To sum up, the spot crude oil market Crude oil price real-time charthas strong support. Before the above benefits dissipate, crude oil prices are expected to rise above the $70 mark. At the same time, oil prices will also usher in regular data API, EIA inventory and other data every week. If there are no surprises, investors are advised to do more crude oil prices lightly in the market outlook.
The closing price is a summary of the price trend throughout the day. It is also an evaluation of who wins and loses in the long-short contest that day. The closing price is also a bridge to the next trading day. Generally speaking, in the consolidation market, the main force When you are unwilling to reveal your intentions too much, the closing price is relatively close to the settlement price of the day.
Supported by Saudi hawks, positive EIA inventory reports and the situation in the Middle East, oil prices have recently risen gratifyingly, reaching their highest level in nearly three and a half years. The focus of today’s crude oil bulls will be on Friday’s meeting of the OPEC Joint Ministerial Oversight Committee. Investors need to pay attention to OPEC's expected changes in the period of future production cuts, supply and demand.
The petroleum industry is a capital-intensive industry that needs to spend a lot of capital to make profits. Since 2008, exploration and development capital expenditures have always accounted for the bulk of oil companies’ expenditures. Crude oil prices have remained at $00 per barrel for 20 years. , The exploration and development expenditure reached the maximum, almost reaching 500 billion U.S. dollars. At this time, the PD confirmed the proven geological reserves or the PUD unproven the proven geological reserves, the amount of mergers and acquisitions was the least. However, as oil prices plummeted in 204, exploration and development expenditures also fell sharply. Currently, there is only $200 billion in investment, which is almost a half of the investment quota. Of course, when oil prices are at their lowest, many capital buyers begin to seek oilfield assets that can be acquired in order to benefit when oil prices rise in the future. However, oil prices have risen more than expected this year, and investment is expected to increase significantly.
The daily chart shows that US oil prices may consolidate further near the resistance level of $724, which is the 00% forecast level of wave C starting at $405. If it breaks through US$729, it may rise to US$75.
The financial blog Zero Hedging commented that since the API data, U.S. Oil has been trading sideways, but due to the significant decline in EIA crude oil invenCrude oil price real-time charttories, refined oil inventories and Cushing inventories have increased, making algorithmic trading unable to figure out what to do. Price
So if the current situation is really as predicted above, then the future situation in the Middle East may not inject endless momentum into the crude oil market as expected. First, if Iran continues to abide by the Iran nuclear agreement, then the Middle East does not exist. In the event of a nuclear threat, perhaps the US sanctions will hinder Iran’s crude oil supply to a certain extent, but the market will definitely not panic as before about the crude oil in the entire Middle East.
However, it is worth noting that in the past two months, the exchange rate of the RMB against the US dollar has appreciated by about 0%, reaching its strongest level since August 205 in that month. The Russian ruble has depreciated by 0% against the U.S. dollar in the past year, but most of the depreciation was achieved after the United States announced new sanctions against Russia.