Oil Rise as Inventories Fall

U.S. crude oil prices rose Wednesday, hovering near $82 per barrel as U.S. inventories declined while OPEC sees solid demand supported by stronger economic growth this year.

U.S. oil inventories fell by 3.4 million barrels last week while gasoline stocks shrank by two million barrels, according to the Energy Information Administration. But implied oil demand, measured by products supplied to the market, softened by 334,000 barrels per day.

Bulls are looking for sustained drawdowns in U.S. stockpiles to confirm expectations that summer fuel demand will pick up after a tepid start to the season.

Here are today’s energy prices: West Texas Intermediate August contract was $81.94 per barrel, up 53 cents, or 0.65%. Year to date, U.S. oil has gained 14.3%. Brent September contract: $84.99 per barrel, up 33 cents, or 0.39%. Year to date, the global benchmark is ahead 10.2%.
RBOB Gasoline

August contract: $2.51 per gallon, down 1 cent, or 0.49%. Year to date, gasoline is up 19.6%.

Natural Gas :August contract: $2.32 per thousand cubic feet, down two cents, or 1%. Year to date, gas is down 7.7%.

The Organization of the Petroleum Exporting Countries, meanwhile, maintained its oil demand growth forecast of 2.2 million barrels per day for 2024. The cartel revised global economic growth slightly higher for this year to 2.9%, buoyed by a better-than-expected first-half performance in Brazil, Russia, India and China plus a rebound in the eurozone.

Source link

About The Author

Scroll to Top