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Wednesday, December 07, 2022

Oil again closes to US$100 on growth in US and diesel demand

Petróleo crudo Chubut

A barrel of oil today kept a positive trajectory in New York after economic growth data in the United States was released, based on a large jump in exports, despite fears of a global recession.

barrel of the WTI variety rose 0.9% and agreed to $ 88.70; According to data posted on the New York Mercantile Exchange (NYMEX), the Brent rate rose 1% and traded at $96.70.

US GDP data for the third quarter showed US crude exports hit an all-time high, indicating a hopeful recovery for demand.

After the European Central Bank’s decision to hike by 75 basis points, there is speculation that central banks may be nearing the end of the interest rate hike cycle.

In this context, in less than a week the barrel of oil has risen by almost 6% and the prices are once again around $100.

There is a high demand for diesel, coupled with an increase in crude exports, prompting distilleries in the United States to operate at full capacity.

In anticipation of a cold winter in the Northern Hemisphere, diesel is being bought for storage and used for heating, although the weather is still mild in that part of the planet.

The increase in crude exports comes at a time when reserves are rising, indicating that production of unconventional hydrocarbons is creating peace of mind for Joseph Biden’s administration.

US GDP grew 2.6% annually in the third quarter after falling 0.6% in the previous period.

December natural gas futures contract fell 7.5% to $5.20 per million BTU

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