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The price of intermediate oil of Texas (WTI) opened this Thursday shot 21.55%, up to $ 16.75 a barrel, after closing the session on Wednesday with another rebound of 19.1%, while the tensions in middle East prices spur and the limit on storage hints at a cut in production that could give some balance to the markets.
At 9.15 New York local time (13.15 GMT), future WTI contracts for June delivery totaled $ 2.97 compared to the previous session on Wednesday.
Black gold prices rose again and investors continue to look at the foreign policy of the administration of the president of USA, Donald Trump, who yesterday ordered his Navy to destroy Iranian ships if he felt threatened in the Persian Gulf, which analysts have interpreted as a geopolitical move in a key area for the supply of crude.
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Generally, according to experts, the tensions in this area tend to lead to braking in the production of the Persian Gulf, something highly desired in this context in which the global storage capacity is at the limit in a market “flooded” by excess supply and low demand by economic slowdowns and the containment measures in force in much of the world.
“I have ordered the US Navy to tear down and destroy each and every Iranian gunboat if they come to harass our ships at sea, “Donald Trump tweeted.
Low prices for US crude and a lack of space to store it invites investors to think that more closures will soon take place in US wells, which would mean that the United States could reduce its oil flow and intensify cuts in world production, which has already undergone an adjustment following the agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, who agreed to lower their pumping by 9.7 million barrels per day (bpd).
In this sense, another bullish factor in the opening was that the regulatory entities of Oklahoma, where the largest oil delivery point of United States, announced aid to producers to close their wells.
Oil demand from refineries in United States It is more than 4 million bpd below that in the same period last year, a situation that is exacerbated as storage capacity is exhausted, although producers are making room at a rate “never seen before”, according to analysts.
Confinement measures are estimated to have reduced demand by about 21 million bpd in the second quarter of 2020, according to data from Rystad Energy.
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