New round of joint storage scale may reach 120 million barrels WTI crude oil prices fell below the 100 yuan mark

By    7 Apr,2022

Phil Flynn, senior analyst at Price Futures Group in Chicago, commented, "The release was significant, and it really boosted confidence in energy security."

A few hours earlier, data released by the U.S. Energy Information Administration (EIA) showed that U.S. commercial crude oil inventories excluding strategic reserves unexpectedly exceeded expectations in the week ended April 1, increasing by 2.241 million barrels, compared to the original market expectation of a 3.016 million barrel decrease, another factor that weighed on oil prices.

John Kilduff, co-founder of Again Capital LLC, believes that "the recent high prices have hit some demand for oil products and eased some supply concerns."

Global X Management research analyst Rohan Reddy, on the other hand, believes that "there is a possibility of a reversal of this news, some oil company executives are communicating with the U.S. government and the final outcome may vary with the market's reaction."

Recently, the situation between Russia and Ukraine has again become stalemated. Sophie Lund-Yates, chief equity analyst at Hargreaves Lansdown, said, "Geopolitical concerns have certainly contributed to the trend of higher oil prices and volatility will continue as the geopolitical situation unfolds."