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Oil ticks higher on strong demand, tight supply

By Arathy Somasekhar HOUSTON (Reuters) -Oil rose about 1% on Tuesday on high summer fuel demand while supplies remained tight because of sanctions on Russian oil after its...
Oil ticks higher on strong demand, tight supply © Reuters. Models of oil barrels and a pump jack are displayed in front of a rising stock graph and "$100" in this illustration taken February 24, 2022. REUTERS/Dado Ruvic/Illustration


By Arathy Somasekhar

HOUSTON (Reuters) -Oil rose about 1% on Tuesday on high summer fuel demand while supplies remained tight because of sanctions on Russian oil after its invasion of Ukraine.

Brent crude rose 68 cents, or 0.6%, to $114.77 a barrel by 12:10 p.m. ET (1610 GMT). The U.S. West Texas Intermediate (WTI) crude contract for July, which expires on Tuesday, rose $1.34, or 1.2%, to $110.90. The more active August contract was up $1.50 at $109.09.

Both benchmarks posted a weekly loss last week. For WTI it was the first weekly loss in eight weeks, for Brent the first in five.

"You have some people jumping in here to buy the bottom or what they hope is the bottom of the market," said Robert Yawger, director of energy futures at Mizuho in New York.

The 50-day simple moving average of U.S. front month futures touched its highest since 2008, and Brent's touched its highest since 2013.

Prices drew support when Exxon Mobil Corp (NYSE:XOM) Chief Executive Darren Woods predicted three to five years of fairly tight oil markets.

Vitol's head Russell Hardy flagged under-investment and a decline in production capacity for crude oil and a tight refining situation.

U.S. crude and gasoline inventories likely fell last week, while distillate stockpiles were seen up, a preliminary Reuters poll showed. Weekly inventory data is delayed by Monday's public holiday, with industry data due on Wednesday at 4:30 p.m. and government data scheduled for Thursday at 11 a.m. [EIA/S]

On the demand side, UBS analyst Giovanni Staunovo said that despite concerns over economic growth, data continues to show solid oil demand.

"We expect oil demand to improve further, benefiting from the reopening of China, summer travel in the northern hemisphere and the weather getting warmer in the Middle East. With supply growth lagging demand growth over the coming months, we continue to expect higher oil prices," he said.

On Monday, U.S. President Joe Biden said a decision on whether to pause a federal gasoline tax could come this week. The United States is also in talks with Canada and other allies to further restrict Moscow's energy revenue by imposing a price cap on Russian oil, Treasury Secretary Janet Yellen said on Monday.

The market has been supported by supply anxiety after sanctions on oil shipments from Russia, the world's second-largest oil exporter, and worries Russian output could fall due to sanctions on equipment needed for production.

European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions, a draft document showed.

"Supply concerns are unlikely to subside unless there is a resolution to the Russia-Ukraine war, or unless we see a sharp rise in supply from either the U.S. or OPEC," said Madhavi Mehta, commodity research analyst at Kotak Securities.

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26-06-2022 18:32:22 (UTC+7)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

GBP/USD

1.2272

+0.0012 (+0.10%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

USD/JPY

135.23

+0.29 (+0.22%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.6944

+0.0055 (+0.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

USD/CAD

1.2891

-0.0103 (-0.79%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

EUR/JPY

142.71

+0.71 (+0.50%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

EUR/CHF

1.0114

-0.0001 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

Gold Futures

1,828.10

-1.70 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Silver Futures

21.130

+0.088 (+0.42%)

Summary

Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (4)

Sell (4)

Copper Futures

3.7365

-0.0025 (-0.07%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (4)

Crude Oil WTI Futures

107.06

+2.79 (+2.68%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

113.19

+3.14 (+2.85%)

Summary

↑ Sell

Moving Avg:

Buy (0)

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Indicators:

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Sell (10)

Natural Gas Futures

6.173

-0.066 (-1.06%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

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Sell (0)

US Coffee C Futures

223.40

-5.60 (-2.45%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

Euro Stoxx 50

3,533.17

+96.88 (+2.82%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (4)

S&P 500

3,911.74

+116.01 (+3.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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DAX

13,118.13

+205.54 (+1.59%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

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Sell (7)

FTSE 100

7,208.81

+188.36 (+2.68%)

Summary

↑ Buy

Moving Avg:

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Sell (4)

Indicators:

Buy (7)

Sell (1)

Hang Seng

21,719.06

+445.19 (+2.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

US Small Cap 2000

1,765.74

+54.06 (+3.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,244.10

+137.70 (+1.70%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (5)

BASF SE NA O.N.

42.215

+0.785 (+1.89%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

57.79

-0.75 (-1.28%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (7)

Allianz SE VNA O.N.

181.20

+2.20 (+1.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (4)

Adidas AG

170.36

+3.30 (+1.98%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

Deutsche Lufthansa AG

5.966

-0.310 (-4.94%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (6)

Siemens AG Class N

102.62

+3.36 (+3.39%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Deutsche Bank AG

8.919

+0.407 (+4.78%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0554Buy
 GBP/USD1.2272↑ Sell
 USD/JPY135.23↑ Buy
 AUD/USD0.6944↑ Sell
 USD/CAD1.2891↑ Sell
 EUR/JPY142.71↑ Buy
 EUR/CHF1.0114↑ Sell
 Gold1,828.10↑ Buy
 Silver21.130Sell
 Copper3.7365Sell
 Crude Oil WTI107.06↑ Sell
 Brent Oil113.19↑ Sell
 Natural Gas6.173↑ Buy
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,760/ 6,840
(6,760/ 6,840) # 1,696
SJC HCM6,785/ 6,865
(0/ 0) # 1,716
SJC Hanoi6,785/ 6,867
(0/ 0) # 1,718
SJC Danang6,785/ 6,867
(0/ 0) # 1,718
SJC Nhatrang6,785/ 6,867
(0/ 0) # 1,718
SJC Cantho6,785/ 6,867
(0/ 0) # 1,718
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