Texas oil yields 1.6%, its lowest level since December 3
Texas oil yields 1.6%, its lowest level since December 3
The price of Texas intermediate oil (WTI) closed on Monday with a drop of 1.6% and stood at $ 58.08 a barrel, its lowest level since 3 December and that comes after the tension escalation between the United States and Iran and a lower winter demand for heating.
At the end of the operations with live voice in the New York Mercantile Exchange (Nymex), the WTI futures contracts for delivery in February subtracted 96 cents from the previous session on Friday.
Oil yields this Monday while the market is still expectant, although less, of the news about the conflict between the United States and Iran, which began last January 3 after the attack with drones of the US power in Baghdad, which caused the death of the Iranian General of the Quds Forces Qasem Soleimani.
However, after the cooling of tensions, everything seems to indicate that oil production in the Middle East will not be immediately affected by an eventual conflict, while analysts suggest that the supply is wide.
With an apparent return to normal, suppliers are somewhat disappointed with the winter demand data for fuel-powered heating, worse than expected and sponsored by a somewhat warmer climate than in previous years by these same dates.
This has caused difficulties for the price of Texan oil to rise, since, in this context, energy companies and refineries “lose” money or at least stop their profits, analysts told the specialized channel CNBC.
Experts add that there is still an environment in the oil market that suggests confidence in the excess in oil reserves.
In addition, this week all eyes are on the public ceremony between representatives of the government of China and the United States in which the signing of phase one of the trade agreement between the two powers, whose details have not yet transpired, will take place. fact that also worries the markets.
In this context, gasoline futures contracts due in February practically remained stable at $ 1.66 a gallon, and natural gas contracts, expiring the same month, subtracted a penny from the dollar up to $ 2.9 for every thousand cubic feet.
