Home Stock Oil prices fell due to concerns about oil demand and the increase...

Oil prices fell due to concerns about oil demand and the increase of gas stocks


Oil prices fell slightly on Thursday morning, with a commodity slowdown, at least in part, due to a delayed response to a larger-than-expected increase in US gasoline stocks, which suggests energy demand quantity decreased.

The Energy Information Administration reported on Wednesday that gasoline supplies were up 4 million barrels, while distillate stocks rose 1.5 million barrels for the week. IHS Markit has forecast an increase in weekly supply of 200,000 barrels for gasoline and 500,000 barrels for distillate.

Bjørnar Tonhaugen, head of oil markets at Rystad Energy, wrote in a daily note: “Witnessing US gasoline stocks rising 4 million barrels last week has caused some exchanges to be quiet on demand. fuel demand increased due to the movement of the Easter holiday ”.

“The sharp increase in road fuel stocks was not what the market expected and concerns about the rate of oil demand recovery resurfaced, leaving traders to wonder how much use is required,” the analyst wrote. How stable is actually road fuel, “wrote the analyst.

West Texas Intermediate crude for May delivery
CLK21,
-0.55%

CL.1,
-0.55%

down 47 cents, or 0.8%, to trade at $ 59.30 / barrel on the New York Mercantile Exchange, after rising 0.7% on Wednesday.

June Brent crude oil
BRNM21,
-0.28%

BRN00,
-0.28%
,
global standards, down 18 cents, or 0.3%, to trade at $ 62.98 / barrel on ICE Futures Europe after the contract rose 0.7% a day ago.

Oil prices ended slightly higher on Wednesday after an initial drop in value but investors may be rethinking inventory and demand.

Not everyone selling credit suspects that the increase in gasoline supplies is a bad sign for overall energy demand as increased gas reserves could also be linked to increased use in factories, experts say. oil Filter.

However, Tonhaugen says concerns about AstraZenca’s efficiency in helping to achieve greater economic openness in Europe may also be weighing on energy markets.

Spain and Italy stated that they are restricting AstraZeneca’s use AZN COVID-19 vaccine is due to concern about the very rare cases of blood clotting problems in adults. On Wednesday, the European Pharmaceutical Authority (EMA) said it had found one possible link between the vaccine and the blood clotting process.

The decision to limit the use of the shot came after Germany and France took similar measures. The restrictions may make it difficult for the European Union to meet immunization goals 70% Its mature population in late summer, some fear.

“Europe is the primary user of the AstraZeneca vaccine and any delay or pause in vaccination campaigns could partially delay oil demand recovery,” said Rystad analysts. on this continent, ”said Rystad’s analysts.

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