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Oil falls and markets await important economic events

Oil falls and markets await important economic events

Oil falls and markets await important economic events: Everyone is expecting many important events today,
as the commodity trading markets are awaiting the monthly OPEC report, as well as monetary decisions by the European Central Bank that will affect the stock trading market, in addition to the publication of the U.S. Consumer Price Index (CPI), which is expected to rise by 3.4% on an annual basis in May according to Reuters consensus.

Evest follows all this in some detail on a daily basis.

Gasoline inventories increase amid falling oil

The prices of the standard black gold declined during today’s trading amid a significant increase in U.S. petroleum product inventories, heightening optimism about demand during the summer season.

August futures for Brent North Sea oil mix fell by $0.57 to $71.65,
and July futures for West Texas Intermediate (WTI) crude fell by $0.52 to $69.44 a barrel.

Yesterday, Brent crude price fell by 0.17% to $72.00, after rising to $72.84 a barrel.

In the US session, traders started making profits against the backdrop of the dollar’s rally.

The dollar index

The dollar index shifted upward before the U.S. inflation report.

For its part, the U.S. Department of Energy reported that in the week of May 29 to June 4,
the country’s oil reserves fell by 5.241 million barrels to 474 million barrels (forecasts were minus 2.036 million barrels).

Stocks are thus four percent less than the usual seasonal average.

Oil reserves in the United States

Oil reserves in the United States continue to decline, yet reserves of petroleum products (gasoline), on the contrary, are increasing.

U.S. gasoline inventories rose by the most since April 2020 last week.

This has shown how the path to recovery from the pandemic’s devastating impact on demand could change over the next few months, even as the world’s largest oil consumer reopens its economy.

Average demand last week was lower for the first time in a month, boosting bearish market morale.

According to the report, the country’s gasoline reserve reached 241.03 million barrels, increasing by 7.05 million barrels over the previous week.

U.S. Distillate inventories

U.S. Distillate inventories, a category including diesel, have also risen.

However, recent weekly growth is unlikely to hamper the overall market recovery,
which was supported by strong demand from China and Europe.

Many experts believe that despite the decline in U.S. oil reserves,
the market has focused on a significant increase in the country’s gasoline reserves.

This situation could put pressure on the global oil market.

US refineries

On the other hand, US refineries processed 15.9 million barrels of crude oil per day, 327 thousand barrels per day more than the previous week.

Refineries use rose to 91.3 percent, gasoline production fell to 9.4 million barrels/day,
and distillate production rose to 4.9 million barrels/day.

The average demand for petroleum products in the United States has reached 19.0% over the past four weeks, up 16.7% from last year.

Demand for gasoline rose by 23.2% to an average of 9.1 million barrels per day. Demand for aviation fuel rose by 95.1%.

Recent crude oil production has risen again recently by 200.000 to 11.0 million barrels per day.

Crude oil imports increased

Crude oil imports increased by 1.007 million to 6.638 million barrels per day.

Exports rose by 387 thousand to 2.931 million barrels per day.

ANZ Research announced that the market has high expectations for the start of the U.S. travel season.

But so far, there are no signs of hoped-for growth.

The Thursday of the OPEC monthly report will be of particular importance to the oil market.

The report will provide a detailed analysis of the key factors affecting supply, demand, and balance in the world oil market.

According to Bloomberg analysts

According to Bloomberg analysts: “The upward trend remains in effect, with traders betting on the recovery of the global economy and increasing demand for energy resources.

A serious downward correction should also be expected when the price reaches $ 75.00- 77.00. High volatility should be expected after the release of the consumer price index report (on inflation in the United States).

the dollar price will continue to fall, and the oil price will rise.”

On the other hand, new cases of COVID-19 in Asia are slowing global recovery, despite signs of improvement in the region.

Positive signs in China and Japan

Nikai index on the Tokyo Exchange rose by 0.34%, boosted by progress in the service sector as health restrictions could be lifted.

Chinese stocks are also in the Green Zone with a 0.6% gain for the CSI 300 capital index in mainland China amid signs of easing on the Beijing-Washington trade front.

European markets await the decisions of the European Central Bank

Major European stock markets are expected to see cautious remarks Thursday at the opening ahead of the European Central Bank’s (ECB) monetary decisions and monthly inflation figures in the United States.

Futures were up 0.18% for the Parisian CAC40 index, losses of 0.03% for the Dax index in Frankfurt, and gains of 0.12% for the London FTSE index.

Most observers predict that the European Central Bank, which will issue its press release at 11:45 GMT, will not change its monetary policy and reaffirm its desire to speed up its purchases of securities in the third quarter.

Markets will look carefully at its new economic forecasts, the potential improvement of which will probably provide arguments to supporters of the debate over upcoming cuts.

Collective declines on Wall Street

The New York Stock Exchange shifted late Wednesday to close low in a cautious climate with inflation figures approaching, as investors will watch for clues about the likelihood of monetary policy tightening by the Federal Reserve Board.

Dow Jones index fell by 0.44% or 152.68 points to 34447.14, the largest Standard & Poor 500 index lost 7.71 points,
and the Nasdaq Composite Index fell by 13.16 points 0.09) to 13.911.75 points.

The session was full of craziness about some stocks,
these values are struggling for months on the stock market between retail investors and open sellers.

This was particularly exemplified by the impressive leap of Aethlon Medical,
which more than quadrupled its valuation.

 

Oil falls and markets await important economic events

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