The hottest NYMEX crude oil closed due to oversupp

2022-08-11
  • Detail

(NYMEX crude oil closed) US crude oil fell sharply on Monday due to oversupply and Saudi Arabia's price cut

(NYMEX crude oil closed) US crude oil fell sharply on Monday due to oversupply and Saudi Arabia's price cut

January 6, 2015

[China paint information] due to the official statements of Russia and Iraq that production increased, Iraq also plans to increase exports, Saudi Arabia cut prices in Mecca, Asia, and NYMEX crude oil futures fell $2.65, or 5.03%, to $50.04/barrel

trend description on Monday (January 5):

after the opening of the Asian market, the oil price fell under pressure with the rise of the US dollar. Although the price rebounded in the European market due to the fall of the US dollar, it soon returned to the downward trend and fell below the $50 mark in New York. The NYMEX crude oil futures hit $52.73/barrel at the highest level and $49.68/barrel at the lowest level

Negative factors behind the basic use of computer technology:

a spokesman for the Iraqi Ministry of oil said on Sunday that Iraq plans to increase the daily export of crude oil in January to 3.3 million barrels. Iraq exported 2.94 million barrels of crude oil on December, the highest level since the 1980s. In December, Iraq and its semi autonomous Kurdish region in 2013 reached an agreement to export crude oil through Turkey, and then stopped data processing. They had not reached an agreement on independent crude oil exploitation in Kurdish region for several years before. The agreement allows northern Iraq to export 550000 barrels of crude oil per day through the Mediterranean port of Ceyhan through an oil pipeline

preliminary data released by the Russian Ministry of energy on January 2 showed that Russia's daily crude oil exports increased by 0.3% to 10.667 million barrels in December, the highest level since the collapse of the Soviet Union

Saudi Arabia lowered the selling price of February Brent crude oil futures to Asian buyers by $1.40/barrel

the intraday dollar index (91.3700, -0.0600, -0.07%) rose to 91.83 and fell back and held at a high level. The Federal Reserve may raise interest rates as early as April to keep the dollar higher

Outlook:

John Kilduff, partner of again capital LLC, said in an interview: "supply growth combined with" Muriel ginollin, global market manager of solvit polymers, said that the combination of weak demand was the reason why crude oil was deeply in a bear market, and the increase in production in Russia and Iraq further increased the negative sentiment in the market. "

however, a Morgan Stanley research report pointed out that there are still many "troubles" to experience in oil prices in 2015. The research team led by Adam longson said that in order to fight against Russia and Iraq to increase production, West Africa, South America, the United States and Canada may increase their production, and the impact of the Libyan oil port fire has been offset. Analysts also suggested that if the sanctions against Iraq were lifted, the export volume could increase by 500000 barrels per day

focus:

Tuesday (January 6)

08:30 Australia's November import and export data

23:00 revised US November durable goods orders

23:00 US December ism non manufacturing PMI

Copyright © 2011 JIN SHI