Crude ETFs Surge Thanks to a New Report, OPEC Projections
Crude oil prices and crude ETFs are surging on Wednesday, after industry data revealed that U.S. oil inventories fell more than anticipated. The Organization of the Petroleum Exporting Countries (OPEC) also lifted its projections for oil demand.
The U.S. Benchmark, West Texas Intermediate (WTI) crude futures, rocketed $2.85, or 4.72%, to $63.44 a barrel, before paring gains slightly on Wednesday.
Analysts were unsure of the future direction for crude on Tuesday, as the market has been in consolidation for nearly a month, trading between $57 and $62 a barrel before breaking out on Wednesday.
Crude ETFs Surge Thanks to a New Report, OPEC Projections April 14, 2021
Crude oil prices and crude ETFs are surging on Wednesday, after industry data revealed that U.S. oil inventories fell more than anticipated. The Organization of the Petroleum Exporting Countries (OPEC) also lifted its projections for oil demand.
The U.S. Benchmark, West Texas Intermediate (WTI) crude futures, rocketed $2.85, or 4.72%, to $63.44 a barrel, before paring gains slightly on Wednesday.
Analysts were unsure of the future direction for crude on Tuesday, as the market has been in consolidation for nearly a month, trading between $57 and $62 a barrel before breaking out on Wednesday.
Oil products signal rising demand
Inventories in Q1 were mostly bullish
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The three most bullish factors for the energy commodity in Q2
Crude oil prices moved higher throughout most of 2021’s first quarter. Brent crude oil rose 20.67%, and the United States Brent Crude Oil Fund (BNO) moved from $12.88 to $15.88, a 23.3% gain. NYMEX WTI crude oil futures gained 21.93%, with the United States Oil Fund (USO) rising from $33.01 to $40.53 per share or 22.8%. The backwardation or nearby premium in the oil futures markets caused the ETF products to outperform the continuous futures contracts’ moves.
At the end of last week, WTI crude oil was sitting below the $60 level, with Brent futures around $63 per barrel. NYMEX and Brent futures are consolidating and digesting the recent selloff as we head into the second quarter, which marks the start of the US driving season.
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