Oil markets open slightly lower as market weighs mixed supply signals
MG News | April 14, 2022 at 08:35 AM GMT+05:00
April 14, 2022: Oil futures were down slightly Thursday morning, after rising sharply in the first half of the week, as traders weighed a larger-than-expected build in U.S. oil stocks against tightening global supply.
Brent futures were down 38 cents, or 0.35%, at $108.38 a barrel, and U.S. West Texas Intermediate futures were off 58 cents, or 0.56%, to $10.65 a barrel at 0046 GMT.
Both contracts on Wednesday had shrugged off a large build in U.S. crude inventories to end the trading session roughly 4% higher. The jump in prices came as worries of more disruptions to global supply continued to rattle the market.
The International Energy Agency on Wednesday warned that from May onwards roughly 3 million barrels per day of Russian oil could be shut-in due to sanctions or voluntary embargoes.
At the same time, major global trading houses are also planning to curtail crude and fuel purchases from Russia's state-controlled oil companies in May, Reuters reported on Wednesday.
Despite signals that global supply disruption will persist, oil stocks in the U.S. rose by more than 9 million barrels last week, the U.S. Energy Information Administration said on Wednesday, driven in part by releases from the nation's strategic reserves. Analysts in a Reuters poll had anticipated just an 863,000-barrel build.
U.S. gasoline stocks fell 3.6 million barrels last week, far above anticipated levels, and distillate inventories also declined.
"Oil prices are looking very comfortable above the $100 level as U.S. and Chinese demand seems to be heading in the right direction," wrote Edward Moya, a senior analyst with OANDA.
Reuters
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| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 64,120.00 | 64,170.00 61,925.00 | 1770.00 2.84% |
| BRENT CRUDE | 86.19 | 87.55 83.68 | 2.89 3.47% |
| RICHARDS BAY COAL MONTHLY | 105.75 | 0.00 0.00 | -1.15 -1.08% |
| ROTTERDAM COAL MONTHLY | 119.30 | 119.50 118.50 | -0.20 -0.17% |
| USD RBD PALM OLEIN | 1,135.00 | 1,135.00 1,135.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 80.22 | 81.27 77.86 | 2.08 2.66% |
| SUGAR #11 WORLD | 14.81 | 14.86 14.67 | 0.06 0.41% |
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