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NYMEX

WTI Crude Futures Slip as US Crude Stockpiles Rise More Than Expected

by Chief editor of world-today-news.com August 9, 2023

written by Chief editor of world-today-news.com

WTI crude futures slipped to a positive range after US crude stockpiles rose more than expected last week.

At 11:04 p.m. Thai time, West Texas Crude Oil Contract (WTI) for September delivery Which traded on the NYMEX plus $ 0.72, or 0.87%, to $ 83.64 / barrel.

The U.S. Energy Information Administration (EIA) said U.S. crude inventories rose 5.9 million barrels last week. While analysts expected an increase of 2.3 million barrels.

WTI oil price surpassed $84 early. Amid concerns about oil tightness

The Saudi Cabinet issued a statement supporting the measures of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus in stabilizing the oil market

OPEC+’s Joint Ministerial Review Committee (JMMC) held a videoconference meeting last week. The meeting decided to maintain the production policy of OPEC Plus as agreed in June.

The decision at the JMMC meeting resulted in OPEC Plus reducing total output by 3.66 million barrels per day until the end of 2024.

In addition, Saudi Arabia and Russia announced cuts in oil supply in the market. Saudi Arabia has extended its voluntary cut of 1 million barrels per day of oil production until the end of September. While Russia will cut oil exports by 300,000 barrels per day in September.

2023-08-09 16:11:08
#WTI #oil #prices #drop #positive #oil #stocks #rise #expected

August 9, 2023 0 comments

Business

WTI Crude Oil Continues Rising Supported by Strong US Economy and China’s Economic Stimulus Measures

by Chief editor of world-today-news.com July 27, 2023

written by Chief editor of world-today-news.com

WTI Crude Oil Continues Rising Recently, it broke the level of 80 dollars in response to the strong US economy. This will be a factor supporting oil demand.

At 10:24 p.m. Thai time, West Texas Crude Oil Contract (WTI) for September delivery Which traded on NYMEX plus $ 1.39, or 1.76%, to $ 80.17 / barrel.

The US Commerce Department released its first estimates for gross domestic product (GDP) for the second quarter of 2023 today, indicating that the US economy grew 2.4% in the quarter. That beat analyst expectations of 2.0% and beat first-quarter GDP growth of 2.0%.

In addition, oil prices responded to hopes that China is preparing to stimulate the economy.

The meeting of the Standing Committee of the Political Bureau of the Communist Party of China (Politburo) led by President Xi Jinping signaled further measures to support the real estate sector. Including accelerating the stability of employment. coupled with stimulating demand and solve local government debt problems.

At the same time, the market was driven by concerns about tight oil.

Saudi Arabia and Russia announced cuts in oil supply in the market. Saudi Arabia has extended the time for voluntary oil production cuts by 1 million barrels per day until the end of August. While Russia will reduce oil exports by 500,000 barrels per day in August.

Saudi oil production cuts And cuts in Russian oil exports will lead to a 1.5% drop in world oil supplies.

2023-07-27 15:32:32
#price #WTI #oil #soared #crossing

July 27, 2023 0 comments

Business

WTI Crude Futures Rise 3% Amid Concerns about Tight Oil: Saudi Arabia and Russia Announce Supply Cuts

by Chief editor of world-today-news.com July 24, 2023

written by Chief editor of world-today-news.com

WTI crude futures rose nearly 3% to $79 amid concerns about tight oil.

At 00:01 Thai time, West Texas Crude Oil Contract (WTI) for delivery in September. which traded on NYMEX plus $ 2.16, or 2.8 percent, to $ 79.25 per barrel.

Saudi Arabia and Russia announced cuts in oil supply in the market. Saudi Arabia has extended its voluntary cut of 1 million barrels per day of oil production until the end of August. While Russia will reduce oil exports by 500,000 barrels per day in August.

Saudi oil production cuts And cuts in Russian oil exports will lead to a 1.5% drop in world oil supplies.

Oil prices were also supported by China’s record imports of Russian crude in June. and the hope that China is preparing to stimulate the economy

China’s National Development and Reform Commission (NDRC) said on Tuesday that China will speed up stimulus measures covering the revitalization of domestic demand and consumption. After the gross domestic product (GDP) figure for the second quarter of 2023 grew by 6.3% year-on-year. This was below analysts’ expectations of 7.3%.

