On Thursday, May, crude oil futures prices opened low Coffeyville Resources Crude Oil Priceand moved higher. Although the increase in US crude oil inventories and the record high in US production have undermined the impact of the OPEC-led production cut, the market remains vigilant due to the possibility of re-imposed sanctions on Iran by the United States.
Gasoline inventories fell by 2.05 million barrels, and analysts expect a decrease of 0 million barrels. At the same time, refined oil inventories decreased by 6.64 million barrels, and analysts estimated a decrease of 400,000 barrels. More data show that US crude oil imports fell by 804,000 barrels per day to 7.4 million barrels per day last week.
Another factor that may inhibit the maintenance season's downward impact on oil prices is the hurricane season. Hurricane Florence recently struck the United States, impacting the demand for petroleum products. However, some analysts pointed out that the hurricane will damage demand in the short term, but as the area begins to rebuild in the next few weeks, demand for oil will surge. In other words, the damage caused by the reconstruction of Hurricane Florence may curb the decline in oil prices.
Russia believes that this new arrangement will bring stability to the oil market during the period of strong summer oil demand in the northern hemisphere. The person familiar with the matter also said that Russia will also support the alliance with OPEC and other oil-producing countries to continue until 209-based on market demand, whether to set new quotas.
And hitting the highest level since 205 months, US production has become critical. In the past few months, production in the Permian Basin has increased by approximately 70,000 barrels per day, and will increase by approximately 800,000 barrels per day before the end of this year, which will put greater pressure on crude oil prices.
From this, the key point is that it is the world's second largest oil consumer and largest crude oil importer, with an import dependence of 68%. The market predicts that thCoffeyville Resources Crude Oil Pricee dependence on oil imports will rise to 80% by the year 200. That is to say. , The crude oil demand potential is huge.
At present, today's crude oil price fluctuates in a narrow range around US$62. If the mid-term US elections in the evening meet market expectations, Trump may encounter restrictions, which will increase uncertainty in the financial market. The US dollar index will be suppressed, while crude oil and other commodities prices Will get a strong positive.
Last Sunday, OPEC and non-OPEC oil-producing countries held a meeting in Algeria. The failure of the meeting to reach a consensus on increasing production is an important incentive for the surge in international oil prices. The oil-producing countries ignored US President Trump's remarks for lowering oil prices and did not intend to increase crude oil production immediately.
After a sharp decline in oil prices in July and a sharp increase in mid-August today, the daily line has resumed a big V trend in January, but the V-shaped reversal of oil prices has peaked. On the whole, it is inevitable that the data is bullish. At present, crude oil continues to maintain a rebound pattern, rising to 47 US dollars, and is currently slightly blocked from falling to 45 US dollars. The intraday support is near 46 US dollars.