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Original question: Oil prices reversed their downward trend and closed higher! Market worries about shortage of gasoline supply
Original source: Sino-Singapore Jingwei
Sino-Singapore Jingwei Client's May 12th, electricity oil prices closed higher on Tuesday, due to lingering concerns about gasoline shortages caused by the closure of the largest fuel pipeline system in the United States after a cyber attack, pushing forward futures prices to reverse the early intraday drop of more than 1 % Trend.
Brent crude oil futures rose by US$0.
Colonial, the largest US oil product pipeline operator, said on Monday that it is working to resume most of the pipeline operations by the end of this week.
Rystad Energy oil market analyst Louise Dickson said: "Although the short-term risks have been downplayed, considering the nature of the attack and the scale of the infrastructure, the market is still clearly shaken by this incident.
According to reports, the interruption of fuel supply has pushed gasoline prices at gas stations to multi-year highs, and gasoline demand has soared in some areas affected by the pipeline closure.
Reports show that Tuesday’s shipping data showed that after the cyber attack caused the pipeline to close, traders booked at least four oil tankers to store refined oil near the U.
According to reports, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday raised its crude oil demand forecast by 200,000 barrels per day, and maintained its forecast of a strong recovery in global oil demand in 2021.
Company employees said on Tuesday that India’s largest state-owned refiner has begun to reduce production activities and crude oil imports due to a decline in fuel consumption due to the intensification of the epidemic.
According to a Reuters survey, analysts expect US crude oil inventories to fall by about 2.
In addition, analysts also expect gasoline inventories to decrease by about 400,000 barrels.
