It is because of such fundamental considerations that fund managers look at oil prices. However, as oil prices rise, investors need to pay attention to whether high oil prices will affect the growth of demand for crude oil. Although the current global crude oil demand has been enough to help OPEC to alleviate the crisis of oversupply of crude oil. Another factor that needs attention is how much more crude oil will flowIce crude oil contract into the market from the United States and other non-OPEC oil-producing countries in addition to OPEC?
OPEC member states and Russia will meet in Vienna next month to discuss the issue of a production reduction agreement. The production reduction agreement has basically eliminated the global crude oil surplus, while pushing up oil prices to a high in more than three years. Even so, Saudi Arabia, the world's largest crude oil exporter, hopes that OPEC can continue to maintain its production reduction agreement.
Last week, the U.S. Energy Information Administration EIA issued a statement stating that the U.S.'s crude oil output surpassed Russia and Saudi Arabia, becoming the world's largest crude oil producer. The statement stated that in February of this year, US crude oil production surpassed Saudi Arabia for the first time in more than 20 years; and in June and August, US crude oil production surpassed Russia, which is the first time the US has surpassed since February 999. In addition, the U.S. Energy Information Administration also predicts that in the next few months and 209 years, U.S. crude oil production will continue to rank ahead of Russia and Saudi Arabia.
Fundamental analysis of spot crude oil: At 00:00 on the 2nd of Beijing time, US President-elect Trump will hold an inauguration ceremony and be sworn in as the 45th President of the United States at the Capitol in Washington, which has attracted the attention of the global market. In Asian markets on Friday, 20th, the U.S. dollar index fell slightly, non-US currencies rebounded, spot gold rose slightly, and US crude oil traded slightly above the $52 level. Pay attention to GDP, UK retail sales, Canadian retail sales and CPI. According to EIA data from the US Energy Information Association, crude oil inventories unexpectedly increased last week due to sharp reductions in refinery production. After the data was released, oil prices fell to daily lows. The data also shows that gasoline inventories have increased much higher than estimated, and gasoline inventories on the East Coast of the United States have reached the highest level in the same period in history. At this time of the year, refineries usually start stocking to prepare for the summer driving season. Oil prices have fluctuated up and down this year, as OPEC and other oil-producing countries hope to cut production, and concerns about a sharp rebound in US shale oil production have alternately affected the market. Spot crude oil trend analysis: U.S. oil was affected by EIA data yesterday. After a rapid drop, the bulls were strongly suppressed. It is now trading at the 5th line. On the daily line, U.S. oil received a cross star yesterday. The shorts of U.S. crude oil opened this week. , On the daily line, after the close yesterday, there was a phenomenon of stopping the decline, but the MA5/0 double line was glued, the head turned down, and the MACD double line moved downwards. At the same time, the weekly line was pressured above the 5 line to form a strong resistance level. On the whole, US crude oil is currently in a volatile and bearish trend.
U.S. gasoline inventories increased by 80,000 barrels, and the market estimated a decrease of 80,000 barrels, a record high in the two weeks since the week of 2nd. In addition, last week, domestic crude oil production in the United States increased by 2 million barrels to 0.75 million barrels per day, a weekly increase.
International crude oil prices fell nearly 2% oIce crude oil contractvernight, giving up weekly gains to close at $559. The fall in international oil prices increases the probability of a stranded oil product price adjustment next week, which is expected to usher in the first stranding in 209 years. In addition, the international oil market news is relatively strong, and it is expected that international oil prices may continue to rise next week.