At the same time, North American rigs have increased for six consecutive weeks, while oil production in the United States and CanadOnline crude oil tradinga is or will increase to make up for the decline in global supply. But in fact, after six weeks of increase, the number of North American rigs stabilized last week, and data from the U.S. Energy Information Administration EIA showed that oil inventories have decreased more than expected.
Last year, we saw this after the devastation caused by Hurricane Harvey. The hurricane severely weakened the U.S. refining capacity and led to an increase in crude oil supply. As a result, the price difference between the two oil prices widened to US$8 per barrel, albeit only briefly. As the spreads widened, U.S. exports grew substantially, and by the beginning of 208, the spreads narrowed.
The IEA estimates that non-OEPC production in 208 will increase by 800,000 barrels per day, more than double the 700,000 barrels per day in 207. Both the U.S. Energy Information Administration EIA and OPEC have predicted that U.S. crude oil production will exceed 10 million barrels per day this year. Today IEA also made the same prediction. On the demand side, the IEA expects non-global crude oil demand to increase by 500,000 barrels per day, which is consistent with last month’s expectations. IEA pointed out that due to the healthy recovery of the global economy, international oil prices have risen by 55% since June, and rising oil prices may limit demand growth to a certain extent.
In addition, there have been several explosions in Damascus, which is good for crude oil in theory, but the market has anticipated geo-risk events in the near future, or the reason why crude oil cannot continue to rise. Analysts predict that the direct military confrontation between the United States, Russia and other countries on the Syrian issue will not last too long, and oil prices will return to the trend of supply and demand.
Netanyahu also stated that Iran has released lies to secretly manufacture nuclear weapons, and the Iran nuclear agreement was based on lies; at the same time, Israel has shared secret documents with the United States, and will share this document with the International Atomic Energy Agency. .
Since the beginning of this year, the world has been in the destocking stage, and the escalation of geopolitical iOnline crude oil tradingssues has led to an increase in market expectations for future supply gaps. Oil prices have continued to rise; the impact of the Middle East problem on supply has basically been reflected in oil prices, and it depends on whether the expectations will be realized in the later period. .
The core of price fluctuations is speculative demand. The influx of a large number of buying orders, coupled with short cover, has pushed up oil prices. The high long position is the core reason that supports the rising oil prices. Oil prices are still bullish tonight. The final transaction will be completed at 2:00 AM on Saturday morning. After settlement, a large number of long positions will be profitable and cleared. Dear friends, control the risks.