He oil price Texas Intermediate (WTI) closed this Wednesday with a drop of 0.5%, to $75.44 a barrel, pending reserves and energy policy in the US.
At the conclusion of today’s Wednesday session at the New York Mercantile Exchangek, US crude oil futures contracts for delivery in February lost $0.39 compared to the previous day’s close.
The Energy Information Administration will publish its weekly booking data tomorrow, Thursday, one day late due to the Martin Luther King Jr. holiday, which was on Monday.
- Analyst projections point to a weekly decline of 1.6 million crude oil barrels.
Besides, the market remains pending on the tariff plans of the recently inaugurated US President Donald Trump, as well as his energy policies.
Energy emergency
Among his first measures, Trump declared the situation of energy emergency at the national level and said that it intends to take crude oil and gas reserves “to the maximum.”
“Despite President Trump’s intentions, a significant rebound in US oil production “very unlikely,” analyst Matthew Bernstein of Rystad Energy said in a note.
He pointed out, among other things, that he has opted to accelerate permits to operate on lands of federal propertybut that has not been an obstacle in the last four years.
“In fact, in the fourth quarter of 2024, the third largest number of permits were issued for lands with federal mineral rightsand production reached maximums,” he explained.
In other markets, natural gas contracts for delivery in February rose to $3.96 per thousand cubic feet, and gasoline prices for the same period fell to $2.06 per gallon. EFE
