Oil rebounded after the biggest drop in decades in the previous days

Oil rebounded after the biggest drop in decades in the previous days

The barrel of the WTI variety rose 1.3% and closed at US$73.80 while the Brent type increased 1.2% and settled at US$78.20, according to figures provided by the New York Mercantile Exchange (NYMEX). ).

Prices began to pick up after the official data on crude oil and refined fuel stocks for the last week of 2022 was released.

The Energy Information Administration (EIA) reported that crude oil inventories rose above investor and analyst estimates during the last week of last year.

Meanwhile, fuel stocks fell, in a sign that is considered a recovery in demand, despite an improvement in weather conditions in the northern hemisphere.

Crude oil inventories, excluding Strategic Petroleum Reserves (SRP) rose 1.7 million barrels in the last week of 2022, totaling 420.6 million barrels and are 4% below the average of the last five years for this time of year, but they are up 2.7 million barrels from their final 2021 position.

Crude stocks at the Cushing delivery center in Oklahoma rose 244,000 barrels, while crude output at refineries fell 2.33 million barrels a day.

Regarding gasoline inventories, they fell 300,000 barrels in that week, and are 6% below the average of the last five years, for this time of year and represent some 321,000 barrels less than at the end of 2021. Net imports of crude fell 1.28 million barrels per day.

Natural gas contracts for February delivery broke the $4 floor and fell 10% to trade at $3.76 per million BTU.

Source: Ambito

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