The monthly settlement price of Brent crude oil was US$702 per barrel, which was 0 cents higher than the February crude oil price. This is the largest spot premium for thCrude oil contract pricee second and third month contracts since the beginning of July. The price of the Brent crude oil futures in October, which expires on August, remained almost unchanged on the London ICE Futures Exchange, at $78 per barrel.
It is a country with a large demand for oil and natural gas. Just in the month, it imported 42.82 million tons of oil, which is equivalent to importing 040,000 barrels per day; imported 940,000 tons of natural gas in the month, an increase of 2.604 million tons or 8% year-on-year; an increase of 850,000 tons from the previous month. An increase of 24%. If PetroChina continues to be the largest shareholder of the South Pars natural gas field, it will provide a lot of convenience for natural gas and oil imports and reduce import costs.
According to reports, in order to prevent the United States from suddenly suspending Saudi oil imports, Saudi Arabia is exploring a new way out for millions of barrels of oil tankers shipped to the United States. Transport data shows that Saudi Arabia is currently shipping approximately 40 million barrels of crude oil to the United States, which is expected to arrive in the next few weeks.
If the crude oil you bought is in a downward trend, once it is confirmed that the downward trend has been formed, you should stop the loss immediately, and you must not be illusory about gains or losses. Any hesitation and hesitation may be exchanged for a deep hold-up that is difficult to extricate itself.
On Tuesday, April 24, ministers will meet again to talk about the North American Free Trade Agreement NAFTA. US President Trump said on Monday April 2 that the situation of illegal immigration in Mexico will be linked to the North American Free Trade Agreement negotiations. Mexico's attitude towards border issues may depend on the NAFTA negotiations.
Trump formally signed aCrude oil contract price document on Tuesday May 8, confirming its withdrawal from the agreement and restarting sanctions against Iran, which poses serious challenges to the Iranian energy industry. Trump said: I announce that the United States has officially withdrawn from the Iran nuclear agreement, and we will impose the highest level of economic sanctions on Iran. Although the U.S. withdrawal from the agreement and the resumption of sanctions will inevitably have a significant impact on Iran’s crude oil supply, some traders pointed out that the resumption of sanctions may take several months to have an impact, because the U.S. government still needs time to formulate a sanctions framework and clearly sanction companies And the list of banking institutions, which gives both parties an opportunity to renegotiate. Goldman Sachs
In addition, in the past ten years, non-OCED economies have accounted for all consumption growth +4 million barrels/day, while OCED consumption has decreased by 0 million barrels/day. Even in the last three years, compared to 700,000 barrels in OCED countries /Day, consumption growth in non-OCED countries is also faster. +500,000 barrels/day The strong increase in oil demand related to economic development in non-OCED countries has become the main driving factor for the increase in global oil consumption.
Credit Suisse also stated that future crude oil prices face more upside risks rather than downside risks. If Trump does not extend sanctions in May, OPEC's crude oil production will fall further, which will slow down potential supply growth.