At Thursday’s earnings contributed a statement from Colonial Pipelinethe main operator of oil pipelines in the United States, which at the end of the Wednesday reported that its Line 3 had been closed for maintenance unscheduled and expected to restart on January 7.
“This morning’s rebound is due to the closure of Line 3 of the Colonial pipeline,” he said. tamas varga, from the oil broker PVM. “There is no question that the prevailing trend is down; it is a bear market,” he added.
Brent crude rose $1.60, or 2.1%, to $79.50 the barrel. Thus, Brent was on the verge of exceeding $80 a barrel again, a limit that it had crossed on Wednesday. On the other hand, US crude oil futures West Texas Intermediate earn $1.71, or 2.06%, to $74.34.
According to data from Refinitiv Eikonthe cumulative declines of both indices, of more than 9% on Tuesday and Wednesday, were the biggest two-day losses at the start of a year since 1991.
As a reflection of the short term downtrendthe close contracts of the two benchmark indices quoted at a discount compared to the following month, a situation known as contango.
The Wednesdaythe figures showing that US manufacturing contracted further in December weighed on prices, as did concerns about economic disruptions as COVID-19 is making its way into China, which has abruptly removed strict travel and activity restrictions.
Chevron It encountered some operational obstacles in a navigation channel, which makes it difficult to load tankers in one of its joint ventures and take the crude to the United States.
In a sign that Chevron expects to rapidly expand its operations, the oil producer has begun offering positions for contract administration and scheduling of Venezuelan cargoes. The company is hiring to revive operations that have been largely idle for years, particularly its marketing and trading divisions, which will handle oil exports for its own refineries in the United States and others.
They also weighed the figures of American Petroleum Institute inventorieswhich according to market sources showed an increase in crude oil and gasoline inventories in the United States.
Official inventory data from the Energy Information Administration will be released on Thursday afternoon.
Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) reported Thursday that its basket of crude oil closed on Wednesday at $76.90 a barrel, compared to US$82.07 of last Tuesday, which represented a decrease of 6.30%.
Source: Ambito
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