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In trading on Wednesday (25), crude oil futures prices continued to climb, closing at a more than eight-month high as the market remained optimistic about the progress of the new crown vaccine and the decline of US crude oil inventories
- The price of WTI crude oil futures for January delivery rose 80 cents, or nearly 1.8%, to close at $ 45.71 a barrel.
- The price of Brent crude futures for January delivery rose 75 cents, or nearly 1.6%, to settle at $ 48.61 a barrel.
The two benchmark crude futures prices closed on March 5 for 2 consecutive days, lowering their highest closing prices.
As pharmaceutical companies successively announced the strong performance of the new corona vaccine in the final stage, boosting market sentiment and hiding concerns caused by the increase in cases in Europe and the United States, crude prices rose by November.
After the Trump administration removed obstacles to the transfer of power on Tuesday, crude oil was boosted again.
Stephen Innes, Axi’s chief global market strategist, said in the report: “However, crude oil prices have responded too quickly to the recent good news. It’s hard not to worry. Hedge funds have switched from short to long. Because Brent crude oil has changed from less than $ 45 to Above $ 48, this includes OPEC’s expectation that the current scale of production reduction will extend from 3 to 6 months. “
“This is still the market illusion, but oil may still be affected by any results in the near future. These results indicate that recent reports mentioned that the OPEC tensions are real and may pose a threat to oil production cuts. oil in an uncertain period. “
Earlier this month, news reports said that the situation between OPEC and OPEC + has become increasingly tense. At present, OPEC and OPEC + still have a meeting scheduled from November 30 to December 1 to discuss the original plan to relax production quotas starting in January.
The EIA announced that US crude oil inventories fell by about 800,000 barrels last week. According to a survey by S&P Global Platts, analysts originally expected a decrease of 1.3 million barrels. Although it was not as good as analysts’ expectations, it also made the market breathe a sigh of relief as the API industry trade group announced Tuesday night that crude inventories rose by 3.8 million barrels last week.
However, the EIA announced that gasoline inventories increased by 2.2 million barrels last week, which was higher than expected. Analysts had expected an increase of 800,000 barrels. The EIA also reported a 1.4 million barrel drop in distillate oil inventories last week, which was less than the 2.1 million barrels expected by analysts.
Due to Thanksgiving on Thursday, the EIA released data a day in advance and natural gas inventories fell by 18 billion cubic feet last week.
Baker Hughes also previously released data on oil well drilling platforms. This week, the number of oil well drilling rigs in the United States increased from 10 to 241.
Other energy raw materials
- The price of gasoline futures for December delivery rose 2.3% to close at $ 1.2875 a gallon.
- The price of thermal oil futures for December delivery rose 2% to close at $ 1.3866 per gallon.
- The price of natural gas futures for December delivery rose 4.4% to close at US $ 2,896 per million Btu.
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