In addition, the market expects The Federal Reserve (Fed) is nearing an end to its cycle of raising interest rates. After revealing retail sales, the consumer price index (CPI) and the producer price index (PPI) were lower than expected. by investors predicting that The Fed will raise interest rates this month for the last time this year. before cutting interest rates next year

2023-07-24 17:05:17
#WTI #oil #prices #soared #tight #oil #concerns

July 24, 2023 0 comments

Business

The Rise of WTI Crude Futures to $77 Amid Concerns About Oil Tightness and Market Cutbacks

by Chief editor of world-today-news.com July 21, 2023

written by Chief editor of world-today-news.com

WTI crude futures rose nearly 2% to $77 amid concerns about tight oil.

At 1:38 a.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in September. Which traded on NYMEX plus $ 1.42, or 1.88%, to $ 77.07 / barrel.

The market was positive on concerns about oil tightness. The US Energy Information Administration (EIA) said crude inventories fell by 700,000 barrels last week. Gasoline stocks fell by 1.1 million barrels.

In addition, Saudi Arabia and Russia announced cuts in oil supply in the market. Saudi Arabia has extended its voluntary cut of 1 million barrels per day of oil production until the end of August. While Russia will reduce oil exports by 500,000 barrels per day in August.

Saudi oil production cuts And cuts in Russian oil exports will lead to a 1.5% drop in world oil supplies.

Oil prices were also supported by China’s record imports of Russian crude in June. and the hope that China is preparing to stimulate the economy

2023-07-21 18:44:33
#WTI #oil #prices #soared #tight #oil #concerns

July 21, 2023 0 comments

Business

WTI Crude Futures Soar 2% as US Crude Inventories Decrease, Reflecting Increased Demand in the Market

by Chief editor of world-today-news.com June 28, 2023

written by Chief editor of world-today-news.com

WTI crude futures rose more than 2% to $69 after US crude inventories fell last week. which indicates increased demand in the market.

At 10:56 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in August. which traded on the NYMEX plus $ 1.61, or 2.36%, to $ 69.31 / barrel.

The U.S. Energy Information Administration (EIA) said U.S. crude inventories fell 9.6 million barrels last week. While analysts expected a drop of only 1.8 million barrels.

Oil prices fell at first. Amid concerns about the central bank’s next interest rate hike, which will affect oil demand.

European Central Bank (ECB) President Christine Lagarde said at a forum in Portugal yesterday that Inflation in Europe is still too high. And is likely to stay at this high for a long time, which may force the ECB to move forward with raising interest rates to curb inflation.

Federal Reserve Chairman Jerome Powell also signaled that the Fed will continue to raise interest rates to curb inflation.

2023-06-28 16:12:27
#WTI #oil #prices #rose #crude #inventories #fell #expected

June 28, 2023 0 comments

Business

“WTI Crude Futures Rise More Than 2% to $74 on Strong Demand”

by Chief editor of world-today-news.com May 24, 2023

written by Chief editor of world-today-news.com

WTI crude futures rose more than 2% to $74 today. After the United States revealed that Crude stocks fell more than expected last week. which indicates strong demand.

At 9:57 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in July. which traded on the NYMEX plus $ 1.49, or 2.04%, to $ 74.40 / barrel.

The U.S. Energy Information Administration (EIA) said U.S. crude inventories fell 12.5 million barrels last week. While analysts expected a drop of only 500,000 barrels.

Gasoline inventories fell 2.1 million barrels last week. While analysts expected a drop of 800,000 barrels.

In addition, refined oil stocks Oil, which includes heating oil and diesel, fell 600,000 barrels last week. While analysts expect it to be stable compared to the previous week.

Oil prices were also boosted by remarks by Saudi Energy Minister Prince Abdulaziz bin Salman, who said he would hurt speculators who had shorted the market. with the expectation that oil prices will continue to decline

Investors see Prince bin Salman’s comments as an indication that Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus Will cut production capacity at a meeting on June 4

“Speculators are seen in every market. I had warned them before that they would get hurt. And it really hurts in April. I wouldn’t have to turn up the cards in my hand. Because I’m not a poker player. But I’m just going to remind you that Be careful,” Prince bin Salman said.

Prince bin Salman’s warning comes just before OPEC Plus holds its production policy meeting on June 4.

However, speculators have sold short in the market. with the expectation that oil prices will continue to decline But if oil prices rise as OPEC Plus cuts production It will cause these speculators to close the market at a loss price.

Earlier, Saudi Arabia and some oil producers from OPEC Plus surprised them by announcing voluntary production cuts in April. As a result, the price of oil rebounded. after having collapsed before that Amid concerns about banking crises in the US and Europe

2023-05-24 15:17:02
#WTI #oil #prices #rose #oil #stocks #fell #expected

May 24, 2023 0 comments

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