It is actively in demand after the publication of statistics on the decline in stocks in the United States, according to trading data and analysts ' comments. The indicator for the last week decreased by 6.4 million barrels, or 1.5%. Analysts had expected a decline of only 3.5 million barrels. The indicator has been at its lowest level since September 2019 for the third week in a row. In addition, traders are monitoring the situation in the Gulf of Mexico, where Hurricane Nicholas threatens oil production. Markets fear that the consequences may affect oil production in the same way as after Hurricane Ida. For another week, the production shutdown and the decline in oil refining volumes balanced each other — and last week both indicators barely increased. The indicators of production and workload of oil refineries remain low, although they increased slightly in the reporting week. The oil infrastructure on the Gulf Coast is struggling to recover after Hurricane Ida. Imports were almost unchanged compared to the previous week, and high volumes of exports from ports not affected by the hurricane contributed to a strong reduction in oil reserves.
The forecast assumes a decline in the price of WTI oil to the support levels of 71.8, 71.5 and 71 dollars per barrel.