Following unexpected events, oil prices jumped more than 2% on Wednesday.
This increase was driven by attacks on Russian refineries and a surprising decline in U.S. oil stocks, coupled with a weaker dollar enhancing the appeal of oil.
On NYMEX, April’s West Texas Intermediate rose 2.78% to $79.72/barrel, and May’s Brent crude climbed 2.57% to $84.03/barrel.
This rise in oil prices led to gains for junior oil companies on the B3 exchange, contrasting with a downturn for Petrobras amid political unrest affecting the company.
Shares of PetroReconcavo, PRIO, and 3R Petroleum witnessed gains, while Petrobras shares declined.
The market reacted to the news of Ukrainian drone strikes on Russian oil facilities, highlighting the vulnerability of global oil supply chains.
Although the Novoshakhtinsky refinery resumed operations, this did not halt the upward price momentum.
Adding to the upward pressure on prices, the U.S. reported a 1.5 million barrel drop in oil inventories, contradicting analysts’ expectations of stable levels.
This report, reflecting the U.S. domestic oil balance, significantly influenced market prices by introducing an element of surprise.
Analyst Isabela Garcia highlights reduced US stocks signaling a rebound in domestic consumption, fewer imports, and a tightened oil market.
TD Securities capitalized on Brent oil positions, citing uncertainty in long-term price maintenance due to market mechanisms like OPEC’s.
Report indicates Middle East tensions and OPEC actions offer temporary support, but market anticipates adjustments, prompting early profit-taking.
Live Market IntelligenceCommodities — Live Market Board
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Commodities — Live Market Board
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,461 | +1.78% | +33.20% | 4,383 | 4,503 | 4,421 | 139,824 |
| SILVER | 65.59 | +1.26% | +73.05% | 64.77 | 66.98 | 64.81 | 46,406 |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| COPPER | 6.61 | +0.03% | +46.70% | 6.61 | 6.71 | 6.61 | 39,543 |
| LITHIUM | 75.20 | +1.47% | +62.95% | 74.11 | 75.80 | 75.08 | 89,275 |
| IRON ORE | 161.91 | — | +58.10% | 161.91 | 161.91 | 1 | |
| SOY | 1,184 | +3.20% | +17.05% | 1,148 | 1,199 | 1,168 | 163,179 |
| CORN | 480.50 | +10.02% | +29.34% | 436.75 | 480.75 | 459.50 | 341,248 |
| WHEAT | 655.00 | +3.93% | +29.70% | 630.25 | 657.75 | 631.50 | 128,793 |
| COFFEE | 317.25 | -5.51% | +0.67% | 335.75 | 321.20 | 313.55 | 21,747 |
| SUGAR | 16.43 | -1.79% | -3.01% | 16.73 | 17.11 | 16.22 | 171,992 |
| COCOA | 5,719 | +3.18% | -34.96% | 5,543 | 5,779 | 5,574 | 26,773 |
| ORANGE JUICE | 138.55 | -0.47% | -45.38% | 139.20 | 141.05 | 137.50 | 703 |
| COTTON | 85.03 | +2.33% | +26.78% | 83.09 | 82.90 | 81.96 | 16,546 |
| BEEF | 223.60 | -3.93% | -5.18% | 232.75 | 226.40 | 223.00 | 16,126 |
| CATTLE | 339.10 | -3.16% | -1.82% | 350.17 | 345.50 | 338.60 | 10,164 |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
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