The price of Petroleum Texas Intermediate (WTI) rose 4.1% this Friday and closed at 110.49 dollars a barrel, continuing the upward trend of the last two sessions due to the renewed impetus of the European Union (EU) in the idea of imposing a veto on the Petroleum Russia and after Finland declared its willingness to join NATO
At the close of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for June delivery gained $4.36 from the previous close.
This rise comes in a week marked by great volatility, since on Monday and Tuesday the black gold was down due to concerns over high inflation in the US and concern that China’s COVID-19 lockdowns will result in supply chain blockages.
For the firm Sevens Report, the step taken by Finland and which could be followed soon by Sweden “has increased tensions between Russia and the West and as long as there is no solution to the war in Ukraine in sight, fear (bullish) about supply in the global energy market”.
For its part, the International Energy Agency (IEA) has further revised down its forecasts for global demand for Petroleum for this year and trusts that this, plus the additional contributions of the great producers of the Middle East, will allow avoiding a deficit due to the drop in Russian exports.
In its monthly report on the market, the IEA reduces by 70,000 barrels a day the demand projections it had made in April, when it had cut those of March by 260,000 barrels.
Meanwhile, June-expiring gasoline futures gained 16 cents to $3.95 a gallon, and June natural gas futures fell 7 cents to $7.66 per thousand cubic feet.
