In yesterday’s session the prices of petrolium have moved into negative territory after the data USA have shown more resilient inflation than expected in a context that sees the OPEC maintain the estimate of global demand in 2024 is unchanged.
US producer prices rose more than expected in April on Tuesday amid sharp increases in the costs of services and goods, indicating that inflation remained elevated at the start of the second quarter.
The costs of borrowing in the United States have remained stuck at high levels since last July in an attempt to curb more resilient than expected inflation, however, consumer price data in United Statesexpected today, will have a clearer impact on the timing of the long-awaited rate cut, which could stimulate economic growth and therefore the demand for petrolium.
“Oil prices moved to higher levels early in the session – explains Yeap Jun Rongmarket strategist at IG – but they remain in a substantial stalemate while awaiting inflation data…”.
Recently the OPEC he kept his predictions for one relatively strong growth in global oil demand in 2024 and said there is a chance the world economy could do better than expected this year.
OPEC’s monthly report says global oil demand will increase by 2.25 million barrels per day in 2024 and 1.85 million barrels per day in 2025.
All eyes are also on remote fires Canada Western countries that could disrupt the country’s oil supply.
Canadian emergency services have been struggling to contain a fire in British Columbia and two in Alberta since Monday. close to the heart of the manufacturing industry oil sands of the country: “The spread of fires in Alberta’s oil sands imposes downside risks to our constructive production outlook in Canada as massive wildfires in the same region eight years ago triggered a temporary halt in oil production of more than 1 million barrels per day “analysts said Goldman Sachs in a note.
Although no operational disruptions were reported, Alex Hodesanalyst at the energy brokerage firm StoneXsaid Canada’s production capacity of 3.3 million barrels per day is very likely to be impacted by recent events.
