When will the crude oil market open

When will the crude oil market open

The production restrictiWhen will the crude oil market openon agreement has helped the oil market rebalance in the past eight months, and has allowed oil prices to rise from US$27 per barrel in 206 to US$75 per barrel. This agreement was supposed to last until the end of 208, but after Trump announced his withdrawal from the Iran nuclear agreement in May, the whole environment changed.

China Petroleum.com, June 28. Crude oil prices are currently fluctuating around $7. Foreign media reported that Iran's crude oil supply gap may far exceed expectations. In the medium term, it may support the rise of crude oil prices. Oil prices are expected to return to the $75 mark.

Data show that API crude oil inventories decreased by 0.5 million barrels to 8.4 billion barrels, and analysts expect an increase of 2.86 million barrels. Cushing crude oil inventories fell by 60,000 barrels. Gasoline and refined oil inventories decreased by 270,000 per barrel and increased by 4.52 million per barrel. At the same time, US crude oil imports fell by 60,000 barrels per day to 7.8 million barrels per day.

In the daily chart, although the intraday oil price has returned to below US$69 again, we still need to pay attention to the impact of API inventory changes on oil prices. The positive may help the oil price to break through 69 and further approach the 70 mark, but if it is negative, it may It will make the market test 68 first-line support once again, but even if the current crude oil trend needs to refer to changes in inventory, the hidden dangers in the future situation in the Middle East will still guide the overall upward trend of crude oil. The macd indicator fast and slow line maintains the golden cross, but the red kinetic energy has slightly reduced. At the same time, the Kdj third line has closed and flattened at the overbought level. A slight advantage and short entry may trigger a round of decline in the market.

This means that the OPEC meeting on June 22 is likely to have a storm. Venezuela and Iran have written to OPEC, urging them to unite internally to resist external sanctions. However, their actions are unlikely to affect the intentions of Saudi Arabia and Russia to increase production. Saudi Arabia is currently facing tremendous pressure from the United States to increase its output by 0 million barrels per day, while the Russian oil industry is generally calling for the relaxation of production cut restrictions.

Co. analysts said in July that investors’ pursuit of higher returns has prompted oil producers to cut lWhen will the crude oil market openong-term projects in underdeveloped areas, creating conditions for a rapid rise in crude oil prices. According to the second-quarter financial report, in 207, global and US domestic crude oil inventories were much higher than average. However, the inventory level in 208 is closer to the five-year average and is expected to fall further. In addition, the IEA stated that global crude oil demand will increase from 400,000 barrels per day this year to 500,000 barrels per day in 209. But the risk of stabilizing supply later this year may cause prices to rise, thereby affecting demand growth.