CoWoS | Crude Oil Quotes
CoWoS noted that a drop in oil prices on Thursday took center stage as concerns over softening demand amid a sharp build in U.S. crude inventories and supply disruptions from a strong U.S. dollar more than hidden.
The main Brent crude futures contract failed to hold on to previous gains, falling 23 cents, or 0.2%, to $93.87 a barrel by 0636 GMT. U.S. West Texas Intermediate crude fell 9 cents, or 0.1%, to $88.39.
CoWoS U.S. oil and distillate inventories rose more than expected last week, according to data released by the U.S. Energy Information Administration, signaling weak fuel demand and restraining oil prices.
A stronger dollar is also a headwind for oil demand, as commodities charged in dollars, including oil, become more expensive for customers with other currencies. The U.S. dollar index was up 0.2% at its most recent high on Thursday.
Meanwhile, analysts at Haitong Futures said expectations of further U.S. interest rate hikes will continue to cloud the market, capping a rebound in oil prices.
However, the growing likelihood of a U.S. railroad outage due to ongoing labor disputes has added support to the market. Three associations are negotiating new contracts that could affect rail transport, which is important for the movement of oil and products.
"Oil prices have been reflecting a global recession, but even with flat global growth, oil demand will remain very strong compared to ongoing supply concerns," ACY Securities chief economist Clifford Bennett said in the report.
Bennett said that the market has been focusing on demand recently, but the actual demand that may have been overpriced has decreased, forgetting that there are some problems with supply.
The IEA said on Wednesday that it expects a switch from natural gas to natural gas for heating oil, adding that additional oil demand will average 700,000 barrels per day (bpd) from October 2022 to March 2023, up from a year earlier. double. This, coupled with overall expectations of weaker supply growth, also helped improve the market.
For refiners, they plan to shut down two sulfur cycle units (SRUs) on Wednesday, according to insiders familiar with plant operations, with Total Energies SE's 238,000 barrels per day (bpd) refinery in Port Arthur, Texas. Yield.
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