WTI crude oil fell to the level of $60.25 per barrel
Oil forecast for WTI for today
WTI crude oil fell in price to the level of $ 60.25 per barrel.
At the beginning of the week, it was reported that the operation to remove the container ship from the shoal in the Suez Canal was finally crowned with success. But we must not forget that the normalization of the movement will take about three and a half days. It seems that this time for market skeptics, another alarming situation ended with a slight scare. The most pessimistic forecasts indicated that the unblocking of the Suez Canal could take several weeks. The situation with the weekly closure of the sea route, which is not the most important for the global oil and gas industry, once again showed how dependent the exchange price of oil is on changes in physical supply.
But the logistical problems in the oil market are not only related to the lack of hydrocarbon raw materials. In April 2020, delivery futures for WTI crude oil went into negative territory for the first time in history. This paradoxical fact was associated with a real shortage of oil storage capacity in the United States in the context of a sharp decline in consumption volumes amid the outbreak of the coronavirus pandemic. OPEC+ countries still need to be careful in their actions in the oil market, as instability and uncertainty due to the pandemic persist. This is what OPEC Secretary General Mohammed Barkindo said after a meeting of the OPEC+ technical committee on Tuesday.
In the forecast, I assume a decline in the price of WTI oil to the level 59.50 dollars per barrel.