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Crude prices steady

25th June 2015

After racking up losses of nearly one dollar on Wednesday, the price for a barrel of crude oil steadied today on Thursday June 25th.

Data on Wednesday showed that gasoline stocks in the US unexpectedly increased by 680,000 barrels in the week to June 19th. Consensus estimates had been predicting a drop in inventories.

Furthermore, gasoline stocks grew despite demand hitting its highest level since 1991 in the same week, which baffled traders, particularly as US crude stocks were shown to have declined for their eighth week in a row.

As a result, Brent crude declined nearly a dollar or 1.5 per cent on Wednesday, and US crude ended the day down by 74 cents or 1.2 per cent.

Prices have settled near their closing levels today on Thursday as the market is “disappointed” with the data from last night, said Mike McCarthy, chief market strategist at Sydney’s CMC Markets.

Looking ahead, the investment bank UBS has raised its average price forecasts for both Brent and US crude. This year, the bank expects Brent to average at $61.50 per barrel, while US is expected to average at $56 per barrel.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.