PT Solid Gold Berjangka | Oil Set for Modest Weekly Gain as US Data Offsets Supply Risks

01:53 05 January in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

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Solid Gold Berjangka | here are some key points:

  1. Oil Prices and Weekly Trends: West Texas Intermediate (WTI) traded above $72 a barrel, experiencing a modest weekly gain. Despite a 0.7% decline on Thursday, WTI was on track for a 0.9% weekly gain. Brent crude closed below $78 on Thursday.
  2. US Demand Concerns: Signs of weakening US demand were evident as American gasoline inventories surged the most in three decades, and implied demand dropped to the lowest in a year. Crude stockpiles at the Cushing, Oklahoma hub rose to the highest level.
  3. Geopolitical Tensions: Tensions in the Middle East and North Africa contributed to market uncertainty. Disruptions in Libya, attacks by the Houthi militant group in Yemen, and an explosion in central Iran claimed by the Islamic State were factors affecting the market.
  4. Global Oil Demand Outlook: Despite geopolitical concerns, the overall demand outlook for crude appears shaky. Wall Street is reportedly cutting oil price forecasts for the year due to a nearly 20% drop in the global benchmark Brent last quarter. Increased supplies from sources outside the OPEC+ alliance, particularly from US shale drillers, are expected to continue.
  5. Market Response: WTI for February delivery rose 0.1% to $72.26 a barrel, paring its weekly gain to 0.9%. Brent for March settlement closed 0.8% lower at $77.59 a barrel on Thursday.
  6. Post-Pandemic Economic Rebound: The article suggests that consumption growth is expected to slow as the post-pandemic economic rebound loses momentum.

This information provides a comprehensive overview of the factors influencing oil prices, including both geopolitical events and economic indicators. It highlights the delicate balance between supply and demand dynamics in the global oil market.