Texas crude oil prices

Texas crude oil prices

At the beginning of the Asian market on Thursday, June 2, U.S. oil feTexas crude oil pricesll slightly, while oil prices rose. The U.S. EIA crude oil inventories announced overnight supported oil prices. However, the upcoming OPEC meeting of the Organization of Petroleum Exporting Countries may decide to increase global production. It threatens the upward trend of oil prices.

Yes, in addition to uncontrollable accidents, a smart trader absolutely cannot tolerate catastrophic losses in any transaction, and for a position with a correct judgment and a profit, he will make it as much as possible to create the greatest profit.

However, the API inventory announced early this morning has reversed. In the early morning of May 6th, Beijing time, data released by the American Petroleum Institute API showed that the US API crude oil inventory increased by 4.84 million barrels in the week as of May, which is expected to decrease by 47. Ten thousand barrels. Gasoline inventories decreased by 90,000 barrels, which is expected to decrease by 790,000 barrels. Refined oil inventories decreased by 780,000 barrels, which is expected to decrease by 020,000 barrels. After the data was released, oil prices fell short-term. Currently, US Oil is quoted at 70.96 US dollars per barrel, which has erased all the gains in the day.

Sen disagrees with this view. She said that potential supply disruptions could threaten the production capacity of certain oil exporting countries—that is, economic turmoil in Venezuela, social unrest in Iraq’s oil-rich regions, and U.S. sanctions on Iran—that could lead to sharp price increases.

Offshore Oil Co., Ltd. released its annual results on February 2, showing that due to rising international oil prices and good cost control, CNOOC Limited achieved a net profit of 52.7 billion yuan in 208, a year-on-year increase of 5%.

From a long-term perspective, changes in inventories have not played a decisive role in the trend of oil prices. From mid-February to the end of April, oil priceTexas crude oil pricess rebounded sharply, while crude oil inventories climbed to record highs. In the course of the decline in oil prices over the past four weeks, crude oil inventories have fallen by about 10 million barrels.

So in general, although crude oil can gain a strong upward momentum with the help of the geopolitical situation, there is a greater uncertainty in this factor. If it does break out, it will be a good thing for crude oil prices, but If it does not break out, after returning to the fundamentals, there will be demand on the one hand and the crazy oil production in the United States on the other. The crude oil market is not very optimistic. Therefore, in addition to being vigilant about crude oil prices in the future, it is best to do well Prepare with both hands.

In addition, U.S. crude oil production has gradually fallen from the peak of its weekly average output of 960,000 barrels per day in June last year. At the end of June 206, the average weekly output has fallen to 8.62 million barrels per day, which is a percentage reduction from the high point. Beginning. Taking into account the mining costs, corporate profits, and the downward trend in costs, according to the China Construction Bank Financial Market Research Report, the shale oil industry breaks even at a price of US$50-55 per barrel. If the oil price is higher than this level, marginal production capacity will be added. .