U.S. crude oil futures rose to their highest level in a week on Thursday, extending the previous session's gains sparked by data that showed slower U.S. inflation and weekly storage data that pointed to a drop in inventories. oil internals.
He A milder-than-expected rise in the U.S. consumer price index in April “took the dollar down to the 200-day moving average, bolstering commodity markets across the board,” says the energy team at StoneX led by Alex Hodes, according to market clock.
Financial markets have “placed most of their bets on a September interest rate cut by the Federal Reserve, which would continue to moderate dollar strength and pass that strength through to commodities and stocks,” StoneX said. says.
Meanwhile, U.S. natural gas prices also rose for the second day in a row as domestic storage rose slightly less than expected, increasing by 70 billion cubic feet for the week ending May 10. March.
He natural gas rally It's also driven by “strong flows of 1.9 billion cubic feet last week at Freeport LNG, much lighter year-over-year production, early-season heat spells in Texas” and expectations for a steady decline in still-high inventory surpluses says NatGasWeather.com. , according to Dow Jones.
First month Nymex (CL1:COM) crude oil for June delivery closed +0.7% at $79.23/bbl, its best close in a week, and July Brent crude (CO1:COM) of the first month ended +0.6% at $83.27/barrel.
Additionally, June Nymex Natural Gas (NG1:COM) first month closed +3.3% at $2.495/MMBtu, its highest liquidation value since January 26.
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More than 2 million barrels/day of oil sands production are at risk of wildfires in Albertaand some areas have issued evacuation orders for communities, Rystad Energy says, as reported by Dow Jones.
While oil sands operators have yet to indicate any impact on upstream production or upgrading activities, an out-of-control fire along the Athabasca River is intersecting critical midstream infrastructure serving mining projects and improves Horizon and Syncrude, according to Rystad.
However, the consulting firm also notes that a considerable amount of planned maintenance is scheduled for May, which is typical as the industry ramps up production in the peak summer driving season in North America.