New York, Jun 23 (.) .- The price of intermediate oil from Texas (WTI) closed this Wednesday with a rise of 0.3% and stood at 73.08 dollars, boosted by data from national reserves.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in August totaled 23 cents compared to the close of the previous day.
Benchmark oil in the US had a good day, but reduced its gains after government data confirmed a new weekly drop, the fifth in a row, in crude inventories, at which time investors took the opportunity to reap benefits .
The Energy Information Administration reported a decrease of 7.6 million barrels in the week ended June 18, a figure higher than expected and previously estimated by the sector’s employers’ association.
“Thanks to successful vaccination programs, economies are reopening and demand for fuel is rising. Strong demand is draining inventories, pushing prices to highs not seen in years,” explained Oanda analyst Sophie Griffiths.
Experts have pointed out that the strong increases in reference barrels in the US and Europe, added to the decreases in reserves that have been seen for weeks, point to a mismatch between supply and demand.
In that sense, attention is already fixed on the next meeting that OPEC and its allies will hold on their production strategy, on July 1, in which they are expected to continue turning on the taps from August.
“Given the improved demand outlook and the fact that Iranian oil will probably not return to the market anytime soon, there are chances that some OPEC + nations like Russia will push for increased production from August,” Griffiths explained.
For their part, gasoline contracts due in July rose more than 4 cents to $ 2.27 per gallon, while natural gas contracts for same-month delivery totaled 7 cents to $ 3.33 per thousand cubic feet .
(c) . Agency