First, the OPEC production reduction agreement came into effect in 209, and the implementation time is 6 months. In other words, before this month, international oil prices may still fall. Secondly, the country is importing a large amount of crude oil. The monthly crude oil import volume was 42.82 milRussian European crude oil spot prices in the 20th centurylion tons, an increase of% from the previous month and 7% year-on-year, which is equivalent to importing more than 10 million barrels of oil per day. Finally, the crude oil reserves in 0 were 29.09 million barrels, a 47% increase from September, a sudden increase of 4 times.
The United States will decide before May 2 whether to reach a nuclear agreement with Iran or impose new sanctions on Iran, including possible sanctions on its oil exports, so as to further tighten global supply. JPMorgan Chase stated that the pressure of rising oil prices comes from the US sanctions on major oil exporters such as Venezuela, Russia and Iran. He also pointed out that the US sanctions against Russian companies and individuals, as well as potential sanctions against Venezuela, especially the OPEC member Iran, have supported the rise in oil prices. The JP Morgan Chase report stated that it is long crude oil.
Among them, 205 is the most magical year. That year, the United States maintained the lifting of the crude oil export ban for a full 40 years. In the second half of the same year, the right to import crude oil and the right to use imported crude oil for domestic refineries were liberalized.
The US crude oil has risen a little bit recently. WTI crude oil has broken through the previous high of US$79 and has now stabilized at US$74/barrel, while Brent crude oil has not broken the previous high of US$80/barrel, showing a small increase relative to WTI crude oil.
This means that among the three major crude oil giants, Saudi Arabia has cut production to maintain the balance of supply and demand in the oil market. Russia and the United States are not uncomfortable with low oil prices. Continued production increases have exacerbated the problem of oversupply. Therefore, international oil prices are likely to continue to rise first under any positive boost. The embarrassing trend of the fall lowered the probability of rising refined oil prices on the 4th.
In addition to the possible US sanctions crisis that Iran may face, Venezuela’sRussian European crude oil spot prices in the 20th century average daily crude oil output has fallen by 500,000 barrels as of May this year; Libya’s average daily output in June has also fallen by 450,000 barrels due to the attack on the terminal; in addition, due to transformers Failure, the Canadian oil sands are facing a shortfall of 60,000 barrels per day, and this shortfall may not be able to be made up until July, thus dragging down the supply of crude oil in the Cushing area of the United States.
The February crude oil futures contract closed up US$0, or 0.2%, on Tuesday, with a settlement price of US$548 per barrel. The settlement price of Brent crude oil futures rose by US$0.02 to US$547 per barrel. The Brent/US crude oil spread narrowed by 22 cents to close at $2.
Looking at the 4-hour chart, oil prices have repeatedly stepped back after breaking the 200-period moving average and confirmed that the support level has been consolidated to a considerable extent. The relative strength indicator RSI has entered the overbought zone, and there is no sign of turning back. The bulls may initiate a partial short squeeze.