WTI Sets for Bullish Weekly Close on Multiple Tailwinds
04.08.2024 By Tank Terminals - NEWS

April 08, 2024 [FX Street]- West Texas Intermediate (WTI), futures on NYMEX, consolidate in a tight range around $86.80 in the European session on Friday. The Oil prices are set to conclude the week in a bullish time for the second straight time. The black gold sees a strong bull run in two weeks due to deepening supply concerns and expectations of a sharp revival in the global oil demand.


Escalating tensions in Eastern Europe and the Middle East have reinforced fears of oil supply risks. This week, Ukraine’s drone attacks on Russian oil refineries prompted upside risks to lower oil production, resulting in a fresh escalation in geopolitical tensions. US President Joe Biden criticized the event of Ukraine targeting Russia’s oil infrastructure as it could have drastic consequences for global oil prices.

In the Middle East region, air strikes by Israeli forces on the Iranian embassy in Damascus, resulting in the deaths of Iran’s high-rank commanders, have deepened fears of Iran’s direct participation in the war in Gaza. Geopolitical tensions disrupt the supply chain, which increases the prices of various raw materials.

Meanwhile, a sharp recovery in the Manufacturing PMI in the Eurozone, the United Kingdom, and the United States has strengthened the outlook for oil demand. In the UK and the US, the Manufacturing PMI surprisingly returned to growth after contracting for more than a year. In the Eurozone, the Manufacturing PMI outperformed expectations but remains below the 50.0 threshold, which separates contraction from expansion. The oil prices have a direct relationship with the outlook of the manufacturing sector.

Going forward, investors will focus on the United States Nonfarm Payrolls (NFP) data for March, which will be published at 12:30 GMT. The labor market data will influence market expectations for the Federal Reserve (Fed) pivoting to rate cuts, which are currently expected in the June meeting.


Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

JSW Infrastructure Eyes Plans for Green Hydrogen, Ammonia Plants at Its Ports
07.22.2024 - NEWS
July 22, 2024 [Microsoft Start]- JSW Infrastructure Ltd, India’s second-largest port operator, ... Read More
Standic Announce Successful Completion of The Second Phase of Their Terminal in Antwerp
07.22.2024 - NEWS
July 22, 2024 [Storage Terminals Magazine]- Standic, a leading terminal operator, is delighted to... Read More
NFE Launches Altamira LNG Production
07.22.2024 - NEWS
July 22, 2024 [LNG Prime]- US LNG firm New Fortress Energy has started producing liquefied natura... Read More
ExxonMobil Selling Malaysia Oil and Gas Assets to Petronas, Sources Say
07.22.2024 - NEWS
July 22, 2024 [Reuters]- Exxon Mobil Corp has agreed to sell its Malaysian oil and gas assets to ... Read More