Crude oil market trends

Crude oil market trends

Fitch stated that the long-term price forecast for 2020 will remain unchanged. Brent crude oil is US$55 and WTI is US$55, reflecting the agency’s view that U.S. shale oil companies are still marginal crude oil producers, as well as U.S. production. The increase in oil prices will meet a considerable proportion of the increase in crude oil demand in the next few years, but higher-thanCrude oil market trends-expected cost inflation may push oil prices beyond the expected long-term level.

The fluctuation of international oil prices has an impact on domestic refined oil prices. Zhuochuang analyst Yang Xia said that the general selling pressure on global stock markets has brought the energy market into a cold winter season. At the same time, under the background of the uncertain situation in Iran, Saudi Arabia and Russia have increased their horsepower to increase production, and the fear of supply interruption has gradually been offset by the increase in production. Oil prices showed a fluctuating downward trend, setting the largest monthly decline in more than two years in 0 months. Affected by this, the rate of change of crude oil continues to deepen its negative value.

According to the report, Rouhani gave a speech on official television and said: I want to tell those in the White House in the United States that if they do not fulfill their promises, the Iranian government will make a firm response. Rouhani also said: If anyone betrays this agreement, they should know that they will face serious consequences.

The well-known financial blog Zerohedge commented on EIA crude oil inventories in the United States for the week to June, stating that after the sharp increase in EIA crude oil inventories last week, and the unexpected increase in API crude oil inventories this morning, this time EIA crude oil appeared the largest in a month. Decline, and gasoline also recorded a sharp decline, Cushing Oil also recorded a decline for four consecutive weeks. At the same time, it is worth noting that domestic production in the United States increased by 0 million barrels/day to 0.9 million barrels/day, continuing to hit a record high.

According to the Saudi media quoted the Saudi ambassador to Yemen, the Houthi armed groups in Yemen hijacked 9 oil tankers and prohibited them from entering the port of Hodeidah. The ambassador said the Houthi armed groups may seize the tanker to extort money from the tanker owner, continue to allow the Yemeni people to endure the famine, or destroy the tanker, thereby seriously damaging the environment in the Red Sea.

In general, with the OPEC meeting ended, the biggest negative for the crude oil market was the market’s concern about the increase in production at the OCrude oil market trendsPEC meeting. After the results of the increase in production were announced, it did not seem to have an impact on the overall situation. On the contrary, further sanctions by the United States may be necessary. The gap in the supply of crude oil continues to widen, and the sudden decrease in inventory has also accelerated the rebound in oil prices. It can be said that in a short period of time, the crude oil market has achieved a counterattack. Not only that, as the positives continue to expand, oil prices may be heading towards $80. Moving forward, in the next July market, the trend of crude oil is worth looking forward to.

Over the past ten years, crude oil imports have continued to climb, and the growth rate has accelerated significantly in recent years. It took 6 years for the average monthly crude oil imports to range from 20 million tons to 10 million tons. At the current growth rate, it will exceed 40 million in the future. Ton level or only 4 years. In other words, this goal is likely to be achieved next year. Li Yan, a crude oil analyst at Longzhong Information, told a reporter from Shanghai Securities News.