Therefore, according to China Petroleum.com, with the US sanctions on Iran, crude oil prices may continue to rise for a period of time in the future. Some traders pointed out that it may take several months for the resumption of sanctions to have an impact, because the US government It still takes time to formulate a sanctions framework and clarify the list of sanctioned companies and banking institutions, which gives the two parties an opportunity to renegotiate. In addition, Goldman Sachs said in a customer report that the damage to Iranian crude oil supply will boost oil prices by up to $5 per barrel. HowStock market crude oil pricesever, Goldman Sachs added that the evolution of future geopolitical risks will come from key crude oil producing countries, or bring further risk premiums to oil prices. Goldman Sachs explained: Many key oil-producing countries, including Iran, Saudi Arabia, Venezuela, Libya and Nigeria, are facing the possibility of increased political risks, which will directly affect global crude oil supply. But as long as Iran still abides by the Iran nuclear agreement, the market panic about the situation in the Middle East will not further increase, nor will it continue to help crude oil prices rise. After a brief rise, the calming Middle East situation will bring crude oil prices back to calm.
In general, as far as the current situation in the crude oil market is concerned, the turmoil of OPEC's production increase has temporarily come to an end. In the face of the ever-expanding crude oil supply gap, a small increase in production may only bring a drop in the bucket. Therefore, crude oil prices are on the rise. . And because of the current stockpile plummet, I am afraid that the crude oil market will usher in a new wave of strong rise.
At the end of the historic meeting held at the luxurious Capella Hotel on Singapore’s Sentosa Island, Trump and Kim Jong Un signed an agreement dedicated to the denuclearization of the Korean Peninsula and a lasting peaceful regime. This is the first meeting between the leaders of the two countries. This document, which Trump considers to be very comprehensive, stated that the two sides promised to hold follow-up negotiations and cooperate on the development of bilateral relations. This historic meeting will help ease market tensions and help risk assets such as crude oil regain buying support.
According to a report released by API on Tuesday, US crude oil inventories fell by 0 million barrels to 0.6 billion barrels during the week ended June 5. Gasoline oil inventories increased by 200,000 barrels, refined oil inventories increased by 770,000 barrels, and Cushing crude oil inventories decreased by 600,000 barrels.
This year, refined oil products experienced a total of 24 price adjustments, with two increases, two downward adjustments, and another stranded. After the mixed fluctuations, gasoline dropped by RMB 20/ton, and diesel dropped by RMB 0/ton. February 28 will be the last price adjustment this year. Affected by international oil prices, it is expected to fall again, forming a five-year losing streak. There are 9 working days before February 28. International oil prices are expected to fall further, and domestic refined oil products may enter the era of 5 yuan.
On July 4, Trump once again tweeted to pressure Saudi Arabia, criticizing OPEC members for pushing up oil prices, and said that OPEC needs to take more actions against oil prices. Stock market crude oil pricesIn fact, the United States has already put pressure on OPEC. After the Vienna meeting, OPEC unanimously approved an increase in crude oil production by 0 million barrels per day, which is the largest increase in crude oil production in 20 years.
Research said that the current US sanctions on Iran are essentially hoping to force Iran to abandon its ballistic missile capability and nuclear weapons program. But at present, Iranian officials show no signs of returning to the negotiating table, and this may even become a killer move against Trump.