Oil prices fluctuated near a four-week high on May 20, as global markets responded to speculation regarding supplies of the energy source.
The June WTI contract fell 24 cents to $102.37 per barrel at 1:24 p.m. on the New York Mercantile Exchange, according to Bloomberg News. The contract reached $102.61 a barrel on the previous day, which represented the highest settlement since April 21.
Across the Atlantic ocean, London-based July brent gained 0.3 percent to reach $109.69 a barrel on the ICE Futures Europe exchange, the media outlet reported. These price movements happened as global investors involved in futures trading speculated on what the latest figures on WTI crude stockpiles, scheduled for release on May 21, will look like. Phil Flynn, senior market analyst at the Price Futures Group in Chicago, noted the key importance of this information.
“The market is waiting on tomorrow’s inventory data,” he told the media outlet by phone. “We’ve seen prices rise on the drop in Cushing stocks, but they have just moved elsewhere. There’s plenty of crude around.”
While all the world is scrutinizing these figures, four analysts participating in a Reuters poll predicted that these inventories increased by 1 million barrels during the week ending May 16. If these market experts’ predictions are accurate, it will mean that these stocks have hit a record level.
These inventories recently reached an all-time high during the week to April 25, the media outlet reported. The stocks increased to 399.4 million barrels, which is the largest figure accumulated since the Energy Information Administration began gathering this information in 1982.
Oil prices fluctuated near a four-week high on May 20, as global markets responded to speculation regarding supplies of the energy source.
The June WTI contract fell 24 cents to $102.37 per barrel at 1:24 p.m. on the New York Mercantile Exchange, according to Bloomberg News. The contract reached $102.61 a barrel on the previous day, which represented the highest settlement since April 21.
Across the Atlantic ocean, London-based July brent gained 0.3 percent to reach $109.69 a barrel on the ICE Futures Europe exchange, the media outlet reported. These price movements happened as global investors involved in futures trading speculated on what the latest figures on WTI crude stockpiles, scheduled for release on May 21, will look like. Phil Flynn, senior market analyst at the Price Futures Group in Chicago, noted the key importance of this information.
“The market is waiting on tomorrow’s inventory data,” he told the media outlet by phone. “We’ve seen prices rise on the drop in Cushing stocks, but they have just moved elsewhere. There’s plenty of crude around.”
While all the world is scrutinizing these figures, four analysts participating in a Reuters poll predicted that these inventories increased by 1 million barrels during the week ending May 16. If these market experts’ predictions are accurate, it will mean that these stocks have hit a record level.
These inventories recently reached an all-time high during the week to April 25, the media outlet reported. The stocks increased to 399.4 million barrels, which is the largest figure accumulated since the Energy Information Administration began gathering this information in 1982.
The post Oil Fluctuates Near 4-week High amid Speculation appeared first on | HY Markets Official blog.
Related Posts: