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The oil market remains stable, what is expected for fuels in Uruguay?

The oil market remains stable, what is expected for fuels in Uruguay?

The international price of Petroleum is stable and the Undersecretary of Industry, Walter Verri, He announced that this could be a factor for the price of the naphtha in the month of February will remain stable, while the value of gasoil go down; repeating the dynamic of January.

The leader assured that, in addition to the stability of the price of Petroleum internationally – despite the war escalations in middle East – The exchange rate must also be taken into account. However, it is necessary to wait for the closing of the Energy and Water Services Regulatory Unit (Ursea) this Thursday to be able to estimate the value that the fuel next month.

“Our internal information from our technicians, from our own calculations as of Monday, was that there was a trend of stability, relative stability, which in this so variable and so convulsed world that we have in this world, the fact that it has been stable for several months is already a positive news“Verri explained to Telenoche.

Regarding gasoline, he specified that no substantial changes are seen. However, he assured that “there are three days left and we still have to see how the event closes.” Import Parity Price (PPI) finally, the official information from Ursea, and subsequently the decision of the Executive powerbut apparently it is a scenario of stability in the price of gasoline”

In relation to diesel, Verri said that there would be a drop in the PPI reference price. “In the event that when it is decided to maintain the price or apply the PPI, in reality the situation for Ancap nothing affects it, the company buys the fuel at the same price that Ursea calculated that PPI,” explained the leader.

The oil market opened positively

Crude oil prices rose on Thursday, after data showed that inventories in USA fell more than expected last week, while the cut in the bank reserve ratio in China reinforced hopes for more stimulus measures and economic recovery.

At mid-morning, the futures of the Brent They rose 97 cents, or 1.2%, to $81.01 a barrel, and West Texas Intermediate in the United States (WTI) gained $1.03, or 1.4%, to $76.12.

“A significant drop of oil inventories in USA and expectations of economic recovery China and more stimulus measures are supporting oil prices,” said Toshitaka Tazawa, an analyst at Fujitomi Securities. “Tensions in the Middle East were also behind the buying,” he added.

Meanwhile, oil inventories in USA fell by 9.2 million barrels last week, according to the Energy Information Administration (EIA), while Reuters analysts expected a reduction of 2.2 million barrels. The production of crude oil USA fell from a record 13.3 million barrels per day (bpd) two weeks ago to a five-month low of 12.3 bpd last week, due to the impact of extreme cold on output.

The prices of Petroleum They were also favored by the hopes of economic recovery of China. China’s central bank announced a sharp cut in bank reserves on Wednesday, in a move that will inject some $140 billion in cash into the banking system and send a strong signal of support for a fragile economy and falling stock markets.

Meanwhile, geopolitical tensions in middle East They remained a focus, although price gains were limited because risk premiums have already been discounted, said Priyanka Sachdeva of Phillip Nova. “There is no real damage to the crude oil supply “It is merely a prediction that the Red Sea contagion will cause further disruptions in the flow of oil from the producing region,” he said.

Source: Ambito

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