Current crude oil trends

Current crude oil trends

The number of oil and gas wells currently in service has reached 060, which means that if Simmons predicts, there will be no need to increase any drilling in the second half of this year. So far, the average totCurrent crude oil trendsal number of active oil and gas rigs has reached 99, a significant increase from the average of 876 in 207. This makes the total number of active oil and gas rigs in 208 may reach the highest level since the average of 862 in 204.

Yergin said that all this is in response to this particular crisis in the oil market, or whether it reflects the reshuffle of the world oil market. OPEC countries want to find a way to institutionalize this relationship, rather than make it a one-off transaction.

Before the advent of shale oil, crude oil production was more elastic than natural gas and more responsive to price changes. By increasing or reducing inventory can meet short-term changes in demand. In addition, Saudi Arabia often acts as a production regulator, believing that smaller oil price fluctuations are in its long-term interests. If upward pressure on prices continues and is considered by the market to be persistent, US shale oil producers and OPEC may implement plans to increase long-term production.

In the latest week, US crude oil supply fell less than expected. Data released last Friday showed that the number of active drilling rigs added by US energy companies this week was the most since May. Baker Hughes, an energy services company under General Electric, said that as of the week of August 0, drillers had added 0 rigs and the total number of rigs reached 869, the most since 205 months. Escalating trade disputes have weakened economic growth prospects, boosted the U.S. dollar, and made oil more expensive for consumers holding other currencies.

China Petroleum Network News, June 9 Today's crude oil price fluctuated around 650 US dollars during the Asian trading hours. The top 66 US dollars formed a short-term suppression, and the bottom was temporarily focused on the 65 US dollars support. Due to OPEC's increase in production or less than expected remarks, crude oil prices tend to be bullish in the day.

This has directly led to huge challenges in the supply of the crude oil market, which led to the formation of a pattern of rising crude oil. With the results of Current crude oil trendsthe OPEC meeting, China Oil.com has mentioned that although the meeting ended and the market’s worries were greatly eased, at this time It was mentioned that a new hidden danger is gradually threatening the crude oil market, and that is Trump's trade conflict.

Iranian Foreign Minister Zarif said that he will take the lead in making diplomatic efforts to test whether other signatories can guarantee all the interests of Iran. At the same time, the leaders of Britain, France and Germany issued a joint statement stating that Britain, France, and Germany will continue to abide by the existing Iran nuclear agreement.

But these measures do not seem to have much effect. As of press time, WTI crude oil has risen by 0.65% to $7; Brent crude oil has risen by 0.50% to $775. According to a Bloomberg report, Bank of America Merrill Lynch stated in a report that if Iran’s crude oil exports are reduced to zero and Saudi Arabia cannot increase production at the same time, oil prices may rise by US$50 to US$20 per barrel. However, the oil market has little confidence that it can easily replace Iran’s output, because Saudi Arabia’s daily output has never exceeded 0.6 million barrels.

After the impasse in Italy's cabinet formation task, Italy and the entire European financial market ushered in a dark day. According to a survey conducted by the polling agency sentix, the current sentix euro zone split index rose to %, the highest level since April last year. The interviewee said that the root cause of the division is undoubtedly the current global focus of the Italian political crisis.

OPEC said in its latest monthly report that monthly crude oil inventories in developed economies worldwide have fallen to around 9 million barrels from the 5-year average, while there is a gap of 400 million barrels from the 5-year average in 207. OPEC stated in its monthly report that the performance of the crude oil market in April was strongly supported by geopolitical factors, with tighter refined oil inventories and rising global demand. As OPEC continues to promote production cuts, Venezuela's output has also fallen sharply, but the country is mainly affected by the economic crisis.