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U.S. oil closed up 0.2%, hitting a new high in more than 9 months

Industry News > U.S. oil closed up 0.2%, hitting a new high in more than 9 months

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Crude oil futures prices closed slightly higher on Wednesday, due to the increasing hopes of investors for the progress of the new US economic rescue plan, and data released by the US government showed that crude oil inventories fell last week. But at the same time, the outlook for crude oil demand is expected to show weakness, which limits the increase in oil prices.

The price of West Texas Light Crude Oil (WTI) futures for delivery in January next year on the New York Mercantile Exchange rose 20 cents to close at $47.82 per barrel, an increase of 0.4%. At the same time, the price of North Sea Brent crude oil futures for delivery in February next year on the London ICE European Futures Exchange also rose 32 cents to close at 51.08 US dollars per barrel, an increase of 0.6%. This means that the US WTI futures and Brent crude oil futures prices both set their highest closing prices in more than 9 months for the second consecutive trading day.

Tariq Zahir, a managing member of Tyche Capital Advisors, an investment consulting firm, said that the International Energy Agency (IEA) predicted in its monthly report released on Tuesday that "the growth of crude oil demand will be slower than expected." The agency lowered its forecast for demand recovery in 2021 by 170,000 barrels per day to 5.7 million barrels per day. He also pointed out that at the same time, the new crown pneumonia vaccine "it takes several months to produce an effect." The vaccine jointly developed by Pfizer and its German partner BioNTech is still being distributed, while other vaccine candidates are approaching approval.

Nevertheless, Zahir also pointed out: "The strong performance we have seen in the energy sector recently is definitely due to the weakness of the dollar and still falling." As of the close of the crude oil futures market on Wednesday, it is used to track the dollar. The Intercontinental Exchange (ICE) U.S. dollar index fell 0.2% against six major international currencies, and has fallen by 0.7% so far this week. Under normal circumstances, a fall in the exchange rate of the U.S. dollar will increase the price of commodity futures denominated in U.S. dollars, such as gold and crude oil, because investors holding other currencies will have lower costs for buying these commodities.

Zahir also said that the US fiscal stimulus bill "if passed, may also have an impact on the future of the market." Later on Tuesday, local time in the United States, congressional leaders held face-to-face talks and continued to work hard to pass a new round of economic relief measures.

At the same time, investors are still digesting US crude oil inventory data. The U.S. Energy Information Administration (EIA) announced a report earlier on Wednesday that U.S. crude oil inventories fell by 3.1 million barrels in the week ending December 11, which was more than expected. In contrast, according to a survey by S&P Global Platts, analysts had previously expected crude oil inventories to decrease by 1.9 million barrels this week, while the American Petroleum Institute (API) reported on Tuesday that crude oil inventories increased this week. 1.97 million barrels. In Cushing, the main delivery location for US crude oil futures in Oklahoma, crude oil inventories increased by 200,000 barrels last week.

In addition, the EIA report also showed that US gasoline inventories increased by 1 million barrels last week, and distillate (including diesel and heating oil) inventories increased by 200,000 barrels. In contrast, the S&P Global Platts survey showed that analysts On average, gasoline inventories are expected to increase by 2.6 million barrels and distillate stocks increase by 1.1 million barrels this week.

In other energy transactions on the New York Mercantile Exchange, the price of RBOB gasoline futures for delivery in January rose 2% to close at $1.3529 per gallon; the price of heating oil futures for delivery in January rose 0.9% to close at $1.3529 per gallon. Gallons are US$1.4779; the price of natural gas futures for delivery in January next year fell 0.2% to close at US$2.677 per million British thermal units. The US Energy Information Administration is scheduled to release last week's natural gas inventory report on Thursday.

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U.S. oil closed up 0.2%, hitting a new high in more than 9 months

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