PT Solid Gold Berjangka | Oil Advances After Canada-US Keystone Pipeline Briefly Halts
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Solid Gold Berjangka | Here’s a summary:
Oil Prices Rise After Keystone Pipeline Briefly Suspended
- Key Incident: Services were briefly suspended at the Keystone pipeline, a crucial conduit carrying Canadian crude to the US.
- Price Movement:
- Brent futures climbed above $83 a barrel, rising after ending unchanged the previous day.
- West Texas Intermediate (WTI) gained up to 0.8%, reaching over $79.
- Operator Statement: TC Energy Corp., the operator of Keystone, confirmed the pipeline’s integrity and stated that the suspension was a precautionary measure. They clarified that no crude was released during this time.
- Market Context:
- Oil has been trading within a tight band this year.
- This week’s trading has been less volatile, with prices in their narrowest range since September 2021.
- Factors balancing the market include OPEC+ production cutbacks, rising tensions in the Middle East and Red Sea, increased supply from non-OPEC+ producers like the US, and concerns about China’s economic growth.
- China’s Oil Demand:
- China’s oil demand is reportedly in a low-growth phase as the nation transitions away from fossil fuels.
- Increased adoption of electric vehicles and trucks powered by liquefied natural gas (LNG) is expected to reduce gasoline and diesel use this year.
- Lu Ruquan, president of China National Petroleum Corp.’s Economics & Technology Research Institute, mentioned this shift in an interview with Bloomberg Television.
- Current Prices:
- Brent for May settlement rose 0.5% to $83.38 a barrel.
- WTI for April delivery climbed 0.6% to $79.43 a barrel.
This information was sourced from Bloomberg.