Ahead Of Memorial Day, Oil Prices Fall For a Fourth Straight Session

(CTN News) – For the fourth session in a row, the futures market for crude oil Price witnessed a decline on Thursday, just before Memorial Day weekend, which is a significant travel weekend. The day of Thursday was chosen for both of these session times.

As of this week, the price of crude oil Price in the United States has decreased by three percent, while the price of Brent, which is regarded to be the benchmark for the entire world, has decreased by over four percent.

As of the end of Thursday, the following is a list of multiple forms of energy and their respective prices:

During the month of July, the price of a barrel of West Texas Intermediate was traded at $76.87. This is a loss of 70 cents, which is comparable to a decrease of 0.9%. This year, the price of crude oil Price in the United States has increased by 7.2% during the course of the first few months of this year.

A barrel of Brent crude Oil Price dropped 54 cents,

Which is equivalent to 0.66%, and had reached $81.36 by the end of the month of July. Up to this point in time, the global benchmark has experienced an increase of approximately 5.6% during the course of the year.

Gasoline with RBOB The contract for the month of August is $2.46 a gallon, which is a 0.06% increase from the price of the previous month. There has been a 17.4% increase in the price of gasoline futures since the beginning of this year.

The contract for natural gas for the month of June was $2.65 per thousand cubic feet, which is a decrease of more than 6% compared to the contract for the previous month. A 5.6% increase in the price of natural gas has been seen since the beginning of this year till the present moment.

Despite the fact that worries of a wider conflict in the Middle East have subsided and traders have shifted their focus back to fundamental supply and demand, oil prices have been locked in a range around $3 ever since they reached their highest point in April. This has been the case since the beginning of the year.

This month, Oil Price have had difficulty breaking out,

According to Giovanni Staunovo, a commodity analyst at UBS. He stated that this has been problematic.

This is because investors continue to be apprehensive of the likelihood that higher interest rates for extended periods of time could slow down the economy of the United States, and that this could have an effect on the demand for oil. This is the reason why this is the case.

The fact that traders are particularly concerned about an increase in global oil price stockpiles as a result of a mild winter in certain regions of the Northern Hemisphere was brought to the notice of consumers by Staunovo in a statement that was delivered to clients on Thursday.

UBS is of the opinion that the oil Price market is currently experiencing a deficit, and they anticipate that the price of a barrel of Brent will increase to $91 within the next few months. This is despite the fact that the oil market is currently experiencing.

Additionally, the bank anticipates that there will be a large increase in demand on a daily basis of 1.5 million barrels for the year 2024. This is an estimate that represents a significant increase. There is a huge difference between this growth rate and the long-term growth rate of 1.2 million barrels per day. This growth rate is notably different.

SEE ALSO:

“That’s Real,” Says Jeremy Renner After Near-Fatal Snowplow Accident