawger, director of energy at Mizuho Securities USA, in a note. The storage figure at the Nymex delivery center in Cushing, Oklahoma will be critical, he said, with the failure of a Syncrude upgrader in Alberta, Canada, which is expected to generate significant storage, while refining could reach 18 million barrels a day for a record. Exports could also challenge the record of 3 million barrels a day seen in last week's report, he said.
"If all these parts turn, the market will probably digest a very large crude oil, which could rally [August WTI] to the four-year high of $ 75.27 Tuesday," he said. says
RBQ8, + 0.62%
increased 1.64 cents, or 0.8%, to $ 2.134 per gallon, while heating oil August
HOQ8, + 0.96%
increased 2.27 cents, or 1%, to $ 2.1869 per gallon
NGQ18, + 0.24%
were down 2 cents, or 0.7%, to $ 2.85 per million British thermal units.
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