International oil prices rose by more than 1%, API inventories fell more than expected; another major support in the medium term
On September 22, international oil prices climbed more than 1%, continuing the overnight rally. Previous industry data showed that after the two hurricanes, US crude oil inventories fell more than expected last week, highlighting the tight supply as demand improves. Global natural gas prices are expected to break records this winter, which increases the attractiveness of oil as an alternative. Taking into account this strong support factor, the physical demand for crude oil will remain strong.

On Wednesday (September 22), international oil prices climbed more than 1%, continuing the overnight rally. Previous industry data showed that after the two hurricanes, US crude oil inventories fell more than expected last week, highlighting the tight supply as demand improves.
GMT+8 14:48, NYMEX crude oil futures rose 1.59% to 71.62 US dollars / barrel; ICE Brent crude oil futures rose 1.44% to 75.43 US dollars / barrel.
Ravindra Rao, Vice President of Commodities Division of Kotak Securities, said: "Crude oil is supported by the American Petroleum Institute (API) weekly report, which pointed out that the decline in US crude oil inventories was greater than expected. Later today, the U.S. Energy Information Administration (EIA) announced Before the weekly report, and before the Fed meeting resolution is released, prices are still in the range."
API data released overnight showed that as of the week of September 17, crude oil inventories fell by 6.108 million barrels, a drop far greater than the market's expected 2.4 million barrels. The market will pay attention to the official inventory data released by the U.S. Energy Information Administration (EIA) later in the day to confirm the decline in crude oil and oil product inventories.
Due to the hot summer in the northern hemisphere and low inventories in major markets, global natural gas prices are expected to break records this winter, which increases the attractiveness of oil as an alternative. Taking into account this strong support factor, the physical demand for crude oil will remain strong.
Royal Dutch Shell, the largest oil producer in the U.S. Gulf of Mexico, said that damage to its offshore transmission facilities will lead to a reduction in production until the beginning of next year, and supply is expected to continue to be tight.
Sources told the Organization of the Petroleum Exporting Countries and its allies (OPEC+) that it is difficult to produce enough oil to meet global demand, which further supports the market. Several OPEC+ members including Nigeria, Angola and Kazakhstan have struggled to increase production in recent months.
Oil tanker data provided by sources in the trade show that India’s crude oil imports rebounded from a nearly one-year low in July and rose to a four-month high of 4.2 million barrels per day in August. Refiners increased mainly from Latin America and the United States. purchase amount.
According to the export schedule, compared with the third quarter of this year, Russia’s exports of Ural crude oil through the Baltic Sea Port Primorsky Port and Ust-Luga Port in the fourth quarter are expected to increase by more than 16%, reaching 18.7 million tons. Due to possible adverse weather conditions, the export volume of the Ural and Siberian lightweight mixture through the port of Novorossiysk on the Black Sea is expected to remain unchanged at 6.1 million tons.
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