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Market News International oil prices continue to rebound, while supply and demand are tight, Saudi Arabia "take advantage of the fire"

International oil prices continue to rebound, while supply and demand are tight, Saudi Arabia "take advantage of the fire"

On November 8, international oil prices continued their last trading day's rise. Positive signs of global economic growth supported energy demand. At the same time, Saudi Arabia’s state-owned oil producer, Saudi Aramco, raised its official crude oil price. The move by Saudi Aramco shows that "demand remains strong."

2021-11-08
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On Monday (November 8), international oil prices continued their last trading day’s gains. Positive signs of global economic growth supported energy demand. At the same time, Saudi Arabia’s state-owned oil producer-Saudi Aramco-increased its official crude oil price.

GMT+8 15:13, NYMEX crude oil futures rose 1.07% to US$82.14/barrel; ICE Brent crude oil futures rose 0.94% to US$83.54/barrel. The two cities closed up 2.99% and 1.98% respectively last trading day.


US President Biden praised Congress last Saturday (November 6) for passing the long-delayed $1 trillion infrastructure bill. The bill may promote economic growth and demand for fuel. And as more and more countries reduce restrictions on people's travel, air travel has become easier, and the demand for jet fuel seems to be resurging sharply.

Avtar Sandu, Senior Commodity Manager of Phillip Futures in Singapore, said: “We can expect that overall global GDP growth will support energy demand, and prices may rise due to tight fundamentals.”

The Saudi state-owned oil giant-Saudi Aramco-last weekend increased the official price (OSP) of Arabian Light Crude Oil to Asia in December to a premium of US$2.70 per barrel compared to Oman/Dubai crude oil, and the premium price difference increased by US$1.40 from this month. .

Saudi Aramco’s move shows that “demand remains strong” because the Organization of Petroleum Exporting Countries and its allies (OPEC+) maintain control of the scale of output. Previously, OPEC+ rejected the request of the United States to increase production by oil-producing countries and adhered to the current policy of increasing production by 400,000 barrels per day.

Traders said that Saudi Arabia's light crude oil price spread more than doubled in December, far exceeding the forecast of USD 0.30-0.90 per barrel raised in the survey at the end of October, sending a bullish signal to the global oil market.

A trader based in Singapore said: "This is just to tell you that Saudi Arabia is highly bullish, and they also think the market is very tight, which is why they dare to increase prices so much." He also said that the producers may be based on the Asian oil refining Profits are used to calculate prices. The sharp increase in gasoline and naphtha prices in October pushed up refining profit margins. Light oil produces a higher proportion of gasoline and naphtha.

U.S. President Biden said on Saturday that the U.S. government has ways to deal with high oil prices. When asked by reporters at the White House whether he would authorize the sale of the U.S. Strategic Petroleum Reserve, Biden said: "We have other tools in our arsenal that can be used in due course."

US Secretary of Energy Jennifer Granholm said that the Energy Information Administration (EIA) predicts that gasoline prices will fall to $3.05 per gallon in December. She said that this may not be the price level at which the strategic reserve comes into play. But she said the forecast may change.
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