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9 December 2022 | Other

Oil prices stabilize after a rapid decline during this week

Brent
WTI Light Crude Oil

There has been a rapid decline in crude oil prices this week due to fears of a recession in the U.S. in 2023. The threat of an economic downturn is driven by high levels of inflation and continued interest rate hikes.

At the same time, markets didn’t react strongly to an emergency shutdown of the Keystone pipeline after a recent oil spill in Kansas. Analysts even noted that disruptions in supply didn’t have a significant impact on demand. 

Markets are mostly focused on U.S. producer inflation data for the previous month. It will be released later on Friday, December 9. Levels of inflation are expected to get slightly lower than in October. However, markets continue to cautiously search for signs of potentially higher price pressures.

Company MarketCheese

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United States. API Weekly Crude Oil Stock. The value of the indicator has decreased from 10.263M to 3.719M
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United States. Cushing Crude Oil Inventories. The value of the indicator has decreased from 0.52M to 0.024M
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United States. Crude Oil Inventories. The value of the indicator has decreased from 5.451M to 3.081M
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United States. CFTC Crude Oil speculative net positions. The value of the indicator has decreased from 233.6K to 213.5K
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United States. Total Vehicle Sales. The value of the indicator has increased from 15.8M to 16.3M
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United States. PCE price index (YoY). The value of the indicator remained at the same level of 2.8%
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United States. Core PCE Price Index (YoY). The value of the indicator has decreased from 3.1% to 3%
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United States. GDP (QoQ). The value of the indicator has decreased from 0.7% to 0.5%
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European Union. Retail Sales (MoM). The value of the indicator has decreased from 0% to -0.2%
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United States. Nonfarm Payrolls. The value of the indicator has increased from -133K to 178K
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