closing price: Oil prices ended Thursday’s session with a bang on speculative buying following the killing of a leader of a pro-Iranian movement in Iraq, raising fears of a response from Iran.
Price of a barrel of Brent BRENT Brent, or North Sea crude, is a variety of crude oil serving as a benchmark in Europe, listed on the Intercontinental Exchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for determining oil prices. Rising from the North Sea for delivery in April 3.05%to close on $81.63.
A barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variety of crude oil that serves as the benchmark for pricing crude oil and as the raw material for oil futures contracts on the Nymex (New York Mercantile Exchange). The stock exchange specializes in energy.) American, with a finish in March, won 3.19%has $76.22.
🇺🇸”US attacks in Iraq raise the risk of an expanding conflict in the Middle EastDaniel Galli of TD Securities explained in a note.
On Wednesday evening, in Baghdad, an American drone targeting a car killed Abu Bakr al-Saadi, a senior commander of the Hezbollah Brigades, a pro-Iranian Iraq-based movement.
The operation was part of retaliation after a drone attack on a Jordanian base in late January that killed three American soldiers.
🇮🇷”This brings us one step closer to direct conflict with Iran“, Mizuho’s Robert Yawger estimates.”I don’t think it will, but it does increase the tension.“
🇮🇱 On Wednesday, Israeli Prime Minister Benjamin Netanyahu ruled out any ceasefire in the fighting between his army and the Palestinian Islamist movement Hamas, announcing that he had ordered preparations for an offensive on Rafah, south of the Gaza Strip.
For Robert Yavgar, the end-of-session rider, which saw a sudden rise in black gold, is due to the intervention of speculative operators, who followed the movement.
Analysts also see Thursday’s surge as a result of stress on refined products.
“Crack“, the price difference between gasoline and crude oil in the United States, has thus reached its highest level since May 2022 for the contract expiring in March.
This phenomenon is due to relatively strong demand for gasoline in the United States as well as low refinery activity. Their usage rate dropped 82.4% Last week, the lowest in 13 months.
In addition to gasoline, domestic fuel oil is also under pressure, of which “Crack“Hasn’t been this high for two months, and diesel.
🛢️ In the medium term, JPMorgan analysts see a contraction in crude inventories fueling price increases. According to him, the stock “on the shore“(On land) is currently the lowest since 2017.
JPMorgan expects Brent to appreciate BRENT Brent, or North Sea crude, is a variety of crude oil serving as a benchmark in Europe, listed on the Intercontinental Exchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for determining oil prices. No 10 dollars Barrel by May, which will bring it around 90 dollars.
comment Oil gains momentum, markets worried about Iran’s reaction
Community barrel price
