The EIA report shows that as of the week of April, US crude oil inventories decreased by 0 million barrels to 27.6 billion barrels, and the market estimated a decrease of 490,000 barrels. Last week, Cushing, Oklahoma's crude oil inventories fell by 50,000 barrels. After five consecutive weeks of growth, they recordeIllinois crude oil pricesd a decline, and the largest single-week decline in seven weeks in the week of the 2nd of the month.
Crude oil prices rebounded at a deep V near US$65, and US API inventories will be announced tonight. Crude oil prices are expected to set a record high for the year. However, the editor reminds all crude oil investors to pay attention to black swans flying out of the Korean Peninsula.
US WTI crude oil July futures closed down $06, or 6%, on Monday, June 4, at $675 per barrel. August Brent crude oil futures closed down $5, or 95%, to $779 per barrel on Monday. Concerns that US crude oil production continues to rise are still fermenting. At the same time, potential production increases in countries such as OPEC and Russia may still exist, which has hit the bulls’ sentiments. US WTI crude oil futures prices hit the lowest intraday US$657/barrel, while Brent crude oil futures prices reached the lowest intraday US$720/barrel.
China Petroleum.com believes that although the OPEC meeting has missed a lot of production increases in the early stage, and Saudi Arabia or Russia have indeed seen signs of increasing production, even so, there are still countries within OPEC that are unwilling to increase production. According to reports, Iranian Petroleum Minister Zangane said that I do not believe that we can reach an agreement at this meeting. OPEC is not an organization led by President Trump... OPEC is not part of the US Department of Energy.
Almost all crude oil is priced in U.S. dollars. As the U.S. dollar has also begun to strengthen, the market has begun to worry that this may cause a blow to the economy, especially in Asia, which is particularly dependent on crude oil imports, which may lead to rising inflation as costs continue to rise. It will hit investors and related companies.
This exploration result is of great significance to Norway, which is coming out of a three-year severe recession, because it will help increase the utilization rate of pipelines while also helping to prevent a plummet of oil and gas output in the future, thereby maintaining the Norwegian energy industry and even The steady development of the entirIllinois crude oil pricese economic operation.
CNOOC's semi-annual report also showed that the first half of the net production was 2 million barrels of oil equivalent, which was in line with the expected target. The annual production target of 470-480 million barrels of oil equivalent remained unchanged. In the first half of the year, 8 new discoveries were made in exploration, including 6 in sea areas and 2 overseas. Among them, the Bohai Oilfield successfully evaluated two billion-ton discoveries: Bozhong 9-6 is expected to become a billion-ton oil equivalent gas field, and Bozhong 29-6 is expected to become a billion-ton oil field. The recoverable resources of the Stabroek block in Guyana exceed 4 billion barrels of oil equivalent, and CNOOC has a 25% interest. Two of the five new projects planned to be put into production at the beginning of the year have been successfully put into production, and other projects under construction have also been successfully launched.
It is worth noting that the FOMC permanent voting committee, Fed governor Quarles, and the 208 voting committee and Cleveland Federal Reserve Chairman Meester at 06:45 tomorrow morning will deliver speeches. According to CME observations, the probability that the Fed will raise interest rates by 25 basis points to 75%-2% in June this year is 94%. If Fed officials have more hawkish comments, it may provide more thrust to the dollar.
However, US President Trump announced last month that he would extend the US sanctions exemption period on the Iranian nuclear issue for the last time. He set May 2 as the deadline for amending the Iran nuclear agreement, threatening that if there is no amendment plan to his satisfaction by then. , The United States will withdraw from the Iran nuclear agreement.