THURSDAY, March 28, 2024
nationthailand

Spike in oil prices expected this week

Spike in oil prices expected this week

PTT expected higher oil prices this week (January 6 to 10), amid escalating tensions between US and Iran in the wake of a US drone strike that killed the top Iranain general Qasem Soleimani last week.

Crude price rose in late trading on Friday (January 3).
Investors, concerned about the course of the conflict, opted for oil and safe haven assets, such as gold and government bonds of US and Germany.
US president has said US will attack Iran if it retaliate the general’s death.
This week, ICE Brent is forecast at US$67 to US$72 per barrel, while NYMEX WTI will possibly stay in the frame of US$62 to US$67/barrel. Dubai crude will likely move to a range of US$66.5 to US$72.5 per barrel.
Two week ago (December 23 to 27), EIA reported that US oil reserves stood at 429.9 million barrel, down 11.5 million barrels from the previous week (December 16 to 20).
US oil imports last week amounted to 1.9 million barrel per day, down from 1.5 million barrel in the previous week. Moreover, US exported a record high of more than 4 million barrels of crude per day during the week.
Baker Hughes Inc reported that the number of US oil rigs last week (December 30 to January 3) had decreased to 670 from 677 the previous week, for the second consecutive week. 
In addition, petrol price this week was expected to stay between US$74.5 to US$80.5 per barrel while the price of diesel was forecast at between US$81.5 to US$87.5 per barrel.

RELATED
nationthailand