(New York) Oil prices ended higher on Wednesday, continuing their pendulum movement observed for two weeks, stimulated by a stronger-than-expected contraction in American crude stocks.
The price of a barrel of Brent from the North Sea for delivery in July rose 0.44%, to close at $82.75.
A barrel of American West Texas Intermediate (WTI) due in June increased by 0.78%, to $78.63.
With one exception, the WTI has systematically moved in the opposite direction of the previous session over the past two weeks, a sign of strong indecision on the black gold market.
“We are in a waiting position at the moment”, even if prices continue to oscillate, estimated Stephen Schork, of Schork Group.
During another volatile session, prices began to weaken, after the publication of a report from the International Energy Agency (IEA), which revised downwards its estimate of demand growth in 2024.
The IEA only sees it growing by 1.1 million barrels per day, or 140,000 barrels less than in last month’s edition. This modification is justified, according to the agency, by lower than expected deliveries, particularly in Europe.
But the trend then reversed after the communication from the American Energy Information Agency (EIA), according to which crude stocks fell by 2.5 million barrels during the week ended May 10. .
This is significantly more than the reduction of 600,000 barrels that analysts expected, according to a consensus established by the Bloomberg agency.
This surprise can largely be explained by the restart of American refineries, whose capacities were used at 90.4%, compared to 88.5% the previous week. This is the highest rate in four months.
At the same time, deliveries of gasoline, but especially kerosene and diesel to the United States have increased.
But for Mark Wagoner of Excel Futures, “2.5 million barrels is not a lot, considering that it is May, just before Memorial Day”, a holiday which traditionally marks the start of the oil season. travel (road and air) in the United States.
The rise in black gold at the end of the session was also made possible by the forest fires in the Canadian province of Alberta (west), which provides more than 80% of the country’s black gold production.
An evacuation order was issued for Fort McMurray, home to Canada’s largest tar sands complex. Eight years ago, a fire had already reduced crude production by a million barrels per day.