Crude prices are recording strong increases today, Thursday, March 17th, with the opening of the American markets, as Brent crude rises by about 6.95%, trading at levels of 104.84 dollars a barrel, while the American crude (NYMEX) is trading at levels of 101.15 dollars, an increase of about 6.43%.
Crude is receiving support from the statements of the International Energy Agency at the end of the session yesterday, Wednesday, where it was announced that the crude markets may lose three million barrels of oil from Russia, starting from next April, and that the loss of supplies will be greater than the expected drop in demand by one million barrels due to the rise in fuel prices.
In a related context, the report of the US Energy Information Administration issued yesterday, Wednesday, showed that US oil stocks rose by about 4.3 million barrels in the last week ending on the 11th of March, compared to expectations that indicated an increase of 200 thousand barrels, and compared to the report of the American Petroleum Institute, which showed an initial rise in stocks by about 3.75 million barrels.
In details, gasoline stocks fell by about 3.6 million barrels, while stocks of distillates, which include heating fuel and diesel, rose by about 300,000 barrels.
05/11/2024
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