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Oil prices gain on inventory data

Crude futures extended gains on Thursday, June 3, albeit at a slower pace: the Brent price rose just 0.14% on the day to $71.2/bbl, and WTI advanced 0.23% to $68.7/bbl.

Russian Energy Minister Alexander Novak stated during the St. Petersburg International Economic Forum that OPEC+ believes some oil from Iran, which is not a party to the output cut agreement, could return to the market this summer, although, "there is no certainty about this”, he added. Thus, the market is becoming increasingly confident that an oversupply of oil is unlikely this summer, while Thursday’s EIA report unveiled a draw of 5.08 mln bbl last week (double the consensus figure of 2.4 mln bbl), making the bulls even more optimistic.

Brent opened higher this morning and continues to trend higher, up 0.43%, while WTI has gained 0.44%, north of $69/bbl. Our Brent price forecast for today is in the range of $71-72.5/bbl.

 

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