$RH PetroGas (T13.SG)$$Rex Intl (5WH.SG)$$Dyna-Mac (NO4.SG)$...
Oil prices rose more than 2% on Wed amid signs of tightening supply, including declining US inventories and continued drone attacks on Russian refineries.
Brent traded around USD84 and WTI traded around USD79.6.
Crude inventories dropped by 5.52 million barrels for the week ending Mar 8 versus expectations for a draw of 400,000 barrels, according to data from the API.
Gasoline and distillate inventories also dropped last week, a bullish sign for oil.
"Today's rally is keeping the bullish trend alive in crude as supplies are looking tighter and spring fuel demand is beginning to show," Dennis Kissler, senior vice president at BOK Financial, wrote in a Wed note.
Escalating drone attacks on Russian refineries stemming from the Ukraine-Russia war over the past two days have also impacted the oil markets.
"Not only are crude oil prices rising, but [the attacks] will also curtail Russian diesel exports and perhaps turn them into a gasoline importer. Russian customers need to seek alternative supplies, and Russia needs to buy from the world market," said Andy Lipow of Lipow Oil Associates on Wed.
On Tue oil alliance OPEC maintained its prior forecast for global oil demand to grow by 2.2 million bpd in 2024.
In Mar OPEC+ extended output cuts of 2.2 million bpd into the second quarter. Expectations that the cartel would continue with the reductions sent contract prices higher last month.
Futures climbed in Jan and Feb of this year. WTI briefly touched a 2024 high just above USD80 on Mar 1.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moo Contributor
Follow me to get useful analysis, learn TA and make profitable trades.
Maximise profit 利润最大化
6555Followers
57Following
23KVisitors
Follow
bullrider_21OP : Oil prices rose 3%.
bullrider_21OP : Big rise in oil stocks today.
102765799 : but rex didn't drop to your expected level yet right?
bullrider_21OP 102765799: Yes. RH Petrogas did.
102765799 bullrider_21OP: so too late to get rex now? cos we were waiting for below 0.120 after your comment
sea_bass : @bullrider_21 thank you!!!
bullrider_21OP sea_bass: NP
bullrider_21OP 102765799: It's changed now. UOBKH reduced tp to 0.08. Need to see whether Rex will drop below 0.117-0.12. Prefer RH now.
sea_bass : @bullrider_21 if it reaches 0.18 today, is it a gd time to sell or it might be better to wait longer?
bullrider_21OP sea_bass: Unlikely to rise so much in a day. Maybe can wait a while.
View more comments...