Business Oil prices stagnate pending report on US stocks

Oil prices stagnate pending report on US stocks

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In New York, the American barrel of WTI for the month of August dropped 1 cent to close at 40.62 dollars.

Oil prices stagnated on Tuesday, with investors falling back awaiting weekly figures on oil stocks in the United States while monitoring the development of the pandemic and the actions of OPEC + members.

In London, a barrel of Brent North Sea crude for September delivery lost 2 cents to $ 43.08.

“The prices do not show a definitive direction before the weekly figures on stocks” of oil in the United States expected on Wednesday, notes Robbie Fraser of Schneider Electric.

Crude oil reserves, which had swelled sharply since the start of the pandemic and the resulting drop in energy consumption, began to decline. But those of refined products remain at very high levels and “we would have to dispose of the surpluses if we want prices to remain at current levels” notes the specialist.

Market players are particularly concerned about the strength of demand during the weekend of July 4, which usually marks the start of the main period of major car trips in the United States.

Crude prices are influenced by “opposing forces,” said Oanda’s Jeffrey Hally.

“On the one hand, the economic recovery in Asia and in Europe is showing favorable signs but, on the other, we are seeing a rapid increase in the pace of the Covid-19 in the United States,” said the analyst in a note. .

The United States has surpassed the 130,000 dead mark of the new coronavirus and recorded again Monday a worrying daily report of new infections, with nearly 55,000 additional cases, according to data from Johns Hopkins University, which refers.

In addition, the market is preparing for the gradual reduction of the drastic cuts put in place by the members of the Organization of the Petroleum Exporting Countries (OPEC) and ten allies, including Russia, which must pass from 9.6 million barrels per day (mbd) in July to 7.7 mbd in August, until December.

RBC analysts also pointed out that the US court ruling released on Monday regarding the closure of the Dakota Access Pipeline, a pipeline whose route has been disputed for years by Native American tribes and environmental groups, added “uncertainty” to the US oil market.

In a 24-page decision, Washington judge James E. Boasberg ruled that the 1,900-kilometer-long pipeline fell far short of environmental standards, particularly regarding the risks of an oil spill.

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