The prices of Petroleum rose this Thursday, after two consecutive sessions of decline, because investors anticipate a reduction in supply, while the alliance of producers is expected OPEC+ maintain its current production cuts.
The futures of Brent crude oil for May rose 91 cents, or 1.1%, to $87 a barrel, while the more actively traded June contract gained 75 cents, or 0.9%, to $86.16 at 11:01 GMT. The May contract expires this day.
For their part, the futures of US West Texas Intermediate (WTI) crude oil for delivery in May, meanwhile, they advanced 89 cents, or 1.1%, to $82.24 a barrel. Both benchmark contracts were on track to finish higher for the third consecutive month.
On Wednesday, prices of Petroleum came under pressure after the unexpected increase in crude oil and gasoline inventories in USA last week, due to an increase in crude oil imports and sluggish gasoline demand, according to data from the Energy Information Administration.
However, the increase in crude oil stocks was less than the buildup forecast by the American Petroleum Institute, and analysts noted that the increase was lower than what would be expected for this time of year. “We expect US inventories to rise less than normal, reflecting a global Petroleum slightly in deficit,” said Bjarne Schieldrop, an analyst at SEB. “This will likely support the Brent crude price going forward.”
Also supporting prices were US refinery utilization rates, which rose 0.9 percentage points last week.
Investors will be attentive to the results of next week’s meeting of the Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC), in a context of concern about geopolitical risks. OPEC+ is unlikely to change its oil production policy until the ministerial meeting in June.
Uruguay prepares for an update of fuel prices
The prices of Petroleumalthough they have fallen since last week they reached their highest level since October, they remain 3% above the average closing price of the first week of March.
In that context it is that the Energy and Water Services Regulatory Unit (Ursea) suggested, when publishing his report Import Parity Prices (PPI) of the fuelsan increase in the price of naphtha and a decrease in the gasoil.
The PPI gives an increase of 1.72% in Premium 97 gasoline and 1.76% in Super 95 gasoline, while for 50S diesel the adjustment would be downward by 2.66% and for 10S by 2.65%. Supergas also gives a downward adjustment of 3.83%.
Currently, Super 95 gasoline is available at 76.54 pesos per liter, while Premium 97 is at 79.08 pesos per liter. In the case of diesel, 50S costs 54.89 pesos per liter and 10S, 62.10 pesos per liter.
Source: Ambito
