As for oil producing countries, according to second-hand data, Iran’s April crude oil output increased by 10,000 barrels/day to 80,000 baBest Books on Crude Oil Tradingrrels/day; Iraq’s April crude oil output decreased by 0.07 million barrels/day to 4.49 million barrels/day; Saudi Arabia Crude oil output increased by 650,000 barrels per day in April to 9.99 million barrels per day. Venezuela’s reported production fell to a new long-term low at 505,000 barrels per day.
Oil prices have risen by 5% in the past year, first driven by the joint reduction in supply by oil-producing countries, and this month supported by Iran’s supply concerns, as the United States announced that it will reimpose sanctions on Iran. During the trading hours on May 5th on Tuesday, the price of Brent crude oil once rose above the $79 mark, further approaching $80 per barrel.
The United States will begin to impose economic sanctions on Iran in August, and will announce more sanctions in the month. Earlier, US officials stated that the US hopes that all its allies will stop importing any oil from Iran starting on the 4th. Iran’s two major oil buyers, South Korea and Japan, are negotiating with the US government to obtain immunity from sanctions. As a crude oil exporter, Iran may face an economic crisis.
It is a match between the long and short sides 5 minutes before the opening. It has already reflected part of the main force's intentions, especially in the case of sudden changes in other relevant market prices. The opening price more reflects the attitude and determination of both sides.
The closure of the Houston shipping channel has caused continuous delays, affecting crude oil imports and refinery operations in the area. The incident also caused chemicals to flow into the channel, which is why the channel was closed for several days before the residue was cleared.
In response to the upcoming energy sanctions, Iran has appealed to OPEC to adjust its output policy. According to Iranian media reports on the 8th, Iranian Oil Minister Zangane said that OPEC may need to hold a special meeting. After several moBest Books on Crude Oil Tradingnths of production cuts, OPEC and Russia and other oil-producing allies agreed to increase production by returning the implementation rate of the production reduction agreement to 00% starting in July. This means that production will increase by approximately 0 million barrels per day.
When the K-line volume of crude oil price breaks through the upper track of the Bollinger Band, and the TRIX indicator has issued a bottom gold cross, it indicates that crude oil prices are about to enter a mid- to long-term upward channel, which is a buying signal issued by the BOLL indicator . At this time, crude oil investors should buy in time.
The trade war has dragged down the development of the global economy, and the world's major economies are under downward pressure on economic growth. Although the United States has experienced good economic growth in the first half of the year, it is also expected to face greater pressure in the second half of the year. The economic situation is also not optimistic. The long-term economic downturn in the European Union and Japan, while India's economic growth is not as expected, shows that the world's major economies are under greater pressure, which will inevitably directly affect the driving force of oil consumption and will not support the rise of oil prices.
If the conflict between Yemen’s Houthis and Saudi Arabia escalates, triggering chaos in the Middle East and reducing the supply of crude oil, oil prices will surely rise. As international oil prices rise sharply, domestic refined oil products will also rise. This chain reaction made netizens call out: The Houthi armed forces are really a god assist! Now three barrels of oil have an excuse to increase the price!