World oil prices advanced Wednesday before the latest market update on energy stockpiles in the United States, with all eyes on motor fuel reserves amid the peak-demand driving season, dealers said.
New York’s main contract, light sweet crude for delivery in August, added 27 cents to 72.19 dollars per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for August delivery gained 31 cents to 71.29 dollars per barrel in electronic trading.
“Crude futures were up (on Wednesday) ahead of inventory data expected to show continued strong demand for gasoline as consumers stay undeterred by increased fuel prices during the peak demand summer driving season,” Sucden analyst Sam Tilley said.
The US Department of Energy (DoE) was to release its traditional weekly snapshot of energy stocks later Wednesday for the week to June 23. Analysts’ consensus forecasts are for a rise in gasoline or petrol stocks of around 450,000 barrels.
The price of crude oil has climbed past 72 dollars in New York as traders anticipate tight gasoline or petrol stocks during the current US summer driving season with many Americans taking to their cars for holidays.
Despite higher gasoline prices, US drivers seem unwilling to curb consumption. Over the past four weeks, US demand for gasoline has been running 0.9 percent higher than a year ago, the DoE had reported last week.
“The market (is) focusing on gasoline inventory in the US which is important for the summer season,” said Tetsu Emori, chief commodity strategist at Mitsui Bussan Futures. “Gasoline supply (is) be very limited even if the US is importing but consumption is not getting less.” Market expectations are for crude oil inventories to fall by 1.4 million barrels.
Crude futures have risen so far this week, supported by refinery disruption and strong energy demand in the United States and China, as well as jitters over the Iranian nuclear energy crisis.
New York’s main contract, light sweet crude for delivery in August, added 27 cents to 72.19 dollars per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for August delivery gained 31 cents to 71.29 dollars per barrel in electronic trading.
“Crude futures were up (on Wednesday) ahead of inventory data expected to show continued strong demand for gasoline as consumers stay undeterred by increased fuel prices during the peak demand summer driving season,” Sucden analyst Sam Tilley said.
The US Department of Energy (DoE) was to release its traditional weekly snapshot of energy stocks later Wednesday for the week to June 23. Analysts’ consensus forecasts are for a rise in gasoline or petrol stocks of around 450,000 barrels.
The price of crude oil has climbed past 72 dollars in New York as traders anticipate tight gasoline or petrol stocks during the current US summer driving season with many Americans taking to their cars for holidays.
Despite higher gasoline prices, US drivers seem unwilling to curb consumption. Over the past four weeks, US demand for gasoline has been running 0.9 percent higher than a year ago, the DoE had reported last week.
“The market (is) focusing on gasoline inventory in the US which is important for the summer season,” said Tetsu Emori, chief commodity strategist at Mitsui Bussan Futures. “Gasoline supply (is) be very limited even if the US is importing but consumption is not getting less.” Market expectations are for crude oil inventories to fall by 1.4 million barrels.
Crude futures have risen so far this week, supported by refinery disruption and strong energy demand in the United States and China, as well as jitters over the Iranian nuclear energy crisis.
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