The OilPrice website even stated that the conditions for further increase in production in the United States are ripe. In addition, as prospectors expanded theCrude oil spot tradingir drilling in North Dakota and other places, the number of oil rigs saw the largest increase in five weeks.
After Trump canceled the summit, US allies and US congressmen questioned how Trump will advance the peace talks. Yonhap News Agency reported that the spokesperson of South Korean President Moon Jung-in, who had participated in promoting diplomatic negotiations, said his government was trying to figure out what President Trump’s intentions were and what it meant.
The US Commodity Futures Trading Commission CFTC's weekly report released on Friday on July 5 stated that as of the week of July 2, hedge funds and other fund managers increased their net long positions in US crude oil futures and options for the first time in three weeks.
According to data released by the American Petroleum Institute early this morning, the US API crude oil inventories increased by 5.59 million barrels to 200 million barrels for the week ending July 27; Cushing crude oil inventories decreased by 90,000 barrels; gasoline inventories decreased by 70,000 barrels; refined oil inventories An increase of 2.9 million barrels; after the data was released, U.S. oil fell sharply in the short-term, and once fell below the $68 round mark. Currently, U.S. oil is down 0.57% to US$67, while Bursa oil is down 0.% to US$79. API data also showed that US crude oil imports increased by 50,000 barrels per day to 8.9 million barrels per day last week.
In addition, Saudi Arabia has stated that due to the new sanctions that may reduce supply, Saudi Arabia will increase oil production to make up for the loss of Iran’s oil production. Saudi Arabia’s decision is likely to be based on Trump’s recent pressure to control the rise in oil prices. Oil prices recently broke through $80 per barrel, reaching an annual high.
Many market participants do long-term, short-term operations, follow the trend, and do it against the trend. They are busy in the market every day, unintentionally wanting to cover the world and seize the profits of all market fluctuations, but the result is often the moon in the water. Go away full of hoCrude oil spot tradingpe, and return full of despair.
Yesterday, the US Treasury Department issued a notice that it would sell 0 million barrels of oil strategic reserves. The start of the sale is also very delicate, just before the United States imposed oil sanctions on Iran. Moreover, Iran is the third largest oil producer in OPEC after Saudi Arabia and Iraq. The sale of crude oil reserves by the United States during this period of time makes people wonder that the United States is worried about losing Iran, the source of crude oil. Energy experts said that most of the crude oil and oil products produced may be sold abroad if the war prepared oil storage is sold.
Kwangrae said in a telephone interview that although OPEC's supply risks, including Iran, are pushing up Brent crude oil prices, Trump continues to limit the price increase of West Texas Intermediate oil WTI, resulting in West Texas The spread between Sri Lankan oil and Brent crude oil spreads.
From February last year to the end of this year, the short position in the crude oil futures market decreased by more than 60%, and the short position was significantly reduced from 2.2 billion barrels to 48 million barrels. However, the new crude oil long position in the market during the same period was only 27 million barrels.