Oil is unlikely to gain a foothold above $70-71 per barrel

Oil prices continued to grow on Wednesday, rising a little higher than 71 dollars / barrel. (November futures). Statistics from the US Ministry of Energy came out not bad: crude oil reserves decreased by 3 million barrels., Gasoline reserves – by 2.2 million barrels, and distillate reserves increased by 0.6 million barrels. The demand for petroleum products rose to the maxima from March 2020.

However, the peak of the automotive season will soon come down to no, which in the coupe with growing fears for the spread of the coronavirus delta-strain will be pressed on raw material prices.

We. still don’t expect speculative momentum on expectations of Fed comments at the Jackson Hole symposium to be enough to pin oil above $ 70-71/barr. In the medium term, we still look at raw materials skeptically, noting the risks on the balance sheet.