New York Mercantile Exchange crude oil price

New York Mercantile Exchange crude oil price

Although the worriNew York Mercantile Exchange crude oil pricees about excess crude oil inventories have disappeared, the market must be wary of new risks arising in the crude oil market in the future, among which U.S. oil production is the biggest worry. Since the beginning of this year, the United States has started frantically producing oil. Now the production is approaching Russia. It may only be a matter of time before it exceeds. As mentioned earlier, Trump hopes that US crude oil production can become the United States' net export business in the future.

The financial blog zero hedge commented that the U.S. refinery equipment utilization rate rose to a 999-year high that week, but this still could not stop the increase in crude oil inventories. The increase of 6.805 million barrels was the largest since 207 months; at the same time, Cushing crude oil inventories were also terminated. After the previous two consecutive weeks of decline, refined oil inventories also recorded a third consecutive week of increase. On the other hand, U.S. crude oil production recorded an increase, which seems to be due to the increase in production in Alaska. Prior to this, production in Prudhoe Bay in northern Alaska had been declining in the past few weeks.

The OPEC meeting, which has attracted much market attention this Friday, will be held in Vienna. The outside world said that this meeting will be the most divergent confrontation in seven years. Participants who arrived at the venue in advance revealed that the meeting will discuss the increase in crude oil production by approximately 500,000 barrels per day. However, there are obvious differences within OPEC regarding this meeting.

All in all, judging from the CFTC report, after the Spring Festival, the bearish sentiment of oil prices has rebounded, which proves that the market is biased towards bearish oil prices, which means that international oil prices may fall back to the $40 range. Domestic refined oil prices may also be adjusted downwards in accordance with the mechanism, making the retail prices of gasoline and diesel cheaper.

OPEC's remaining capacity may be higher than market expectations. An important reason why Barclays is not optimistic about the continued rise in oil prices is that it believes that OPEC's remaining capacity may be higher than market expectations. For example, oil fields in the neutral zone on the border between Saudi Arabia and Kuwait may be restarted. This is usually not included in conventional reserve capacity estimates, but these fields can produce up to 500,000 barrels per day.

According to the spokesperson of the event, since the petition was launched, they have posted nearly 200 different negative advertisements about Novak on different social networking sites. The effects of these advertisements are also very obvious. In the day of October, 0882 people signed a petition urging Congress to initiate impeacNew York Mercantile Exchange crude oil pricehment proceedings against Trump.

Next Wednesday (February 2) the crude oil market will usher in two heavyweight reports, EIA and OPEC monthly report. After OPEC and Russia passed a plan to cut production by 200,000 barrels per day, the implementation of the production cut is still unknown.

However, the US’s warning was ignored, and the cooperation with Iran was increased. At present, companies account for about 50% of Iran’s oil. Nowadays, they have also built a railway channel from the inland to Tehran, the capital of Iran. Part of the energy transportation can be realized without worrying about the US maritime blockade, which guarantees Iran’s access to oil supply.

However, railway transportation cannot fully bridge the gap between production and transportation. In addition, the railway is only a temporary solution for oil companies before the pipeline transportation is not perfect, so the railway companies are not willing to increase investment to enhance their crude oil transportation capacity. This is one of the reasons why WCS oil prices are under pressure.

International oil prices stopped falling and turned up on Wednesday, July 8th. Burundi Oil regained the US$7 mark. Due to the strong demand for US refined oil inventories, even if US crude oil inventories unexpectedly increase and production rises again, the steady rise of the US dollar still limits oil prices. Space for rebound. The U.S. WTI crude oil futures price hit a high of US$678/barrel, and the price of Brent crude oil futures hit a high of US$727/barrel.