Is oil going to continue the uptrend? 15.06.2021
Since late May I expressed my opinion about oil reaching higher and higher levels and possibly to 75 USD per barrel until late July.
>> Difficult to counter demand for fuel. Rising price was expected during the summer when economic conditions also changed.
>> OPEC managed to keep its upward price move quite volatile. Attached you can see the history of inventory reports for crude oil. It shows that the number of barrels held is reduced more and more as summer kicks in.
>> Tomorrow 16.06.2021 at 17:30 (GMT+3) next Crude Oil inventory report release.
>> Difficult to counter demand for fuel. Rising price was expected during the summer when economic conditions also changed.
>> OPEC managed to keep its upward price move quite volatile. Attached you can see the history of inventory reports for crude oil. It shows that the number of barrels held is reduced more and more as summer kicks in.
>> Tomorrow 16.06.2021 at 17:30 (GMT+3) next Crude Oil inventory report release.
Jun-09 -5.2M
Jun-03 -5.1M
May-26 -1.7M
May-19 1.3M
Number of Barrels of crude oil held