The price of crude oil went on a slight correction on Thursday, although the day before it was able to closely advance and reach its maximum values for the last five months. Meanwhile, the news of a decrease in the reserves of black gold in the US affected the market positively. This was the third consecutive reduction which somehow encouraged investors.
The US Department of Energy published a new batch of statistics on raw materials Wednesday evening. According to estimates, the volume of reserves of raw materials fell by 4.512 million barrels last week. At the same time, gasoline stocks decreased by 722 thousand barrels, and distillates by 2.322 million barrels. Black gold, on the contrary, increased by 1.336 million barrels in the strategically important terminal in Cushing.
The preliminary forecasts of analysts were at variance with the real data. It was assumed that the volume of raw materials will decrease by at least 4.7 million barrels, gasoline by 2.1 million barrels, and distillates by 100 thousand barrels. Some things turned out to be much better than the level expected by experts, but there are also some disappointments. However, they did not affect the overall positive news background too much.
However, OPEC has revised its own estimate of the correlation between supply and demand in the current year. According to the data provided by the organization, demand should decrease by about 100 000 barrels per day. Recall that earlier it was predicted to fall to 90.6 million barrels per day.
Today, the views of market participants are directed to a new overview of the crude oil market, which is to be presented by the International Energy Agency.
The overwhelming statistical data on oil led the investors to have a feeling of uncertainty about further actions, which makes them work more restrained. The difficult epidemiological situation in the world is exerting even greater pressure. Concerns about a possible second wave of coronavirus infection have not disappeared yet and already begun to be reinforced by an increase in new cases of infection. To date, the total number of patients with coronavirus in the world has exceeded 20 million. The only hope now lies in the rapid release of the COVID-19 vaccine. Otherwise, investors will begin to further restrict their work in the market and will rush to preserve existing assets.
Brent crude oil futures for October delivery on the London trading floor fell slightly by 0.2% or $ 0.09, thus the price moved to the level of $ 45.34 per barrel. Wednesday's trading successfully closed with an increase of 2.1% or $ 0.93, leaving it to the price mark of $ 45.43 per barrel.
The price of futures contracts for WTI crude oil for September delivery on the electronic trading floor in New York also slightly decreased by 0.16% or $ 0.07, which forced it to move to the area of $ 42.60 a barrel. The trading session on Wednesday for the brand was very successful gaining 2.6% or $ 1.06, making the price rose to the mark of $ 42.67 per barrel.
According to some analysts, the demand for fuel may well become higher this fall as the new academic year begins. This will support the market well and allow oil prices to strengthen a little more. In the meantime, the Brent brand has rushed to a new level, located above $ 46 per barrel, and it has every chance to successfully overcome it.