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Crude Oil Starts February with 2% Rally

Crude oil started February with significant gains, rallying more than 2% on Monday. There were several theories for the good performance of the oil market.

Some analysts speculated that tightening supplies and rising demand in the United States was the reason for the rally of crude. Winter fuel demand increased in the USA after New York and the surrounding region got hit with the worst snowstorm in recent years. Last week, the Energy Information Administration reported that US inventories of crude sank by 9.9 million barrels instead of rising by 1.6 million barrels as analysts had predicted.

Another potential reason for the rising prices were the oil production cuts from the OPEC+. Saudi Arabia made last month a unilateral pledge to cut its production by 1 million barrels per day, and the cuts take effect starting today. According to reports, the OPEC+ boasts about 99% compliance with the output cut agreement.

Not every bit of news was positive for crude, though. Released on Friday, a report from Baker Hughes revealed that US oil companies increased the number of oil rigs by 6 to 295 — the highest level since May. That said, analysts state that the number was still too small to have any noticeable impact on US output. The number of gas rigs remained stable at 88.

The Commitment of Traders report from the Commodity Futures Trading Commission showed that hedge funds and money managers cut their net long positions on crude last week. The number of long positions on NYMEX light sweet crude oil decreased by 816, while the number of short positions increased by 7,652.

Futures for delivery of WTI crude oil in March rallied by $1.35 (2.59%) to $53.55 per barrel as of 22:27 GMT on NYMEX today. Brent crude for delivery in April climbed by $1.29 (2.34%) to trade at $56.33 per barrel on ICE. March contract for natural gas jumped as much as $0.29 (11.15%) to $2.85 per million British thermal units on NYMEX.

If you have any questions and comments on commodities today, use the form below to reply.

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source https://www.earnforex.com/commodities/crude-oil-starts-february-with-2-rally/