Crude Oil Price Firm Ahead of OPEC Meeting – Gold Silver Reports

The crude oil price gained 17 percent in the month of January and Russia- Ukraine tensions and started the month of February on a positive note.

The Organisation of the Petroleum Exporting Countries (OPEC) meeting today is the major focus where the 23 nation alliance expected to announce 400,000 barrels per day of an addition in the month of March. The US crude inventory data also comes in today and the markets are anticipating bullish news from that as well and that’s the reason a spike is seen in the Asian markets yet again.

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Not just crude, even gasoline is trading at a 7-year high. The heating oil and natural gas prices also are trading at a multi-year high. So the energy pack continues to do quite well. What has seen some profit-taking is the coal price; 5 percent of a decline overnight and this is after Indonesia lift the ban on coal exports.

Still, sources said an OPEC+ technical panel meeting on Tuesday did not discuss a hike of more than the expected 40,000 barrels per day from March.

OPEC undershot its promised output boost in January, a Reuters survey found, and other analysts expected the rally to persist.

“The Saudis will likely avoid any major adjustments as they have proven adept in recent years at treading a fine line in manoeuvring global pricing in their preferred direction,” said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.

Brent crude settled down 10 cents, or 0.1%, at $$89.16 a barrel while U.S. West Texas Intermediate crude rose 5 cents to $88.20.

“The oil market is currently unreservedly bullish,” said Tamas Varga of oil broker PVM. “It is international tension, the perception of tight supply and the cold winter that are the most important factors behind the strength.”

Prices were under some pressure from expectations that this week’s U.S. supply reports will show an increase in crude stockpiles. Analysts expect stocks to have risen by 1.8 million barrels.

The first of this week’s two supply reports, from the American Petroleum Institute, is due out at 4:30 p.m..

Rising differentials in the physical crude market imply concern about tight supply, Varga said. One of the North Sea crudes that underpins Brent, Ekofisk, was bid on Monday at its highest in more than a decade.

The Dow Jones, S&P 500, and Nasdaq 100 indices tilted higher after positive corporate results. On Tuesday, UBS reported that 2021 was its best year in over 15 years as the wealth management segment performed well. In the US, ExxonMobil announced strong results, helped by rising oil and gas prices. The firm made a profit of $8.9 billion, beating the consensus estimate of $8.4 billion. It will launch a $10 billion buyback program. Its annual profit came in at over $23 billion. Alphabet, the parent company of Google and Android announced strong results, helped by strong ad and cloud revenue.

The US dollar eased against most currencies after strong economic numbers from the US. According to Markit, the manufacturing PMI came in at 54.5 in January, which was a better performance than the median estimate of 53.5. On the other hand, data by the Institute of Supply Management (ISM) showed that the PMI rose to 57.6 in January. The strong performance was mostly because of the rising demand from both local and international buyers. Most manufacturers complaint about the rising cost of doing business. Later today, the currency will react to the latest ADP jobs data.

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1 thought on “Crude Oil Price Firm Ahead of OPEC Meeting – Gold Silver Reports”

  1. सोना (Gold) जोड़ी स्थिर रही क्योंकि सोने ने वापसी करने का प्रयास किया। यह जोड़ी 1,803 पर कारोबार कर रही है, जो इस सप्ताह के 1,780 के निचले स्तर से अधिक है। चार घंटे के चार्ट पर, युग्म 38.2% फाइबोनैचि रिट्रेसमेंट स्तर से थोड़ा ऊपर है। इसने एक मंदी के झंडे के पैटर्न की तरह दिखने वाला भी बनाया है, जबकि रिलेटिव स्ट्रेंथ इंडेक्स (आरएसआई) ओवरसोल्ड स्तर से थोड़ा ऊपर चला गया है। इसलिए, यह जोड़ी संभवतः अमेरिकी नौकरियों के आंकड़ों से आगे बढ़ती रहेगी।

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