2023-05-23 23:57:36
West Texas Intermediate (WTI) crude futures in New York closed higher on Tuesday (May 23) in response to rising gasoline demand in the United States. Out to warn speculators who sell short in the market.
- The WTI crude oil contract is delivered in July. It was up 86 cents, or 1.19%, at $72.91 a barrel.
- The Brent crude oil contract (BRENT) is delivered in July. It was up 85 cents, or 1.12%, at $76.84 a barrel.
The market was supported by a report from the American Petroleum Institute (API) released yesterday. U.S. crude inventories fell 6.799 million barrels and gasoline inventories fell 6.398 million barrels for the week ended May 19, the data reflected rising demand for gasoline in the United States. And was a factor supporting gasoline contracts rose 2%.
Investors are keeping an eye on the official U.S. Energy Information Administration (EIA) oil inventory report today, which if the EIA data is in line with the API, means US gasoline stocks have continued to decline. It’s the third week before the Memorial Day holiday, the season when Americans drive off to travel. The season begins at the end of May. to the US Labor Day holiday in September
The market was also supported by Saudi Energy Minister Prince Abdulaziz bin Salman. Has issued a warning to speculators who are selling short in the market expecting oil prices to continue to decline.
“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 show 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. following having collapsed before that Amid concerns regarding banking crises in the US and Europe
By InfoQuest News Agency (24 May ’23)
Tags: WTI oil, crude oil, oil price
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