Energy markets were subjected to landing pressure yesterday. ICE BRNT decreased by 2.35 %, while WTI is trading to less than $ 70/BBL, Warren Patterson and Ewa Manthey.
The prospects for a peace agreement improve between Russia and Ukraine
“The risks of continuous tariffs and the fall of consumer confidence raises the interests of demand. In addition, the possibilities of the peace agreement between Russian and Ukraine improve with the compatibility of the United States and Ukraine on the metal deal. It can be signed later this week. This will take a step closer to lifting Russian sanctions , This led to the removal of a lot of uncertainty suspended in the market. “
Meanwhile, the data of the American Petroleum Institute (API) indicates that US crude oil stocks decreased by 600,000 barrels last week. If the environmental impact assessment is confirmed later today, this first decrease in US crude oil stocks will be shattered since mid -January. The market was expected to build about 2.4 million barrels. “
“Exit disorders last week in North Dakota contributed to the decrease in shares. As for refined products, the API programming interface has increased that gasoline stocks increased by 500 thousand barrels, while distillation stocks decreased by 1.1 million barrels.”