The price of Texas intermediate oil (WTI) opened Tuesday with a 2.73% rise to $ 32.69 a barrel, an increase motivated by the confidence of the markets that demand will recover due to the economic reopens and in the hope that the excess supply that has flooded the market since the beginning of the coronavirus pandemic will be corrected in this way.
At 9.15 New York local time (13.15 GMT), future WTI contracts for June delivery, which expire at the end of today's operations, totaled $ 0.87 from the previous session on Monday, when Texas advanced 8.12%.
The barrel of reference in the United States chains several days of important increases with which it has managed to gain some ground in the last month, although it is still far from the 60 dollars that it marked at the beginning of the year.
At that time, the price war between Saudi Arabia and Russia had not yet taken place, stemming from a lack of agreement within the Organization of Petroleum Exporting Countries and its main allies (OPEC +) regarding new cuts, nor had it been unleashed. the pandemic.
Today investors are watching for the expiration of the contracts, when it is a month since the last barrel of the WTI was negative for the first time in its history for the first time in its history due to the lack of storage space. and the unprecedented drop in demand following the COVID-19 pandemic.
Although generating attention, experts say the storage capacity problem has begun to dilute, especially since the situation at the main U.S. delivery point in Cushing, Oklahoma has eased in the past month.
"There are two main forces behind the sharp rises in the price of oil: the decrease in supply and the improvement in demand. Today the market sees that both forces align because the cuts promised by OPEC + are materializing, as well as others production closures from non-member countries, which are also helping to limit excess supply, "Rystad Energy analyst Paola Rodríguez said in a note.
The analyst pointed out that the measures to contain the virus and stoppage of activity have been relaxed in much of the world, so "the economy needs fuel to restart", which suggests a rebound in demand whenever there is no regrowth, a permanent concern in the market.