Oil prices are set for a second consecutive weekly gain, with WTI trading above $81 per barrel and Brent near $86. This increase is driven by a surprising 2.2 million barrel decline in US crude stockpiles and strong demand for gasoline, diesel, and jet fuel. Government data showed US oil stockpiles declining by 2.55 million barrels, contrary to an industry report that projected a 2.26 million barrel increase. Crude oil reached a seven-week high following the delayed EIA report, which indicated a price-supportive drop in crude stocks driven by a net 2.5 million barrel per day import drop, robust fuel demand, and lower refinery input. The demand for gasoline almost reached 2023 levels, and jet fuel output has risen to pre-COVID levels. The WTI 12-month spread rose by $1.42, a 28% increase, and the front-month price rose by $2.28, a 3% increase for the week ending June 21. Additionally, Middle East tensions, a strong US dollar, and mixed global economic news have influenced oil prices.
WTI 12-month spread rose +$1.42 (+28%) into steeper backwardation 6-month spread increased +$1.06 (+41%) Front-month price rose +$2.28 (+3%) for the week ending June 21 #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/QiYa7imTYX
WTI futures price increased +$2.28 from $78.45 to $80.73 for the week ending June 21 Price fell -$1.44 on Friday from over-bought level of $82.17 #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/wiSm1Ckoww
#Oil prices on track for solid weekly gains on fears of wider Middle East conflict
Oil prices on track for solid weekly gains on fears of wider Middle East conflict https://t.co/9973AS0yby
Market Alert | US Crude oil advanced for 2nd consecutive week๐ #oil #crude https://t.co/o3v55B1hiH
"U.S. four-week average jet fuel demand of 1.75 million bpd over the last week was also the highest for this time since 2019." https://t.co/plI8tjmzUb #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/FRIFy9HaLd
"Crude prices eased about 1% on Friday on worries that global oil demand growth could be hit by a strong U.S. dollar and negative economic news from some parts of the world." https://t.co/7IkTFUxkQP #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/79CQ1naoTK
Oil prices ease on strong US dollar, mixed global economic news https://t.co/hb3Do7m8rY via @Reuters
๐ข๏ธ OIL CONTEXT WEEKLY ๐ข๏ธ Crude prices rose to the highest weekly close since April as a steepening futures curve continues to point to tighter prompt markets and contracts benefit from an ongoing return of speculative flows. Full report: https://t.co/veOWDffsLj Summary: https://t.co/FPwNK5qtEf
Oil prices post weekly gain as traders weigh impact of growing Middle East tensions https://t.co/JRAnnj49qO
U.S. jet fuel output rises to pre-COVID levels as demand soars #oott https://t.co/ML9Mk9fjow
Oil posted robust gains this month as global uncertainties came to the fore. A strong demand outlook could keep oil prices buoyant in the coming periods. https://t.co/u6apPBSdsF
U.S. crude oil on pace for second weekly again as gasoline demand surges https://t.co/beatVh286m
Oil set for second week of gains on signs of improving demand - Reuters https://t.co/DO2ATGxtjY
Oil prices set for second week of gains on signs of improving demand https://t.co/slYpNYv7v9
Oil prices set for second week of gains on signs of improving demand https://t.co/hb3Do7m8rY via @Reuters
Oil prices set for second week of gains on signs demand improving https://t.co/tgzGAlwDzy https://t.co/EnCOiUxFiZ
#Crudeoil reached a seven-week high on Thursday after the delayed EIA report showed a price supportive drop in crude stocks driven by a net 2.5mbd import drop, robust fuel demand and lower refinery input. #Gasoline demand (4-wk avg) almost reached 2023 levels with jetfuel near aโฆ https://t.co/F5bzbi6Geo
"Government data showed US oil stockpiles declining by 2.55 mmb. An industry reporton Tuesday had projected a 2.26 mmb increase." https://t.co/ODWaW3TO3b #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities https://t.co/xn2TqCcGbB
OIL PRICES ARE SET FOR A CONSECUTIVE WEEKLY GAIN, WITH WTI TRADING ABOVE $81 PER BARREL AND BRENT NEAR $86, DRIVEN BY A SURPRISING 2.2 MILLION BARREL DECLINE IN US CRUDE STOCKPILES AND STRONG DEMAND FOR GASOLINE, DIESEL, AND JET FUEL