Market Close: April 14 Mixed
Apr 14th, 2023 by loren
Fueling Strategy: Please keep your tanks topped tonight, Saturday prices will drop 3 cents then look for Sunday’s prices to drop 3 to 3.5 cents ~Be Safe
NMEX Crude $ 82.52 UP $.3600
NYMEX ULSD $2.6392 DN $.0336
NYMEX Gas $2.8359 UP $.0042
NEWS
Oil rose for the fourth straight week, supported by signs of a tightening global market that have the International Energy Agency warning of higher prices ahead.
West Texas Intermediate settled above $82 a barrel, posting its longest run of weekly advances since June. Crude is hovering near five-month highs after OPEC+ surprised the market with plans to cut more than 1 million barrels of daily output. Declining US stockpiles, weaker flows from Russia and interruptions to pipeline supplies from Iraqi Kurdistan have added to the gains.
Markets are digesting a week of mixed projections for crude supply and demand. The latest OPEC+ cuts threaten to boost oil prices for consumers already facing high inflation, the IEA said in its monthly outlook on Friday. The cartel had forecast a day earlier that markets would be deeply under supplied. In contrast, the US Energy Information Administration projected supplies surpassing demand both in 2023 and 2024.
Demand from the world’s largest crude importer is supporting prices as well. Recent data show that China imported the most oil in three years last month, underpinned by record Russian flows. On Friday, People’s Bank of China Governor Yi Gang said the nation’s economy is expected to grow about 5% this year.
Key technical measures are signaling a tighter market, too. WTI’s prompt spread — the difference between its two nearest contracts — was at 9 cents a barrel in backwardation. The bullish pattern is a stark reversal from when it was trading 16 cents in contango a month ago.
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