In the future, oil ended sharply on Wednesday as the International Energy Agency raised its demand for crude oil, and a US government report revealed a third weekly drop in weekly stocks, prompting prices to hit the highest level of oil prices. in mid-March.
In its monthly report, the International Energy Agency raised its forecast for global oil demand in 2021 by 230,000 barrels per day compared to its previous forecast. It now sees a 5.7 million barrel per day increase from 2020 to 96.7 million barrels per day this year.
“Oil prices may be out of their negative one-month trading range, as the IEA normally looks pretty pessimistic,” said Phil Flynn, a senior market analyst at The Price Futures Group. daily.
On Tuesday, the Organization of the Petroleum Exporting Countries increased its demand for 2021 by 100,000 barrels per day. Global oil demand is expected to rise by about 6 million barrels a day to 96.5 million barrels a day this year. OPEC raised its overall economic growth forecasts to 5.4% from 5.1%.
Oil prices have risen, with the latest demand updates indicating a greater absorption of goods as the global economy recovers from the pandemic.
West Texas Crude Intermediate for May Delivery CLK21,
CL00,
rose $ 2.97, or 4.9 percent, to $ 63.15 a barrel on the New York Mercantile Exchange, after hovering above $ 60 on Tuesday for the first time since April 1st.
Global gross reference BRN00 from June Brent,
BRNM21,
rose $ 2.91, or 4.6%, to $ 66.58 a barrel on ICE Futures Europe.
Both WTI and Brent prices recorded the highest contractual settlements since March 17, according to FactSet data.
In a weekly report also released on Wednesday, the Energy Intelligence Administration reported that US gross stocks fell 5.9 million barrels for the week ended April 9th. This followed a drop in supply in each of the previous two weeks.
On average, analysts surveyed by S&P Global Platts forecast a 2.9 million barrel drop in crude oil stocks, while the American Petroleum Institute reported a 3.6 million barrel drop on Tuesday, according to sources.
EIA data also showed crude oil stocks at Cushing, Okla., A storage facility increased by 400,000 barrels per week, while total domestic oil production increased by 100,000 barrels to 11 million barrels per day.
The EIA reported that gasoline supplies increased by 300,000 barrels, while distillate stocks fell by 2.1 million barrels for the week. The S&P Global Platts survey had forecast a 200,000-barrel drop in gasoline supply, but distillate inventories were expected to increase by 700,000 barrels.
US gasoline stocks are “actually 10% below their current 2020 levels,” Peter McNally, a global leader in industry, materials and energy at Third Bridge, told MarketWatch. “This is a situation we are following closely before the summer driving season begins in the United States next month.”
Wednesday Nymex, more petrol RBK21,
rose 3% to nearly $ 2.04 a gallon, and heating oil in May HOK21,
added 4.2% to $ 1.89 a gallon.
NGK21 natural gas,
they settled almost flat at $ 2.62 per million British thermal units, down 0.04%.
Overall, “the trends that have been in place – flat domestic production, low imports and the recovery in demand – continue,” McNally said. “In fact, total demand for products on a seasonally adjusted basis was higher than 2019 levels and the second highest on record.”
Meanwhile, oil traders have weighed the prospects for oil demand. This week, the market saw evidence of a strong economic recovery in China and the United States, but is concerned about the increase in coronavirus cases in parts of the world and the proper launch of vaccines, including a break in Johnson & Johnson’s launch. JNJ,
the unique remedy has limited and raw movements.