Crude Oil Futures

WTI crude oil futures fell today. while investors sell profits After the previous price rebound

At 12:09 a.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in July. It traded on the NYMEX minus 46 cents, or 0.41%, at $109.83 a barrel.

Oil prices rose earlier. Amid concerns regarding oil tightness As the United States approaches summer which will have a trip resulting in increased use of oil

Investors will keep an eye on the European Union (EU) summit on May 30-31 to consider sanctions on Russian oil.

European Commission President Ursula von der Leyen, however, admitted that EU members might not reach an agreement on sanctions on Russian oil imports at the 30th summit. -31 May

“I think this is not appropriate to bring to the EC meeting as it relates to technical issues, with some EU members having no borders to the sea. This made it necessary to invest in the construction of more oil pipelines. while some countries have to improve the efficiency of refineries and renewable energy,” said von der Leyen.

The EC previously proposed sanctions on Russian oil imports in retaliation for Russia’s military invasion of Ukraine. It proposed a suspension of crude oil imports from Russia within the next six months. and suspend imports of all petroleum products from Russia from 2023, while exempting Hungary and Slovakia from purchasing Russian oil until the end of 2024.

However, the EU is still unable to reach a consensus on the proposal. Some member states are concerned regarding the severe impact of Russian oil sanctions.

Investors will keep an eye on the American Petroleum Institute (API)’s release of US crude inventories today, while the US Federal Energy Information Administration (EIA) will release it tomorrow. Analysts expected US crude inventories to decline last week.

WTI crude oil futures continued to rise. It recently broke above the $105 level today. The price has recovered following falling below $100 yesterday.

As of 9:48 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in June. Trading on the NYMEX was up $5.36, or 5.37 percent, to $105.12 a barrel.

WTI crude oil fell $3.33, or 3.2 percent, to close at $99.76 a barrel yesterday. by investors worried that China’s lockdown in Shanghai And parts of Beijing will affect the economy and oil demand. Oil futures are also affected by the dollar’s appreciation. This makes contracts more expensive for holders of other currencies.

Oil prices were supported today. Amid concerns regarding oil tightness As the European Union (EU) prepares to impose sanctions on oil from Russia.

The US Energy Information Administration (EIA) said that US crude inventories rose 8.5 million barrels last week. Contrary to analysts’ expectations for a 457,000 barrel drop.

Gasoline inventories fell 3.6 million barrels, while analysts had expected a drop of 1.5 million barrels.

In addition, refined oil stocks This includes heating oil and diesel, down 0.9 million barrels last week. Analysts expected a 1.3 million barrel drop.

WTI crude futures were up more than 1% past the $82 level today. After the US revealed that crude inventories fell more than expected last week.

As of 10:50 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in February. Trading on the NYMEX was up $1.21, or 1.49.9%, to $82.43 a barrel. Meanwhile, Brent crude oil rose 1.09 percent to $84.63/barrel.

The Energy Information Administration (EIA) reported that US crude inventories fell 4.6 million barrels last week. while analysts expected a decrease of just 1.6 million barrels.

The American Petroleum Institute (API), a US oil industry group. previously disclosed that US crude inventories fell 1.1 million barrels last week.

Analysts predict that Oil prices will surpass $100/barrel in the first quarter of this year. After soaring 50% last year

“If the Chinese economy does not collapse And OPEC Plus continues to increase production only slightly. I also expect Brent crude to hit $100 in the first quarter of this year. Or sooner,” said OANDA analyst Jeffrey Halley.

In addition, experts also revealed that Oil prices have been bolstered by countries not turning back to economic lockdowns that have taken place in 2020 despite the coronavirus pandemic. Omicron species now The positive factor is the fact that the business sector still has limited investment in the oil industry. and from the tight oil market while the Organization of the Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus produce less oil than the specified quota Because some members are Nigeria and Libya. facing problems in domestic production

On the Morgan side Stanley expects oil prices to hit $90 in the third quarter, while JPMorgan expects it to hit $90 by the end of the year.