Baytex Energy Corp T.BTE

WTI crude OIL UP another 0,87%...48,42$ US per barrel !

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Nice start for 2021 !

The American barrel of WTIWTI West Texas Intermediate (WTI), also known as Texas Light Sweet, is a variation of crude oil used as a standard in setting the price of crude and as a raw material for oil futures with Nymex (New York Mercantile Exchange), the stock exchange specializing in energy.for the month of February took its side 0.87% to 48.42 dollars .

" The oil prices have been helped by the weak dollar and also found support in the API report ," the American Petroleum Institute, summarized Stephen Innes analyst Axi.

The dollar index, which compares the greenback to other major currencies, was on Wednesday at its lowest level for two and a half years.

For the black gold market, this means that a barrel, which is priced in dollars, is cheaper for buyers using other currencies.

Meanwhile, investors were awaiting the weekly report from the US Energy Information Agency ( EIA ) on US reserves.

Analysts are forecasting a decline in crude inventories of 3.1 million barrels. But the API, which publishes data deemed less reliable, reported a drop of 4.79 million barrels.

About inventories...and demand !

https://www.api.org/-/media/Files/News/2020/12/Monthly_Statistical_Report_November_2020.pdf

NOVEMBER HIGHLIGHTS • Total U.S. petroleum demand returned to 19.1 mb/d and the five-year range.

Still LONGS !