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Brent And WTI Prices Fall After Release Of Oil And Gas Indicators In The United States. Increase In Stocks Pressures The Market And Raises Concerns About Global Supply.
The international energy market reacted again this Thursday (09/04) after the release of a series of indicators about oil and gas in the United States. The numbers indicated an unexpected increase in crude oil stocks and higher OPEC production, factors that pressured international prices. As a result, both Brent and WTI recorded declines of nearly 1%, in a scenario that also impacted stock markets and currency exchange.
Natural Gas Stocks On The Rise
Among the most relevant data of the day, U.S. natural gas stocks grew by 55 billion cubic feet, exceeding the expectation of 54 billion and significantly above the previous level, which was only 18 billion.
Practically speaking, numbers above projections tend to pressure future gas contracts, as they indicate an abundance of supply. This can reduce profit margins for companies in the sector, but at the same time, it brings relief to consumers and reinforces the perception of stability in the internal supply of the United States.
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Unexpected Increase In Crude Oil Stocks
The crude oil stocks attracted the most attention. The volume grew by 2.415 million barrels, contrary to the projected decrease of 2 million and reversing the previous reading, which had indicated a decline of 2.392 million.
In Cushing, an important storage hub, there was a rise of 1.590 million barrels, while gasoline stocks fell by 3.795 million, a decrease much sharper than the expected drop of only 1 million. Meanwhile, distillates increased by 1.681 million, whereas the projection was for a decrease of 300 thousand barrels.
This set of data shows a mixed scenario: on one hand, the decline in gasoline tends to support prices, but on the other hand, the increase in crude oil and distillates puts pressure on Brent and WTI prices.
Refineries Adjust Production
Another highlight was the refinery utilization rate, which fell by 0.3%, a more moderate result than the 2% decline recorded in the previous month. Gasoline production dropped by 109 thousand barrels, reversing the previous increase of 427 thousand, while distillates saw an increase of 36 thousand barrels, after a decrease of 113 thousand in the previous data.
These movements reflect typical capacity adjustments in the sector, but they directly impact the short-term prices of shares of energy giants listed on Wall Street, such as Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX).
OPEC Production Also Influences
On the international scene, OPEC reported an increase in production from its main members. Saudi Arabia raised production to 9.60 million barrels per day, up from the previous 9.45 million. Iran increased to 3.35 million, from 3.30 million, while Iraq reached 3.90 million, surpassing the previous month’s 3.80 million.
The increase in supply from the largest producers further intensifies the pressure on international oil and gas prices, especially in the global benchmarks Brent and WTI.
Reaction Of Financial Markets
At 4:00 PM (Brasilia time), Wall Street indices showed positive results, despite the decline in energy commodities. The Dow Jones rose by 0.15%, to 45,393 points. The S&P 500 was up by 0.10%, reaching 6,443.55 points, while the Nasdaq Composite remained stable at 21,498.73 points.
In the foreign exchange market, the dollar measured by the DXY index registered an increase of 0.20%, quoted at 97.94 points.
In the oil market, Brent fell by 0.82%, traded at US$ 66.77 per barrel, while WTI dropped by 0.72%, to US$ 63.17.
Outlook For The Energy Sector
With stocks rising in the United States and OPEC production expanding, analysts assess that the oil and gas market is likely to face weeks of increased volatility. The abundance of supply, combined with refinery adjustments and currency fluctuations, may keep pressure on prices, especially in the short term.
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