Brent crude oil prices rise

Brent crude oil prices rise

As of press time, the price ofBrent crude oil prices rise WTI crude oil in the United States has recorded a rise of 0.84%, or 0.47, to US$545/barrel; Brent crude oil has risen by US$0.9, or 0.26%, to US$642/barrel.

Two weeks ago, the United States withdrew from the Iran nuclear agreement and announced that it would restart sanctions on Iran within a few months. Last Sunday, Venezuelan President Maduro was easily elected as the new president in the general election. Subsequently, US Deputy Secretary of State Sullivan stated that the United States will not recognize the results of the Venezuelan presidential election and that the country’s oil industry sanctions are still under active review.

We believe that the high oil output in the United States is also one of the reasons for the further widening of the European and American crude oil futures spreads. As a benchmark for the pricing of global petroleum and petroleum products, European and American crude oil futures prices have always been the focus of global attention. In recent years, affected by changes in the domestic petroleum supply pattern in the United States, the market has increasingly believed that Brent oil prices can better reflect global market conditions. Changes. Looking at the second quarter of 208, international oil prices, especially Brent oil prices, continued to rise due to factors such as geopolitical risks and supply reduction risks, while WTI was affected by factors such as high oil output. The increase was not as high as that of Brent oil. Often more than the Brent oil price, eventually leading to the European and American crude oil futures spread further widened to 0 US dollars / above, close to the high level of US dollars / barrel.

The Gulf Petroleum gas station opened in Guangzhou on September 8. On the opening day, it sold only 59 yuan per liter of No.95 gasoline and only 96 yuan per liter of No. 92 gasoline. If you count the 99 yuan discount for recharging 000 at the gas station, the 92# gasoline can be as low as 26 yuan, which is 4 yuan lower than the guide price, which is equivalent to a 30% discount, and free car washing. After the gas station opened, business was booming. However, in Tin Hau, the gas price at the gas station was the same as two barrels of oil. Some people have speculated that it was the relevant department that stopped the promotion activities of Gulf Oil gas stations.

Goldman Sachs said: Our latest forecast on the balance of global crude oil supply and demand continues to show that global crude oil inventories will further decline in the second half of 208 and oil prices will continue to rise. In view of this, Goldman Sachs raised its price forecast for Brent crude oil futures to 850 yuan per barrel.

The bank believes that any sBrent crude oil prices risehort-term surge in oil prices will be mainly driven by sentiment and a temporary rebound, rather than a fundamental supply gap. Barclays said: Although we expect that oil prices above $80 will become the new normal in the next decade, our market balance does not believe that this price level is reasonable in the next one to two years. There are many other reasons to look at oil prices in this time frame, but the'supply gap' is not one of them.

The Permian oil pipeline is basically operating at full capacity, which means that continuous growth in production has forced producers to try to find creative ways to bring oil to the market, including transporting oil by train and truck, or consuming oil locally. However, these methods may not be enough to absorb all expected supply increases.