WTI drifts lower below $78.00 on halt in Houthis' Red Sea attacks

출처 Fxstreet
  • WTI price loses traction to near $77.85 in Friday’s early Asian session. 
  • Maritime security officials expect a halt to Houthi shipping attacks. 
  • The expectation of rising oil demand during the Lunar New Year might support the WTI price. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $77.85 on Friday. The WTI price edges lower on an expected halt to Houthi shipping attacks in the Red Sea after a ceasefire deal in the war in Gaza between Israel and the militant group Hamas.

Maritime security officials said on Thursday that they were expecting the Houthi militia to announce a halt in its attacks on ships in the Red Sea. "The Houthi development and the ceasefire in Gaza help the region stay calmer, taking some of the security premium out of oil prices," said John Kilduff, partner at Again Capital in New York.

The US Commerce Department reported on Thursday that US Retail Sales increased in December, pointing to strong demand in the economy. Additionally, the Federal Reserve's (Fed) cautious approach to cutting interest rates this year might support the Greenback in the near term and weigh on the USD-denominated commodity price. The Federal Open Market Committee (FOMC) members will meet again on January 28-29, with pricing in almost no chance of a move.

On the other hand, analysts estimate oil consumption to rise by 1.4 million bpd year on year in the next weeks, driven by increased travel activity in India, where a large festival is taking place, as well as travel for Lunar New Year festivities in China at the end of January.

Oil traders will closely monitor the release of China’s Gross Domestic Product (GDP) for the fourth quarter (Q4) of 2024, along with the Retail Sales and Industrial Production. Any signs of the recovery in the Chinese economy could underpin the WTI price as China is the world's second-largest consumer of oil.

WTI Oil FAQs

WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.

Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.

The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.

OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.

 

면책 조항: 정보 제공 목적으로만 사용됩니다. 과거 성과가 미래 결과를 보장하지 않습니다.
placeholder
리플 가격 연간 전망: XRP, 2025년에 새로운 고점에 도달할 수 있을까?리플(XRP)은 2024년 처음 10개월 동안 2021년 5월에 겪은 급격한 하락 이후 지속된 통합 패턴을 연장했습니다.
저자  FXStreet
2024 년 12 월 23 일
리플(XRP)은 2024년 처음 10개월 동안 2021년 5월에 겪은 급격한 하락 이후 지속된 통합 패턴을 연장했습니다.
placeholder
실버 가격 전망: XAG/USD, 강력한 중국 경제 데이터 속에서 $30.50 위 유지은 가격 (XAG/USD), 3일 연속 상승 후 안정세 유지, 금요일 아시아 세션 동안 온스당 30.80달러 근처에서 거래.
저자  FXStreet
1 월 17 일 금요일
은 가격 (XAG/USD), 3일 연속 상승 후 안정세 유지, 금요일 아시아 세션 동안 온스당 30.80달러 근처에서 거래.
placeholder
비트코인, 이더리움, 리플 가격 전망: BTC, ETH, XRP 추가 하락 위험비트코인(BTC)은 지난 3일간 약 5% 하락한 후 금요일 기준 97,400달러 부근에서 등락을 보이고 있다.
저자  FXStreet
2 월 07 일 금요일
비트코인(BTC)은 지난 3일간 약 5% 하락한 후 금요일 기준 97,400달러 부근에서 등락을 보이고 있다.
placeholder
이더리움 가격 전망: 트럼프 다음 주 상호 관세 도입 발표 예정, ETH $1,200까지 하락 가능이더리움 4% 하락, 트럼프 미국 대통령 다음 주 여러 국가 대상 상호 관세 도입 계획 발표 예정.
저자  FXStreet
어제 01: 44
이더리움 4% 하락, 트럼프 미국 대통령 다음 주 여러 국가 대상 상호 관세 도입 계획 발표 예정.
placeholder
XRP, 예탁 증서 출시 앞두고 상승 가능성 증가하며 브래드 갈링하우스 백악관 암호화폐 위원회 합류 예정리플(XRP)은 투자 기업 Receipts Depository Corp와 Digital Wealth Partners가 미국에서 XRP 예탁 증서를 출시할 계획이라는 보도 이후 금요일 4% 상승했다.
저자  FXStreet
어제 02: 04
리플(XRP)은 투자 기업 Receipts Depository Corp와 Digital Wealth Partners가 미국에서 XRP 예탁 증서를 출시할 계획이라는 보도 이후 금요일 4% 상승했다.
goTop
quote