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Don’t Expect A Major Rally In Oil

U.S. West Texas Intermediate crude oil futures rallied on Thursday, testing its high for the week amid optimism that that demand for fuel will grow in 2023. The move followed a more than 3% jump on Wednesday. Support was provided by concern over the impact of sanctions on Russian crude oil.

Providing a little resistance for buyers was a massive surprise build in U.S. crude stockpiles and caution over whether the Federal Reserve would use the slowdown in consumer inflation in December to slow the pace of interest rate hikes.

US Consumer Inflation Declines

U.S. consumer prices unexpectedly fell in December. The news pressured U.S. Treasuries and the U.S. Dollar, driving up demand by making dollar-denominated crude oil cheaper for foreign buyers.

The greenback tumbled after inflation data lifted expectations that the Federal Reserve will be less aggressive going forward with rate hikes.

Traders Bracing for Additional Curb on Russian Oil Supply

Crude oil price were also underpinned by traders bracing for an additional curb on Russian oil supply due to sanctions over its invasion of Ukraine.

The U.S. Energy Information Administration said the upcoming European Union ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022.

Gains Limited by Sizable Jump in US Crude Oil Inventories

Limiting oil’s…

Leave a comment
  • Mike Lewicki on January 13 2023 said:
    Don't agree with you.

    China Will soak up oil inventories.

    Europe bouncing back.

    America resilient always.

    No growth in production in NA and Opec.

Leave a comment

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