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On Wednesday, February 28, WTI crude futures experienced a slight decline, landing at $78.5 per barrel. This adjustment occurred as market traders juggled the escalating U.S. crude reserves along with the conjecture about an extension of supply curtailments by OPEC+. As per the latest report by the EIA, the preceding week demonstrated a rise in U.S. crude oil inventories by 4.199 million barrels, surpassing expectations. However, it’s worth noting that this is considerably less than the 8.428 million reported by the API.
The surge in barrel supplies is chiefly connected to a deceleration in the conversion processes at refineries, which transforms crude oil into end products. As we look towards the future, market players are keenly anticipating the upcoming OPEC+ meeting scheduled for March. The gathering will bring to the table discussions related to the extension of output reductions.
The general prediction is that oil producers will adhere to optional limitations on production at least until the Ministerial Meeting in June. This measure aims to retain equilibrium in the market. Moreover, other factors contributing to fluctuations in oil prices include the ambiguity tied to the cease-fire between Israel and Hamas and the continuing attacks by Houthi on shipping activities in the Red Sea. These geopolitical considerations introduced an additional risk premium to oil prices.
(WTI Crude Six-month Chart)
Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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