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Worry about the decrease of crude oil supply

wallpapers News 2020-11-18

On Monday, August 12, the problem of Libya's crude oil exports has not been effectively solved, the rising Geopolitics in the Middle East has provided support for oil prices.

At the same time, the market is expected to reduce U.S. crude oil stocks last week, also good for oil prices, international oil prices rose for three consecutive days.

However, the strength of the dollar index on the same day narrowed the rise of oil prices.

1、 Summary of international crude oil market closing: (1) the settlement price of NYMEX light low sulfur crude oil futures contract in September rose by US $0.

72 to US $106.

83 per barrel.

(2) ice's September Brent crude oil futures contract settlement price rose 0.

85 US dollars to 109.

82 US dollars per barrel.

In the Middle East, some media reports said that the scale of Libya's oil export has dropped to the lowest level in two years.

On Monday, a security strike at the two largest crude oil export ports led to a temporary shutdown.

Rumor has it that Libya's deputy oil minister said exports would resume as early as Thursday, before trade unions local governments reached an agreement to end the strike.

In addition, the failure of some production facilities in Beihai oilfield has also boosted crude oil prices.

A North Sea trader said production at Ekofisk fell slightly due to production problems, but cargo loads were not affected.

Investors are worried about the unstable supply of crude oil market.

Economic data: the retail sales data released by the U.S. Department of Commerce showed that the sales volume increased by 0.

2% in July.

Although the growth rate was slightly lower than the market expectation of 0.

3%, it was the fourth consecutive month growth of this project.

Excluding the 1.

0% decline in auto sales, the retail sales in July increased by 0.

5%, better than the market expectation of 0.4%. The economic data in Europe was better than expected.

According to the data from the European Economic Research Center of Germany, the economic climate index of the euro zone in August increased by 11.

2 to 44.

0 compared with the previous month, the economic climate index of Germany in the same month increased by 5.

7 to 42.

0, all higher than market expectations.

The center's report says some of the major euro zone countries are showing signs of ending the recession.

The bright global economic outlook has boosted crude oil dem expectations.

In addition, some analysts expect us crude oil gasoline inventories to decrease last week, which also boosted oil prices.

However, under the pressure of the stronger dollar exchange rate, the rise of oil price narrowed.

2、 Fundamental news: 1.

Libya's largest oil export terminal was closed again after a brief reopening, port officials said on Monday.

Previously, the country's crude oil production dropped sharply to 800000 B / D due to the interruption of ports equipment. 2. BP spokesman Jan Erik geirmo said on Monday that production in the North hessk oil field had been cut because of a gas turbine engine failure on August 7. 3. U.S. retail sales rose 0.

2% a month in July is expected to grow 0.

3%, according to data released by the Department of Commerce (DOC) on Tuesday.

Retail sales rose at a monthly rate of 0.

6% in June. U.S. retail sales rose for the fourth consecutive month in July, core retail sales recorded the largest monthly increase since December last year, indicating that the U.S. economy is getting rid of the impact of tax increases federal budget cuts. 4. Data released by the U.S. Department of labor (DOL) on Tuesday showed that the monthly rate of U.S. import price index rose slightly by 0.

2% in July, lower than the expected 0.6%. 5. According to the data of the European Economic Research Center of Germany, the economic climate index of the euro area in August increased by 11.

2 to 44.

0 compared with the previous month, the economic climate index of Germany in the same month increased by 5.

7 to 42.

0, all higher than market expectations.

3、 Outlook: from a macro perspective, the US retail sales data the performance of the European economic climate index support oil prices, but the rise of the US dollar index puts pressure on oil prices.

In terms of fundamentals, the latest data released by the American Petroleum Institute showed that in the week ending August 9, U.S. crude oil inventories fell while refined oil inventories increased.

US crude oil inventory decreased by 999000 barrels, gasoline inventory increased by 1.

7 million barrels, distillate oil inventory increased by 1.

1 million barrels.

Fundamentals are still in a relatively good state, which is conducive to the rise of oil prices.

In addition, crude oil exports from Iraq Libya are again blocked, which may affect OPEC crude oil supply in the short term support oil prices.

The EIA will focus on changes in crude oil inventories.


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TRUNNANO (aka. Luoyang Tongrun Nano Technology Co. Ltd.) is a trusted global chemical material supplier & manufacturer with over 12 years' experience in providing super high-quality chemicals and Nanomaterials. The nitride powder produced by our company has high purity, fine particle size and impurity content. Please contact us if necessary.
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