Brent Crude Oil Market

Brent Crude Oil Market

OPEC's latest monthly report shows that OPEC crude oil production in May increased by 540,000 barrels per day to 890,000 barrels per day. According to second-hand sources, Saudi Arabia’s May crude oil production increased by 10,000 barrels/day to 0 million barrels/day; Iraq’s May crude oil production increased by 770,000 barrels/day to 4.45 million barrels/day; at the same time, Iran’s May crude oil producBrent Crude Oil Markettion increased by 0.56. 10,000 barrels/day to 890,000 barrels/day. At the same time, data reported by Venezuela showed that May output has increased since a long-term low, with a month-on-month increase of 80,000 barrels/day to 50,000 barrels/day.

U.S. oil exports have reached a new high, and the trend is clearly rising. For most of 208, the weekly oil export volume of the United States hovered around 2 million barrels, and the average weekly export volume in June is expected to be 200,000 barrels. In the long term,

Now that oil prices have stood at 70 dollars, countries such as Saudi Arabia and Russia have already made a lot of money. According to calculations by the Russian Ministry of Finance, due to the increase in oil prices, Russia’s oil and gas revenue will increase by five times its 208 expected revenue, reaching 44.4 billion U.S. dollars and 74 trillion rubles. It is expected to have its first budget surplus in 20 years.

Although Saudi Arabia accounts for one-third of OPEC’s output, OPEC usually negotiates and resolves with all members. If OPEC’s internal calls for increasing production and lowering prices are high, Russia will also pressure Saudi Arabia as a non-OPEC member, and it is not impossible to terminate the production reduction agreement early. .

Calculated based on the opening of the refined oil adjustment window for ten working days, there are currently only 4 working days before the opening of the refined oil price adjustment window. July is the sixth working day. Zhuo Chuang Information measured the rate of change of crude oil by 96%, and the price of refined oil is expected to increase by RMB 225/ton. The calculation results of Zhongyu Information show that the rate of change of crude oil is 07%. The crude oil price of Zhongyu is estimated to be US$755/barrel, which is an increase of US$528/barrel from the benchmark price. The price of refined oil is expected to increase by RMB 225/ton. Jinlianchuang refined oil analyst said: In the short term, international oil prices can move strongly, and domestic refined oil prices will rise next Monday, July 9.

As of the close, the main contract SC809 closed at 465 yuan/barrel, a decrease of 0.64%, with a trBrent Crude Oil Marketading volume of 92,790 lots, and today's open interest decreased by 444 hands to 2,846 hands. The contract fell by 0.% last week.

As shown in the figure above, the three-track Bollinger Bands are moving upward. The upward channel is intact. The K-line is strongly supported by the middle Bollinger Bands, and the upper 70 USD forms a resistance level. If the oil price rises above the level, the market outlook is expected to break through to around USD 00.

Summary: In the early morning of Wednesday, October 24, Beijing time, data released by the American Petroleum Institute API showed that the US API crude oil inventory increased by 9.88 million barrels in the week as of October 9, with an expected increase of 550,000 barrels; gasoline inventories decreased by 2.85 million barrels; Refined oil inventories decreased by 250,000 barrels; after the data was released, U.S. oil fell rapidly in the short-term, once again fell below the $66 mark, and tested the $65 support downward.

Summary: Last week's trade war between China and the United States and the United States' sanctions on Iran will be implemented this month, making Asian refineries uneasy. It is very likely that the import of crude oil from the United States will be reduced. This measure will cause certain losses to the United States, and South Korea may profit from it.