The data shows that as of the 8th working day in China, the overall crude oil variety change rate is -74%. The current estimate of the oil price is about 2 yuan/ton, wCrude oil spot price quotehich is about 0.25 yuan/liter, and a full 50-liter tank can save 2 With a lot of yuan, oil prices are already very safe in the 7th era.
Since the signing of the 206 production reduction agreement, oil prices have risen sharply. With the signing of the production reduction agreement in February 206, oil prices rose from around US$45, and then touched around US$55, an increase of nearly 0%. This is also the first time that OPEC member states have reached an agreement to reduce production since 2008, and the agreement is initially valid for six months.
The cost of oil-producing countries outside the United States is lower than that of the United States. The current pattern is that low-cost countries restrict production and increase crude oil prices. The high-cost United States does not restrict production to seize the market. This is undoubtedly for other countries. A sale that hurts oneself and others.
Russia believes that this plan will bring stability to the oil market during the period of strong summer oil demand in the northern hemisphere. It is reported that Russia will continue to support the alliance between OPEC and other oil-producing countries until 209, and whether to set new quotas based on market demand.
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.
Tian Youjia, an analyst at Soochow Futures Research Institute, pointed out that the current roundCrude oil spot price quote of oil price correction is a correction for the excessively high risk premium given to the previous market. From a fundamental point of view, the peak of summer travel in the United States is approaching, and the gap between supply and demand remains, and crude oil futures are expected to maintain a high level of consolidation.
The U.S. Energy Information Administration EIA released a report on Wednesday May 9 that showed that as of the week of May 4, crude oil inventories in Cushing, Oklahoma increased by 80,000 barrels. In addition, last week, domestic crude oil production in the United States increased by 40,000 barrels to 0.7 million barrels per day, a weekly increase.
Therefore, for the entire crude oil market, one of Trump’s decisions this week may be the last step to push to the entire domino. Once Trump announces the point of tearing up the agreement, a series of market reactions will emerge one after another. Large markets may have to usher in varying degrees of impact.