The most liquid oil futures contracts closed this Wednesday (11), in the positive, being the fifth high followed by WTI, reacting to expectations of greater demand, mainly from the reopening of China.
In addition, in the background, investors monitored US oil inventories data, which came in well above expectations.
On the New York Mercantile Exchange (Nymex), WTI crude for February 2023 closed up 3.05% ($2.29), at $77.41 a barrel, while Brent for March, traded on the Intercontinental Exchange (ICE), closed up 3.21% (US$ 2.57), at US$ 82.67 a barrel.
Economist Edward Moya, from Oanda, warns that energy operators should get used to rising oil prices, as demand for the commodity is returning, especially as China confirms a reopening of its borders, which should influence the offer for the oil.
Moya also points out that WTI oil ignored the results of oil inventories in the United States, published this Wednesday by the Department of Energy (DoE, its acronym in English) and which contradicted expectations of a fall in the market, increasing by almost 19 million barrels. “Oil is rising and it may not take long to propel WTI back above the $80 a barrel level,” he highlights.
Already according to Capital Economics analysis, DoE results indicate the biggest oil high since February 2021. Yesterday, API also showed a jump of 14.9 million barrels in the volume of crude oil stocked in the US in the last week.
However, investors seem not to take much into account any of the withdrawals, with the idea that the highs occurred due to the temporary closure of refineries in the US due to a cold wave in late 2022.
“As refining activity continues its slow comeback after last month’s weather problem, in addition to stronger imports and weaker exports, US inventories jumped to a stunning 19 million barrels – their third-biggest weekly increase since records began. EIA started in 1982”, highlighted Matt Smith, from Kpler.
Still on investor radar is the possibility of new sanctions against the Russian oil industry. According to sources of The Wall Street Journalthe United States and allied countries are preparing for a new round of sanctions against the country, which could affect the oil supply again.
*With information from Dow Jones Newswires
Source: CNN Brasil
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