Oil prices recorded the first week of price increases since the beginning of April
However, before that, in the first session of the week, oil prices The world market fell about 4%, with the price of Brent oil falling below 100 USD/barrel, amid concerns that the development of the COVID-19 epidemic in China would reduce consumption demand.
For the whole week, both Brent North Sea oil and WTI oil increased in price. (Illustration image – Photo: istock)
Besides, oil prices are also under pressure from countries’ plans to open strategic oil reserves. The member states of the International Energy Agency (IEA) will release 60 million barrels of oil reserves over the next six months. The US also plans to release 180 million barrels from its strategic oil reserves announced in March.
Oil prices rebounded for the next two consecutive sessions, amid an easing of blockade in the city of Shanghai and as Russia’s oil and gas condensate production fell to 2020 lows and the Organization of the United Nations. The Organization of the Petroleum Exporting Countries (OPEC) has warned that it is unlikely to “fill” the gap in energy supply from Russia.
Entering the last trading session of the past week (April 14) before the market holiday from April 15, oil prices turned to decrease slightly, in the context of investors considering the large increase in oil reserves. than expected in the US and the tightening of global supply.
For the whole week, both North Sea Brent oil and WTI oil increased in price as the “black gold” market was dominated by tight supply.
The IEA warned on April 13 that from May onwards, about 3 million barrels of Russian oil per day may not reach the market due to sanctions or customers voluntarily avoiding buying Russian goods.
At the same time, major global traders are also planning to cut crude and fuel purchases from Russian-owned oil companies by May 2022.
Vandana Hari, founder of oil market analysis firm Vanda Insights (Singapore), said the possibility of the EU plan to ban Russian oil imports is almost zero, but no one can or wants to say clearly. there.
According to analysts of JP Morgan bank (USA), the release of about 1.3 million barrels per day from the Strategic Petroleum Reserve (SPR) in the next 6 months will be enough to cover the shortfall 1. million bpd from Russia.
While the move will help alleviate the immediate supply shortfall, analysts say it will not address the structural shortage and stockpiles will need to be replenished. fig.
Facing the above situation, investment bank UBS (Switzerland) has lowered its forecast for Brent oil price in June to 115 USD/barrel.
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