Search
EN Down
Language
Hi, user_no_name
Live Chat

Oil broke out to finally close the gap to the March 6th level. WTI (Aug) rose above $42 but pared gains on an unexpectedly large build in US crude stockpiles. Crude inventories rose by 7.5m barrels last week, according to the American Petroleum Institute.

The Energy Information Administration is forecast to report a draw of 2.1m barrels when it releases its weekly report later today. If the EIA confirms the API numbers it would be the biggest build in inventories since late May. There is a risk that there is a greater and faster build-up in inventories as states have rolled back some lockdown restrictions and demand may not have picked up as quickly as anticipated. Jobless claims figures indicate far fewer trips made for work, whilst air passenger numbers continue to lag last year despite a pickup in the US. Rising coronavirus case numbers continue to weigh on trader sentiment, albeit OPEC+ production curbs continue to act as a rising balloon for prices.

Vaccine hopes have helped fuel oil prices to rally to their best level since March but at the same time traders as cautious about getting too optimistic when there is so much uncertainty not only over demand, but also supply given the propensity for US shale production to restart as prices move higher.

 

Latest news

Aluminium and nickel prices spike after new Russia sanctions imposed

Monday, 15 April 2024

Indices

Aluminium, nickel prices spike on fresh Russia sanctions

Markets on Tuesday saw rising Treasury yields and a strong USD coupled with weaker stocks

Monday, 15 April 2024

Indices

Stocks struggle, VIX jumps amid strong USD, Treasury yields

Oil prices slipped by 1% on Monday as markets downplayed Middle East tensions

Monday, 15 April 2024

Indices

Oil prices dip on easing risk premium after Iran attack

Shekel gains vs dollar as Israel holds back retaliatory action against Iran

Sunday, 14 April 2024

Indices

"Relief rally" for shekel as Israel opts not to strike Iran

Live Chat