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Tuesday, March 28, 2023

Oil rose after six days down and rose from October lows

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This way, Crude put an end to a cycle of six consecutive days of falls which left prices at values ​​similar to those at the end of October.

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The Energy Information Administration (EIA) reported that crude oil inventories increased by 7.6 million barrels in the week ending February 17.

The EIA report showed a weekly inventory decline of 1.9 million barrels of naphthas, while distillate supplies increased by 2.7 million barrels.

The fall in gasoline inventories was due to a second consecutive drop in imports and a weekly increase of almost 700,000 barrels per day in gasoline output supplied, an indicator of demand, Vincent said. Gasoline demand “clearly started its normal seasonal strengthening trend.”

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Crude stocks at the Cushing, Okla., delivery hub rose by 700,000 barrels in the weekaccording to the EIA.

Investors’ attention is now focused on the Fed and how a new adjustment in interest rates will influence risky assets and the upcoming auction of the Strategic Petroleum Reserves (SPR) to be held by the United States. next week.

The dollar rose this day against a basket of currencies and it strengthened after the minutes of the last meeting of the Fed indicated that the majority of the board was in favor of a new rise in interest rates.

A stronger dollar in the world makes oil more expensive for importing nations, while a rate hike discourages consumption.

Natural gas futures contracts rose 7.2% to settle at $2.33 per million BTU. The EIA released weekly data on natural gas storage that showed domestic natural gas supplies fell by 71 billion cubic feet for the week ending February 17.

Finally, gold closed with another fall of 0.6% at 1,831 dollars per ounce.

Source: Ambito

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