Jul 3, 2024

Crude Oil Prices Rise on Demand Factors, 2025 Contracts Advance

Key Takeaways

  • Oil price extended a narrow price range as dated
  • 2025 crude contracts up as traders seek equity
  • Rally may be based on expectations per Alex Hodes, Energy Analyst at StoneX

2025 Crude Contracts Up as Price Settles in Range

A recent article by Bloomberg reported that while oil prices were up, the commodity has kept to a narrow $2 range, pushing equity seekers to look ahead to next year’s contracts.

“Physical markets are not really that strong right now,” Alex Hodes, Energy Analyst at StoneX told Bloomberg. West Texas Intermediate was up to $82 a barrel, with excess surpluses of US crude failing to bring down the price.

Reported inventories of US Gulf Coast crude were up by 2.05 million barrels in recent weeks, with stockpiles reaching their highest levels since April.

“That provides me with more evidence,” Hodes continues, “that this kind of rally is based more on expectations of demand than what we’re seeing on the ground.”

Regardless of latest reports showing lower consumption for gas and jet fuel, traders remain bullish as the US moves into the summer driving season.

Meanwhile, activity in 2025 contracts is up. June and December 2025 WTI prices climbed to two-month highs recently, with trading volumes for both contracts up.

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