Oil prices dropped recently, today will rise in price

09 january 2014

According to Bloomberg, rising inventories of gasoline and distillates in the U.S. last week were twice analysts' expectations, and the indicator of energy consumption dropped to its lowest level in seven months.
Futures price for WTI crude oil for February in electronic trading on the New York Mercantile Exchange (NYMEX) to 8:55 MSK increased by $ 0.29 (+0.31%) - up to $ 92.62 per barrel.

The February Brent crude on London's ICE Futures Exchange to 8:55 MSK increasein price by $ 0.31 (0.29%) - up to $ 107.46 per barrel. "Demand has declined. Huge reduction of oil reserves that we observed in December, it is unlikely to reflect the actual demand, rather it was about the costs of inventory management" - said the head of research at Societe Generale commodity markets in Asian countries Mark Keenan.

In addition, the most severe frosts in the U.S. for several decades have waned , and experts do not expect the return of such low temperatures and, therefore, the additional energy demand for heating this winter.
According to the U.S. Department of Energy , distillate inventories increased in the country last week by 5.83 million barrels to 125 million barrels, gasoline - by 6.24 million , to a maximum in March 2013 with 227 million barrels. Experts surveyed by Bloomberg had expected growth of the first indicator by 2.25 million barrels, the second - by 2.5 million barrels.


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