Compared with last year, the oil drilling volume in 8 regions except the Middle East will increase. Drilling activity in thNew York Mercantile Exchange crude oil spot price historye Middle East is expected to decline slightly by 0.5%. The world oil company said that the output of the main oil producing countries in the Middle East in 209 was still very strong.
However, in the end, the significant drop in API data completely dispelled the market’s doubts. Crude oil prices also stopped falling and rebounded and recorded a V-shaped trend. More importantly, the positive API inventory also brought confidence to the market, that is, the EIA inventory. The results may also be positive. Sure enough, on Wednesday night, EIA was synchronized with API again. Inventory data recorded a sharp drop. Crude oil rose directly broke out, with a single-day increase of more than $2, and oil prices were directly pushed to the 70 mark by the bulls.
Since Trump announced a ban on the import of Iranian crude oil, many countries with close contacts with the United States, such as Japan, South Korea and many European countries, have stopped importing Iranian crude oil for the first time. They chose to ignore Trump's threats and continue to import. And India, as a major oil consumer and the major importer of Iranian crude oil, initially stated that it would not terminate cooperation with Iran.
The agreed Abu Dhabi oil block is the largest oil block in the UAE. It has 4 oil fields with an average daily output of 600,000 barrels per day, equivalent to 80 million tons per year. And the oil production of the oil field is still increasing, it is expected to reach 2 million barrels per day in 202, equivalent to an annual output of 100 million tons.
The famous financial blog Zerohedge commented on EIA crude oil inventories from the United States until June 22, saying that after the American Petroleum Institute’s API crude oil inventories fell more than expected this morning, WTI crude oil continued to soar, and that week’s EIA crude oil inventories recorded September 9, 206 The biggest drop since the week, boosted WTI to rise above 72 US dollars / barrel. With U.S. oil prices remaining above $70, it was previously expected that U.S. crude oil production would continue to increase, but the current domestic production is flat at 0.9 million barrels per day, which may be affected by the Permian Basin pipeline bottleneck. Analysts said that despite Saudi Arabia’s plans to increase production, the market’s concerns about the suspension of production in Canada or Libya have not diminished, which will continue to push up oil prices.
There is speculation that even after ending the waiver of US sanctions on Iran, Trump may continue to seek negotiations and use theNew York Mercantile Exchange crude oil spot price history most severe sanctions as a bargaining chip to try to impose restrictions on Iran’s ballistic missile program. This news triggered a reaction to oil selling news, pushing the US WTI price below US$70/barrel.
Anxious and anxious. After all, people are not sages, and because of the unpredictable market situation, investors are sometimes unavoidable. This kind of anxiety is a taboo for crude oil spot investment. It will greatly compromise investors' trading skills, and it will also cause investors to be unable to calmly think and make irreparable wrong decisions.
Iran’s Foreign Minister said on Thursday that the United States’ request to amend the 205 nuclear agreement with world powers is unacceptable, and the deadline set by Trump for Europeans to resolve the agreement is approaching.
Reuters said that in addition to Russia is pushing oil producers to withdraw from production cuts, another major oil exporting country, Saudi Arabia, is also urging OPEC and its allies to substantially increase oil production from July to meet growing demand. However, Saudi Oil Minister Falih’s statement was relatively vague. He only predicted the success of the Vienna Conference on June 22. I think there will be an agreement that will satisfy the most important market. This agreement is reasonable and moderate. It is not surprising. .