Oil Climbs on Tight Supply, though EU Ban on Russian Supply Still Uncertain

Kamis, 26 Mei 2022 | 15:26 WIB
Oil Climbs on Tight Supply, though EU Ban on Russian Supply Still Uncertain
[ILUSTRASI. Petroleum pump jacks are pictured in the Kern River oil field in Bakersfield, California November 9, 2014. REUTERS/Jonathan Alcorn ]
Reporter: Sumber: Reuters | Editor: Thomas Hadiwinata

KONTAN.CO.ID - MELBOURNE. Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.

Brent crude LCOc1 futures for July settlement gained 47 cents, or 0.41%, to $114.50 a barrel at 0656 GMT.

U.S. West Texas Intermediate (WTI) crude CLc1 futures for July delivery climbed 53 cents, or 0.48%, to $110.86 a barrel.

A bigger-than-expected drawdown in U.S. crude inventories in the week to May 20, following soaring exports, buoyed the market on Wednesday. Analysts said the inventory draw and the prospect of an EU embargo on Russian oil, in retaliation for what Moscow calls its "special military operation" in Ukraine, were pushing prices higher.

Baca Juga: Shanghai Heading Out of Lockdown But China Still Lost in Economic Gloom

"The focus in oil markets is on the EU summit taking place next week, at which another attempt will be made to agree on an EU-wide embargo on Russian oil," said Stephen Innes, managing partner at SPI Asset Management in a note.

European Council President Charles Michel on Wednesday said he is confident that an agreement can be reached before the council's next meeting on May 30. Read full story

However, Hungary remains a stumbling block to the unanimous support needed for EU sanctions. Hungary is pressing for about 750 million euros ($800 million) to upgrade its refineries and expand a pipeline from Croatia to enable it to switch away from Russian oil. Read full story

Even without a formal ban, much less Russian oil is available to the market as buyers and trading houses avoid dealing with crude and fuel suppliers from the country.

Baca Juga: China will Strive for Economic Growth in Second Quarter, Premier Says

ANZ analysts pointed to cargoes from Baltic ports taking longer journeys to Asian refineries, while deliveries to the Netherlands and France have all but halted.

There are also other factors that are favouring further upside in oil prices.

"Shanghai is preparing to reopen after a two-month lockdown, while the U.S. peak driving season begins with the Memorial Day weekend, which could provide a fillip to oil demand," said Sugandha Sachdeva, vice president of commodities research at Religare Broking, referring to the U.S. holiday on Monday.

"All of the variables are pointing to further gains in oil prices going ahead."

Bagikan

Berita Terbaru

Rupiah Berpotensi Tertekan di Akhir Pekan
| Jumat, 11 Juli 2025 | 05:30 WIB

Rupiah Berpotensi Tertekan di Akhir Pekan

 Melansir data Bloomberg, rupiah menguat 0,21% secara harian ke  Rp 16.224 per dolar AS pada Kamis (10/7).

Jaya Trishindo (HELI) Memperluas Jangkauan Operasional
| Jumat, 11 Juli 2025 | 05:20 WIB

Jaya Trishindo (HELI) Memperluas Jangkauan Operasional

Selain wilayah Sumatra dan Kalimantan, manajemen HELI juga sedang mengkaji peluang ekspansi layanan ke kawasan Indonesia Timur.

Masih Ada Euforia di Saham-Saham Prajogo Pangestu
| Jumat, 11 Juli 2025 | 05:00 WIB

Masih Ada Euforia di Saham-Saham Prajogo Pangestu

Di tengah antrean panjang pembelian saham CDIA di harga ARA, saham emiten Prajogo Pangestu lainnya pun semakin menarik perhatian.

Industri Kaca Dibayangi Ketidakpastian Suplai Gas
| Jumat, 11 Juli 2025 | 04:35 WIB

Industri Kaca Dibayangi Ketidakpastian Suplai Gas

Kepastian volume pasokan dan harga gas akan sangat berpengaruh terhadap daya saing produk kaca asal Indonesia. 

Di Balik Peningkatan KPR Macet
| Jumat, 11 Juli 2025 | 04:07 WIB

Di Balik Peningkatan KPR Macet

Peningkatan NPL KPR mengganggu manuver perbankan dalam mengucurkan kredit produktif lain, termasuk program 3 juta rumah.

Melemahnya Kelas Menengah Bikin Premi Asuransi Umum Tumbuh Tipis
| Jumat, 11 Juli 2025 | 03:09 WIB

Melemahnya Kelas Menengah Bikin Premi Asuransi Umum Tumbuh Tipis

Secara industri, pertumbuhan premi melambat karena lemahnya daya beli, gelombang PHK, sulitnya lapangan kerja dan melemahnya kelas menengah

Dapat Amunisi dari Dana IPO, Empat Emiten Baru di Bursa Genjot Ekspansi
| Jumat, 11 Juli 2025 | 03:09 WIB

Dapat Amunisi dari Dana IPO, Empat Emiten Baru di Bursa Genjot Ekspansi

Usai mengantongi dana IPO, keempat emiten baru yaitu CHEK, BLOG, MERI, dan PMUI siap menggelar sejumlah ekspansi.

Simak Rekomendasi Saham Hari Ini di Tengah Peluang Penguatan IHSG
| Jumat, 11 Juli 2025 | 03:08 WIB

Simak Rekomendasi Saham Hari Ini di Tengah Peluang Penguatan IHSG

Di tengah tren penguatan IHSG, beberapa saham emiten layak dicermati untuk perdagangan hari ini. Antara lain:

Kalbe Farma (KLBF) Mengintip Cuan Pasar Ekspor
| Jumat, 11 Juli 2025 | 03:08 WIB

Kalbe Farma (KLBF) Mengintip Cuan Pasar Ekspor

Kalbe Farma mengambil langkah ekspansi melalui pengembangan penetrasi produk specialty sebagai upaya mendorong pertumbuhan berkelanjutan

Enam Saham Emiten Baru Memadai Top Gainers Saat IHSG Kembali ke Atas 7.000
| Jumat, 11 Juli 2025 | 03:07 WIB

Enam Saham Emiten Baru Memadai Top Gainers Saat IHSG Kembali ke Atas 7.000

IHSG mengakumulasi kenaikan 1,85% dalam sepekan terakhir. Sedangkan sejak awal tahun, IHSG masih turun 1,05%.

INDEKS BERITA

Terpopuler