2023-08-23 20:11:09
Closing price: Crude prices ended lower on Wednesday but pared losses following weekly U.S. crude inventories dwindled. Brent BRENT Brent or North Sea crude is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It has become the first international standard for setting oil prices. North Sea, for October delivery, fell 0.97% to $83.21.
Its American equivalent, the barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also known as Texas Light Sweet, is a variation of crude oil that serves as a standard in pricing crude oil and as a commodity for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.), for same-month delivery, of which it is the first day of use as the benchmark contract, fell 0.94% to $78.89.
Earlier on Brent BRENT Brent or North Sea crude is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It has become the first international standard for setting oil prices. lost 1.59% and the WTI WTI West Texas Intermediate (WTI), also known as Texas Light Sweet, is a variation of crude oil that serves as a standard in pricing crude oil and as a commodity for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy. 1.63%, prices having been depressed by disappointing PMI economic indicators in many oil-consuming countries.
In France, Germany in the euro zone, but also in the United Kingdom, the PMI indicators are all “in contraction and figures below expectations will once more sound warnings of a drop in demand for oil”, underlined John Evans, analyst at PVM Energy.
The decline in private sector activity in the euro zone worsened in August, with the poor health of the manufacturing industry now affecting service companies. In the United Kingdom, the economy suffered its strongest contraction in August since the beginning of 2021, when the country was in confinement.
In the United States, the Flash PMI index showed that activity was close to stagnation at 50.4 points once morest 52 in July, worse than expected.
“Growing concerns regarding the state of the Chinese economy, combined with expectations of further interest rate hikes in the United States” are also weighing on prices, note analysts at Energi Danmark.
In good news for traders, however, weekly U.S. crude oil commercial supplies fell sharply once more last week, more than analysts expected, according to the U.S. Energy Information Administration (EIA). ).
These crude inventories fell by 6.1 million barrels while analysts expected a smaller decrease of 3 million.
“Continued strength in refining activity and crude exports supported a sharp decline in oil inventories,” commented Matt Smith of Kpler.
This slowed down the decline in prices.
On the natural gas side, the Dutch TTF futures contract, considered the European benchmark, fell more than 14% to 36.55 euros per megawatt hour (MWh).
On Wednesday, the Australian giant Woodside is meeting with gas workers’ unions for a bargaining meeting on wage levels.
This weekend, union members at the North West Shelf project in Woodside voted unanimously to go on strike if their demands were not met.
The relevant Australian facilities alone supply more than 10% of the world’s LNG (liquefied gas) supply each month.
(c) AFP
Oil moderates losses following US stocks, gas declines
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