South Korea’s SK Energy withdraws from the Middle East and first buys US crude oil

South Korea’s SK Energy withdraws from the Middle East and first buys US crude oil

To put it simply, the K-line continues to break through the upward or downward support pressure after the first order to lighten up under the situation of the trend, so that a new pattern will be created, then the pSouth Korea’s SK Energy withdraws from the Middle East and first buys US crude oilrevious pressure or support will be reversed, and the original pressure will become support , The original support changes to pressure, so that the situation can cover up the position and pursue short-term thinking to trade. This kind of order is easy to catch the initiation point, profit is fast, and the time is short.

Corp. said it is considering reducing Iranian crude oil imports. In addition, European refiners have also begun to stop buying Iranian oil. An executive from Saras, Italy, said the company is considering not buying Iranian oil. European refiners said they have begun to buy more oil from Saudi Arabia, Russia and Iraq to make up for the shortfall caused by the upcoming reduction in Iranian oil purchases.

An executive of Shandong Dongming Petrochemical Group said that due to the expected tariffs on US crude oil, the group’s refineries have cancelled US crude oil orders and switched to supplies from the Middle East or West Africa. Driscoll believes that it is even possible to replace US oil with Iranian crude oil, and importers will not be afraid of the threat of US sanctions or be shaken by it.

At the same time, the Baker Hughes oil drilling data in the United States increased by 2 to 86, and recorded an increase for 8 consecutive weeks, setting a new high since 205 months. In addition, the number of active oil wells in the United States increased by 2 in May, the second consecutive month of increase, and the increase was 28 in April.

Summary: Data released last week showed that hedge funds' sentiment in betting on rising Brent crude oil prices in early September rose to the highest level in two months. But it turns out that this optimism is wrong. Due to concerns about emerging market crises and trade wars, emerging currencies and commodities generally fell. Crude oil prices continued to plummet in the second half of last week.

Saudi Arabia's Crown Prince Mohammed said in an interview with Bloomberg on October 5 that by 2020, the financial influence of Saudi Arabia's sovereign wealth fund PIF is to increase to US$600 billion. The purpose of the establishment and expansion of the fund is to help the Saudi economy get rid of the singularity of the oil economy. At present, more than 50% of the fund's investment is located in Saudi Arabia and will be invested inSouth Korea’s SK Energy withdraws from the Middle East and first buys US crude oil more places next year.

The United States will announce the number of ADP employment in May, which is expected to record an increase of 90,000 people, which is expected to decline compared to the previous value. Later, at 20:00 Beijing time, the United States will announce the revised value of the real GDP annualized quarterly rate for the first quarter of the United States, which is expected to record 4%.

On the one hand, Iraq needs to achieve energy independence, on the other hand there is a gap in oil imports. Although it is exempted, it can only import 60,000 barrels of Iranian crude oil per day. We must know that in the first three quarters of this year, a total of 600 million tons of crude oil was imported, and the cumulative amount was about 7 trillion US dollars. The 60,000 barrels/day of Iranian crude oil imports given by the United States is far from enough. Therefore, under such circumstances, only by cooperating with Iraq, the fourth largest crude oil producer, can the current difficulties of the two countries be resolved.