The world prices for oil during the auctions on Thursday have gone down after the publication of the data about growth of stocks of fuel in the U.S. market to another record for 80 years.
Quote of may futures on the mark Brent on London’s ICE Futures exchange to 7.55 MSK fell by 1% to 38,85 USD per barrel. The contract prices for WTI for may in electronic trading on the new York Mercantile exchange (NYMEX) by this time has decreased on 1,3% – to 37,82 dollars per barrel, reports “Finmarket”.
Black gold loses value after the publication of the data about growth of stocks of fuel in the U.S. market to another record for 80 years. Oil reserves in the country last week increased by 2.3 million barrels, the growth continues for the seventh week in a row.
At the end of trading on 30 March, the price of the may contract for Brent crude on the ICE stock exchange in London grew by 0.12 per dollar (+0,31%) – to 39,26 USD per barrel. The may futures of WTI on the new York Mercantile exchange NYMEX index added only 0.04 to the dollar (+0.1%) and amounted 38,32 USD per barrel.
Many participants of the market consider that almost 50% rise in oil prices in recent weeks does not reflect the real situation with the supply and demand in the market.
At the same time, the demand for oil by refineries the U.S. jumped last week to their highest level since January. According to the Ministry of energy, refinery utilization increased by 2 percentage points and amounted to 90.4%.
The growth of demand for petroleum products is associated with warm weather, growing employment, increased demand for less fuel-efficient trucks and SUVs in the U.S., writes The Wall Street Journal. As a result, the demand for fuel now corresponds to peak summer values, the consumption is more than 9.4 million barrels per day versus 8.8 million in March 2015 and 2014.
