Today, oil prices are trading first. The market analyzes statistical data on the volume of raw materials stocks in the United States and on China’s foreign trade for May.
The volume of Chinese exports jumped by 16.9% year-on-year last month, showing growth at the fastest pace since January, data from the Customs Department of the People’s Republic of China showed. At the same time, experts expected a more modest increase – by 9%, Trading Economics writes about this. Chinese exports have grown against the background of the lifting of covid restrictions in the country, which allowed factories and factories to resume work, says SPI Asset Management expert Stefan Innes. This may indicate a further increase in demand for energy resources from China.

Meanwhile, a report by the US Department of Energy on Wednesday showed a weekly increase in oil reserves by 2.02 million barrels to 416.76 million barrels. But gasoline reserves decreased by 812 thousand barrels and amounted to 218.18 million barrels.

The drop in gasoline stocks was the beginning of the automotive season in the United States, when demand for fuel is traditionally high. According to the calculations of experts from ANZ, based on data from the Ministry of Energy, the demand for petroleum products in the United States is about 19.5 million barrels per day, for gasoline – 8.98 million b/d.

“The oil market is unlikely to see a decline in the next couple of months, as the demand for gasoline will only grow due to the automotive summer season,” said Warren Patterson, head of ING Commodity Markets Research.

The cost of August Brent crude futures on the London ICE Futures exchange by 8:47 Moscow time is $123.74 per barrel, which is $0.16 (0.13%) higher than the closing price of the previous session. Following the results of trading on Wednesday, the contract rose by $3.01 (2.5%) to $123.58 per barrel.

The price of WTI oil futures for July on the electronic trading of the New York Mercantile Exchange (NYMEX) by this time increased by $0.06 (0.05%) to $122.17 per barrel. The day before, the value of these contracts increased by $2.7 (2.3%) to $122.11 per barrel.

in Shanghai

The Shanghai authorities, who canceled the lockdown in early June, announced their intention to close seven districts of the city on Saturday for mass testing for COVID-19, Bloomberg reports. The new restrictions call into question the prospects for restoring oil demand in China, experts say.

News of new restrictions in China is putting pressure on the oil market, but “most of the other indicators support it,” says Ole Hansen, Director of commodity strategy at Saxo Bank. “More importantly, gasoline stocks in the United States, as well as oil reserves in Cushing, continue to decline, and there is no change in the behavior of American drivers,” Bloomberg quotes Hansen as saying.
Data from the US Department of Energy, published yesterday, showed an increase in oil reserves in the country last week by 2.02 million barrels to 416.76 million barrels, which is about 15% below the average level for this time of year over the past five years.
Stocks at the terminal in Cushing, where oil traded on Nymex is stored, decreased by 1.6 million barrels during the week, gasoline stocks decreased by 812 thousand barrels.