The price of Petroleum Texas Intermediate (WTI) rose 2.3% this Wednesday and closed at 122.11 dollars, easily surpassing the psychological barrier of 120 dollars, with which it has been flirting for several sessions.
At the close of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for July delivery rose $2.7 from the previous close.
The Energy Information Administration (EIA) reported today that inventories of Petroleum in USA they increased by 2 million barrels last week, leaving reserves at 416.8 million barrels.
However, gasoline inventories were reduced by 800,000 barrels.
The Institute of Petroleum Americano (API, according to its acronym in English) had advanced on Tuesday that crude oil inventories in the country would increase by 1.8 million barrels last week and that gasoline inventories would grow by another 1.8 million.
Analysts point precisely to the unexpected increase in the demand for gasoline as the spur that today triggered the price of black gold.
“The market remains extremely tight and that maintains upward pressure on crude oil prices,” market analyst Craig Elman of Oanda said in a note today.
For Elman, in addition, the increase in production promised by the OPEC + countries, especially by Saudi Arabia, “was more a symbolic gesture than a substantial one, while the progressive reopening of China (after the restrictions to stop the last wave of covid ) means that the demand will increase even more.”
Meanwhile, gasoline futures contracts due in July rose 6 cents to $4.22 a gallon, and natural gas futures contracts for the same month fell 59 cents to $8.69 per thousand cubic feet.