Oil prices drop over 2 percent after inventory data, Anas Alhajji examines

Oil prices drop over 2 percent after inventory data, Anas Alhajji examines
India oil mix shifts as strait reopens

Anas Alhajji, managing partner, energy economist, market analyst at Energy Outlook Advisors LLC, raises questions about how India’s crude oil import mix could change when the Strait of Hormuz fully reopens and whether India may reduce its purchases of Russian oil.

Alhajji also discusses the recent drop in oil prices of more than 2 percent, noting that this occurred even as Cushing inventories rose and commercial crude stocks fell. He points to these moves as an indication that the oil market is responding to a complex set of supply and demand factors.

Alhajji has previously highlighted how a sharp U.S. crude draw lifted prices, even as surprise gasoline and distillate builds prompted demand concerns in a recent report. He also noted that Cushing crude inventories have increased while WTI prices remained low, raising questions for market pessimists in a separate analysis. These observations provide context to his latest comments on shifting oil price drivers and inventory trends.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
Weekly Top Bonuses
up to $2,500
deposit bonus for all clients
CLAIM BONUS
Your capital is at risk.