As investors, you should not expect any data to have the same volatility. Any data has low and peak seasons. We must pay WTI Crude Oil Fundattention to the data but do not rely on the data. We should have our own principles and methods of ordering and trade rationally.
The Energy Information Administration stated that underground inventories increased to 2.7 billion cubic feet in the week ending July 20, but still well below the five-year average of 200 million cubic feet. Traders quoted data from energy information provider Genscape as saying that they expected a decrease of 0 million barrels as of Tuesday.
International crude oil prices fell for three consecutive days, and WTI crude oil prices were below US$50, oscillating at US$49. The continued decline in oil prices set the tone for the last round of domestic product oil price adjustments in 208. At the same time, the continued decline in international oil prices has squeezed the profits of many oil-producing countries, such as US shale oil producers.
In the early stages of trading, traders usually suffer losses soon after entering the market, or even a series of major losses. After analyzing one's own transaction records, it was discovered that one of the transactions or a few transactions caused a major loss of capital. At this time, the capital curve will show a cliff-like decline.
From 0 to month, international oil prices plummeted by 0%. The boosting effect of OPEC's production cuts in February was short-lived, and oil prices plummeted again. On February 8, WTI crude oil fell 7% and Brent crude oil fell 5%. This was the third consecutive day of decline. Under the premise of slowing global demand, the expectation of new high output in the United States and Russia has made the market continue to worry about oversupply of crude oil.
Secondly, in terms of domestic refinery operating rate, according to the Zhongyu Information monitoring model, the operating rate of main refineries in July showed a high-speed operation situation close to 80%, while the operating rate of local refineries was at a low level of less than 60%. The main reason is that since February of this year, crude oil prices have been rising all the way, staying above US$70/barrel for a long time, repeatedly hitting annual highs. Although domestic retail oil prices have risen in line with the trend, local refined oil retail sales have eased, and sales channels are mainly wholesale. It is difficult for wholesale prices to rise and refining costs to rise. Small refinWTI Crude Oil Funderies are struggling to cope with the dilemma of squeezed profit margins and stop work for maintenance to avoid profits Loss. The main refineries benefited from profits in the export and retail sectors, operating rates remained high, and domestic supply resources were abundant.
From the perspective of demand, the net import of petroleum products increased by 50,000 barrels/day to 8.89 million barrels/day from the previous round of statistics; India’s net imports of petroleum products increased by 50,000 barrels/day to 4.04 million barrels/day from the previous round of statistics; U.S. oil Net imports of products increased by 10,000 barrels per day to 20,000 barrels per day compared with the previous round of statistics.
Iranian President Rouhani said that the United States cannot be trusted. Iran has always believed in diplomacy. Trump's call for direct dialogue is intended to increase internal division in Iran. The United States must prove its willingness to solve the problem through dialogue. At the same time, Rouhani said that Iran seeks to strengthen relations with Asian countries. According to Twitter, Rouhani said that Iranian oil representatives will soon be sent to various countries.