This is not a temporary downturn in Canadian WCS crude oil prices, but has been U.S. crude oil storage capacity utilizationgoing on for four months. Since mid-July, the price of WCS crude oil has been declining, from more than US$40 per barrel, first falling below US$0 per barrel, and then falling below US$20 per barrel. In the past week, it has remained below US$20 per barrel.
CFTC data also showed that as of the week of June 6, the net long position of NYMEXWTI crude oil futures and options held by speculators decreased by 807 contracts to 5,984 contracts, a record low in more than four months.
Fourth, as oil prices are rising, US shale oil producers have increased their output and exports, and OPEC’s market share is being eroded. The daily output of shale oil in the United States has reached the highest level in history, and American oil producers have benefited a lot from rising oil prices. The U.S. Energy Information Administration predicts that U.S. oil production will reach 0 million barrels per day in 208, breaking the historical record. By 209, it will reach 0.8 million barrels per day. With the increase in production, more and more US crude oil appears in foreign refineries, replacing OPEC and Russian oil.
According to Bloomberg's analysis, the oil market is already a bit burnt to cope with the collapse of Venezuela's oil industry and political turmoil in Libya. If Iran's crude oil exports are still to be made up, Saudi Arabia's idle production may be exhausted and it is impossible to continue to increase production. London Consulting Company Energy
Taking the most recent phase of the Petrochemical Sichuan-East Gas Transmission Pipeline to introduce strategic investors as an example, the total assets of the Petrochemical Sichuan-East Gas Transmission Pipeline in 206 were 9.6 billion yuan, net assets were 500 million yuan, and net profit was 2.4 billion yuan. The overall valuation It is 45.6 billion yuan, equivalent to 9 times PE.
Earlier, due to a series of geopolitical factors and the threat of increased crude oil production, oil prices fell. Then there was news that the United States required major oil-producing countries such as OPEC to increase production by 0 million barrels a day, and the oil distribution droppU.S. crude oil storage capacity utilizationed to a low of nearly a month on Tuesday. Crude oil futures closed down 0.62% in Wednesday night trading.
The well-known financial blog site Zerohedege commented that API data showed that US crude oil inventories fell more than expected during the week, pushing up WTI crude oil to above 70 US dollars per barrel. However, all eyes are now on Iran. The Oxford Institute for Economic Research stated that the United States’ decision to impose the highest level of economic sanctions on Iran will result in a gradual and moderate decline in the output of Iran, the world’s fifth largest crude oil producer.