In terms of inventory, the monthly report shows that the monthly OECD commercial crude oil inventory fell by 26.8 million barrels to 2.9 billion barrels, which is 0 million barrels lower than the five-year average and is the firstWhat is the current crude oil contract time since 204 that it has fallen below the five-year average.
One of the most obvious positives last night was the announcement of EIA inventory. Overnight EIA inventory data was again recorded as a result of the simultaneous decline in API inventory. EIA decreased by 0 million barrels, while the previous API inventory fell by 0.7 million barrels. However, by comparison, we can actually It was found that the increase in crude oil on Wednesday was a bit too large.
In order to export oil from these ports, it is necessary to use smaller ships to transport the oil from the ports and then load it on super-large tankers. But this adds time and cost, which means that in order to support the export of crude oil from these terminals, a larger discount is needed.
Ban said that from an objective point of view, OPEC's increase in production at this time will at best help prevent the supply and demand situation from getting out of control. Venezuela’s crude oil production continues to decline, and Iran’s exports are expected to be reduced due to US sanctions. If OPEC does not sell, the supply shortage is likely to lead to a sharp rise in oil prices by next year at the latest.
The American Petroleum Institute API released a report on June 26, stating that last week, US crude oil inventories fell far more than expected, but gasoline and refined oil inventories both increased. API announced that as of the week of June 22, US crude oil inventories fell by 9.28 million barrels to 2.4 billion barrels, the largest weekly decline since September 206. Analysts expect a decrease of 240,000 barrels. Cushing crude oil inventories fell by 70,000 barrels.
However, Societe Generale believes that oil prices are still closely linked to other regions, especially the Norwegian Krone, which makes it the first choice among oil-producing countries. Societe Generale predicts that by the end of the year, the price of Brent crude oil will rise from theWhat is the current crude oil contract current approximately US$760 to US$78 per barrel. Oil prices have risen by nearly 9% this year.
He said that we generally support this...but we will discuss the details with ministers of various countries within a week. One of the options will involve a gradual increase in production by 500,000 barrels per day, possibly starting on July.
In recent weeks, U.S. oil exports have grown substantially, mainly due to the advantages of WTI crude oil prices over Brent crude oil prices, which were once cheaper by about $9 per barrel. The price difference between the two drives demand for US oil from Asian and European buyers. At the same time, U.S. oil production surged, reaching 0.9 million barrels per day this month, further expanding the discount of WTI crude oil to Brent crude oil.
It can be seen that although Iranian oil exports will be more or less affected by US sanctions, there are still many countries that continue to import in general. Iranian President Rouhani has full confidence in oil exports: Americans will never achieve their goal of preventing Iran’s oil exports.
However, Russia proposed to appropriately increase its production quotas in December and April. At the same time, Russian Energy Minister Alexander Novak hinted that after the June meeting, Russia hopes to see countries gradually withdraw from the production reduction agreement. The withdrawal of the United States from the Iran nuclear agreement will remove a certain amount of Iranian crude oil from the international market, which leaves room for other oil-producing countries to increase production. Therefore, this request from Russia may only surprise the participating countries of the production reduction agreement. .