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Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Gasoline inventories fell by 1.7 million barrels, the API data showed, compared with estimates for a 1.3 million barrel drop. Both are indicators of robust prompt fuel demand in the U.S."The seasonal peak demand period (for transportation fuels) and supply cuts by oil producing countries have caused oil prices to rise," said CMC Markets analyst Leon Li. Oil prices may continue to rise, but they may not exceed $90 a barrel given recessionary pressures in some regions such as Europe, said Li. Furthermore, after the summer demand peak passes, "oil prices have entered the end of this round of upward trend", he said.
Persons: Leon Li, Li, Philip Jones, Arathy Somasekhar, Trixie Yap, Christian Schmollinger Organizations: REUTERS, Brent, West Texas, American Petroleum Institute, Organization of, Petroleum, Sparta Commodities, Lux, Thomson Locations: Cushing , Oklahoma, U.S, China, SINGAPORE, Saudi Arabia, Europe, Sparta, Houston, Singapore
Meanwhile, the black market for smuggled subsidised Nigerian fuel in Togo and neighbouring Benin and Cameroon has collapsed, further reducing demand for shipments via Nigeria. Average monthly West African (WAF) gasoline imports fell by 56% in the second quarter compared with the first, according to Refinitiv Eikon data. "The key point is demand from West Africa is drying up," said Refinitiv Lead Oil Analyst Raj Rajendran. There may simply be a baseline decrease in demand," said Sparta Commodities gasoline market analyst Philip Jones-Lux. The challenge is coming from the new refineries in the Middle East that are expanding from their traditional East Africa market to now include West Africa and beyond even to the Americas," Rajendran said.
Persons: Bola Tinubu, Jeremy Parker, Raj, naira, Philip Jones, Jones, Lux, Rajendran, Shadia, Barbara Lewis Organizations: Nigeria's, West, ARA, Reuters Graphics, Sparta Commodities, Thomson Locations: Africa, Nigeria, North America, West Africa, Europe, United States, Asia, Ukraine, Togo, Benin, Cameroon, Amsterdam, Rotterdam, Antwerp, Sparta, Mideast, Russia, European, East Africa
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