2023-05-17 21:45:00
Closing price: Oil prices ended sharply higher on Wednesday, supported by the acceleration of US refinery activity, as well as by statements deemed positive on the raising of the debt ceiling in the United States.
The price per barrel of 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. of the North Sea for delivery in July won 2,73%to close at 76,96 dollars.
Its American equivalent, the 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.), expiring in June, took him 2,78%To 72,83 dollars.
For Stephen Schork, of Schork Group, operators reacted to the weekly publication of the US Energy Information Agency (EIA), according to which the utilization rate of refineries rose to 92,0% last week once morest 91,0% previously, at its highest since the end of December.
“Gulf of Mexico refineries are even 97%which is very high, especially at this time of year“, commented the analyst. The peak in demand for gasoline is, in fact, supposed to occur only from the end of May traditionally in the United States. “So that means raw demand is good.“
Phil Flynn, of Price Futures Group, noted the further contraction in gasoline stocks, which are now at their lowest level in nine years for this period of the year, which favors firm prices.
The market also benefited from statements deemed positive on the issue of the US debt ceiling, the raising of which is subject to a political agreement.
On Wednesday, President Joe Biden said to himself “confident“in resolving the crisis, saying that Republican officials in Congress”agreed to avoid default” the United States.
“It moved all the markets, of which it is a factor“which explains the rise in crude oil prices, according to Stephen Schork.
Another element boosting crude prices is the situation in the province of Alberta, Canada, where more than twenty fires were still considered uncontained on Wednesday, including some in the east, where most of the sand deposits are located. bituminous.
This mixture of sand, water, clay and a semi-solid form of petroleum called bitumen, constitutes the bulk of Canada’s petroleum reserves.
According to the firm Rystad, the fires have already led to site closures which deprive the market of approximately 240,000 barrels per day. But these are close to 2.7 million barrels per day that are under threat, according to Rystad.
“It’s turning into a disaster“, selon Phil Flynn.
(c) AFP
Commenter Oil jumps, driven by US refineries and optimism over the debt crisis
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