As of press time, Brent crude oil futures fell 0.5% to $7 per barrel, and US crude oil futures fell 0.29% to $68 per barrel. SeptemU.S. crude oil off the target listber crude oil futures closed up 96%, investors increased their long positions due to the depreciation of the renminbi, and global oil prices soared overnight.
On August 24, United Petrochemical announced that it would resume purchasing US crude oil in October this year. If this is the case, it will be a long drought for US crude oil traders. It is reported that the crude oil in October was prepared for third-party transactions, which means that the crude oil may be sold in other countries and eventually sold to other countries.
Although the market is worried that the trade friction between China and the United States will lead to a decline in crude oil demand. However, due to the overall upward trend of crude oil demand, the import volume of US oil is second only to Canada and is greater than the combined import volume of the third and fourth largest importing countries, Britain and the Netherlands. Therefore, for U.S. oil, it is an important market for U.S. crude oil exports.
Credit Suisse analyst William Featherston said that the oil market is expected to tighten further in the rest of 208 because of the decline in global crude oil inventories, and it is expected that the future will continue to fall by an average of 0 million barrels per day. He further stated that this will allow the OECD’s business inventory this year to reach a normal level compared to the five-year and seven-year average.
The increase in international oil prices will increase US inflation expectations, which will speed up the process of the Fed’s rate hike and balance sheet reduction. At the same time, the interest rate of long-term US Treasury bonds has risen, which has narrowed the spread between them. Therefore, the trend of a small depreciation of the renminbi may be inevitable, and there will be a large amount of domestic and foreign capital outflows.
On Monday, MayU.S. crude oil off the target list 4, OPEC’s monthly crude oil market report said that second-hand news showed that OPEC’s April crude oil output increased by 20,000 barrels per day to 90,000 barrels per day; the OECD’s monthly crude oil inventory fell to 22.9 billion barrels. It fell below 10 million barrels for the first time. After the report was released, oil prices did not fluctuate much.
Deutsche Bank pointed out that there may be many twists and turns in Italian politics, so be careful not to over-interpret the latest situation in advance. A few days ago, Goldman Sachs boldly predicted in the report that if the political turmoil turns into a major event with systemic risks, the euro may plunge 500 points.
According to data from Platts Energy Information, Iran’s monthly output has recovered to 820,000 barrels per day. Since the signing in 205, Iran’s crude oil production has risen by about 0 million barrels. Any US action is expected to be based on Iran’s output. Direct impact.
Crude oil futures rose 6% in the night trading on June 7. International oil prices have risen sharply by nearly US$2, boosted by the decline in exports from the stalwart Riela and whether OPEC is increasing production. Some sources said that the OPEC meeting may not discuss the issue of increasing production.