Diterbitkan 08/07/2024, 20/44
Oil markets showed little change today as investors monitored the potential impact of Tropical Storm Beryl on energy supplies from Texas. Brent crude futures saw a slight gain of 11 cents, hitting $86.65 a barrel, while U.S. West Texas Intermediate (WTI) crude was down slightly at $83.08 a barrel.
Anticipation of Beryl, which could strengthen into a Category 2 hurricane, prompted the closure of major ports in Texas on Sunday, including Corpus Christi, Houston, Galveston, Freeport and Texas City. The closure will likely temporarily disrupt exports of crude oil and liquefied natural gas, oil deliveries to refineries, and motor fuel shipments.
Analysts from IG in Sydney noted the possibility of storms and power outages. He also suggested that upcoming US data could show a significant decline in oil inventories, which would support oil prices. Last week, WTI rose 2.1% following an Energy Information Administration report indicating a decline in crude oil and refined product stocks for the week ended June 28.
The number of active oil rigs in the US remained steady at 479, the lowest since December 2021, according to a Baker Hughes report released on Friday. Additionally, oil prices found support amid expectations of interest rate cuts following recent US data indicating easing inflation and slowing employment growth, as lower interest rates could boost economic activity and boost demand for crude oil.
Investors are also watching the potential impact of recent elections in the UK, France and Iran on geopolitics and energy policy. France faces potential political gridlock after a general election that produced a less than solid parliament. In Iran, Masoud Pezeshkian, a relatively moderate candidate, won the presidency over his hardline opponent.
Source : Investing