Crude oil market price today

Crude oil market price today

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Affected by international oil prices, domestic refined oil prices have also fallen. After the price of gasoline and diesel was lowered by RMB 75/ton and RMB 65/ton respectively on the 2nd, the price of refined oil was lowered again, and the reduction was not small.

Previously, articles on this website mentioned many times that the crude oil market this year will be a contest between the increase in U.S. crude oil production and the reduction in OPEC. However, after the struggle for more than half a year, it seems that U.S. shale oil production may be facing the dilemma of stalling. . Scott, known as one of the creators of the shale revolution

In the short term, oil prices may be supported by continued geopolitical risks, as the market is concerned about the supply situation of Venezuela, especially Iran, and the United States' sanctions deadline is approaching. However, the market will eventually turn to worry about the continued growth of non-OPEC crude oil supply, and as the growth of emerging market economies slows, the problem of shrinking crude oil demand will also be worrying.

Data shows that in the past few weeks, gasoline prices in most parts of the United States have exceeded the dollar per gallon, and energy expenditures account for 5% of total household expenditures. This may reduce the demand for crude oil in the future, which in turn will put pressure on oil prices.

However, the market regarded this speech as aCrude oil market price today signal to withdraw from the production reduction agreement, and oil prices have recently fallen rapidly. But analysts believe that it is impossible to completely withdraw from the production reduction agreement. Maria, research director at Vygon Consulting

It is expected that in May, the mainland, India, Japan, South Korea and Turkey will continue to receive exemptions, and Iran’s oil export restrictions will be relaxed to 0 million barrels per day. However, Italy, Greece and Taiwan may be removed from the exemption list.

In summary, next Monday's price adjustment of refined oil products will likely end with the upward adjustment, which will make refined oil products in 209 a pattern of two consecutive increases. After the price adjustment, the travel cost during the Spring Festival will increase by about RMB yuan. In addition, if international oil prices continue to rise after the Spring Festival, domestic refined oil prices are likely to start the era of 7 yuan.

These companies do not spend money on new projects. They are reducing debt while creating cash for skeptical investors through stock buybacks or paying higher dividends. However, the International Energy Agency IEA warned that if new oil projects are not invested, the world may fall into a shortage of supply after 2020.

Judging from yesterday’s news, although the turmoil of the Iranian nuclear agreement has brought long support to the crude oil market, the sharp drop in the US dollar has further benefited oil prices, and the crude oil market has not seen a significant rise. This may be understood as The market has gradually digested the Iranian nuclear turmoil, and the rise in crude oil may be about to come to an end. If there is still no significant market change in crude oil on Friday, the market should be alert to the high price pullback next week, and the market is likely to step back on the 70 mark.