The oil is rising, the United States is selling part of their stocks
London (awp / afp) – Oil prices rose slightly during European trading on Tuesday, as the United States is preparing to sell some of its strategic reserves between October and November, when sanctions in Washington will prevent Iran from stealing its crude oil to export.
Around 1400 GMT (1600 GMT), raw Brent oil from the North Sea for October delivery was worth $ 72.73 at the Intercontinental Exchange (ICE) in London, an increase of 52 cents compared to the end of Monday.
On the New York Mercantile Exchange (NYMEX), a barrel of lightly sweet crude oil (WTI) for the contract in September, which is the last trading day, $ 1.36 to $ 67.79 an hour later its opening.
The US Department of Energy (DoE) announced Monday that eleven million barrels of oil will be sold from the US strategic reserves between October 1 and November 30.
If the sale had been planned since the 2015 budget, the US government had a window of several years to implement it and reduce the reserves by 660 million barrels.
The timetable would have been chosen to "anticipate sanctions against Iran", which will prevent oil exports from this country from early November, said Sukrit Vijayakar, an analyst at Trifecta Consultants.
The track for the use of strategic reserves had already been considered by the government of President Donald Trump to prevent fuel prices from rising before the mid-term elections that would take place in early November, reported Bloomberg in July.
"This delivery is announced with the lowest possible legal delay, and it will come into conflict with imports for which the tankers are already on the water", warned Olivier Jakob, an analyst at Petromatrix.
"However, the 11 million barrels represent only four days of Iranian exports," warned Commerzbank analysts.
Meanwhile, the US Energy Information Agency (EIA), subsidiary of the DoE, will publish weekly data on American commercial reserves, separate strategic reserves, on Wednesday.
For stocks of August 17, analysts predict a drop of 2 million barrels in raw stocks, 1 million barrels of petrol inventories and an increase of 1.5 million barrels in other stocks. Distillate products (fuel oil and diesel), prepared by Bloomberg according to the consensus median.
js / KTR / az
(AWP / 21.08.2018 16h09) <! –
(AWP / 21.08.2018 16:09)