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Monday, February 6, 2023

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WTI oil hit its highest peak in nearly 14 years

The barrel of West Texas Intermediate (WTI), the benchmark oil for the US and countries in the region such as Peru, reached peaks of up to US$ 116.57 yesterday, its highest level in almost 14 years (September 2008). However, at the close it contracted -7.63% and fell to US$ 107.67.

But so far in 2022, the value of Texas crude has risen by 41.52%, while the value accumulated in all of 2021 was around 61%.

The rebound in recent days, fueled by Moscow’s invasion of Ukraine and the subsequent economic sanctions against Russia, would not be reflected in the local market immediately, assured Aurelio Ochoa, former president of Perupetro.

The hydrocarbon specialist pointed out that the refineries buy oil with an average anticipation of between two and three months, so the transfer of the international price of the fuel will depend on the amount of crude oil they have in stock.

“It should not be reflected yet, it could be within two or three weeks or even two months depending on the volume they have imported,” he said. However, he emphasized that the rise will be imminent.

The sector most affected by the rise in oil will be transportation, which in turn will affect the value chain of other goods and services such as food, he said.

Massify to attenuate

For Ochoa, one of the most important measures that the Government must take to mitigate the blow of international crude oil prices is the mass use of natural gas (NG). “An aggressive overcrowding should be undertaken as soon as possible and everything we invest in that overcrowding will be permanently justified,” he commented.

Finally, he pointed out that the Executive It should finance the change from engines that use diesel to NG “in such a way that we can mitigate and not have the disastrous effects” of the international rise.

Substitute. The price of a barrel of crude oil is heading to exceed US$ 100. In this context, Peru has the source to replace it with natural gas. Photo: diffusion

The data

Record. Wheat is another of the commodities affected by the war in Ukraine. Yesterday it reached US$423.38/t, the highest level in history.

Source: Larepublica

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