The price of Petroleum Texas Intermediate (WTI) rose 3.40% on Thursday to close at $114.09 a barrel, continuing Wednesday’s momentum after the US Energy Information Administration (EIA) announced a drawdown in inventories. from Petroleum In the past week.
At the close of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for July delivery gained $3.76 from the previous close.
The EIA announced yesterday that crude oil inventories in the country were reduced by one million barrels last week, given the increase in refinery production before the arrival of the summer season, which is linked to a greater demand for gasoline for travels.
Likewise, gasoline inventories were also reduced by 500,000 barrels, although those of derivative products rose by 1.7 million.
In addition to the tight supply of gasoline, the price of Petroleum still scarred by war Ukraine and the obstacles to the imposition of sanctions on the importation of Petroleum Russian by the European Union, as well as by the situation in China due to the coronavirus outbreaks and fears of an economic recession.
The German Government considers that the inclusion of the embargo to the Petroleum Russian in the sixth package of sanctions against that country for the war in Ukraine It complicates an agreement on the matter at the European summit next week, according to the deputy chancellor and economy minister, Robert Habeck, said on Thursday.
“It is important for Europe to be united and that is why all States have to make efforts to reduce dependence on the Petroleum and that also affects Hungary”, said Habeck, alluding to the position of Budapest, which opposes the package with the embargo to the Petroleum Russian because of its high dependency on it.
“If that is established as the basis it is possible to reach an agreement,” the minister said in relation to efforts to reduce the EU’s energy dependency on Russia.
Gasoline futures contracts due in July, meanwhile, rose 4 cents to $3.87 a gallon, and natural gas contracts for the same month fell 6 cents to $8.9 per thousand cubic feet.
