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Market News International oil prices rose by more than 1%, the epidemic eased to improve demand, and new supply-side obstructions appeared

International oil prices rose by more than 1%, the epidemic eased to improve demand, and new supply-side obstructions appeared

On August 27, the international oil price rose by more than 1%, and the weekly surge was more than 10%, because the major Asian consumer countries contained the latest wave of epidemics caused by the Delta mutant strain. It is expected that there may be a hurricane over the weekend, and energy companies have begun to shut down production in the Gulf of Mexico, triggering concerns about supply disruptions.

2021-08-27
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On Friday (August 27), international oil prices rose by more than 1%, and the weekly surge was more than 10%, as major Asian consumer countries contained the latest wave of epidemics caused by the Delta mutant strain. It is expected that there may be a hurricane over the weekend, and energy companies have begun to shut down production in the Gulf of Mexico, triggering concerns about supply disruptions.

GMT+8 15:05, NYMEX crude oil futures rose 1.77% to 68.61 US dollars per barrel; ICE Brent crude oil futures rose 1.52% to 71.25 US dollars per barrel.


OANDA market analyst Edward Moya said: "Energy traders are pushing up crude oil prices because they expect production in the Gulf of Mexico will be affected, and due to the recent impact of the Delta variant virus on crude oil demand, the market increasingly expects OPEC+ may reject the increase in production. "

Companies began airlifting workers from oil production platforms in the Gulf of Mexico on Thursday (August 26). BHP Billiton and BP stated that they have already stopped the production of offshore platforms because a storm is brewing in the Caribbean Sea and is expected to hit the Gulf of Mexico over the weekend. .

DTN chief meteorologist Jim Foerster, who provides weather advice to oil and transportation companies, said: "The intensity of this storm is likely to increase rapidly before it makes landfall because the waters in Louisiana are very warm."

Due to storm concerns, gasoline prices on the Gulf Coast of the United States have risen in the past two trading days. Offshore oil wells in the Gulf of Mexico account for 17% of U.S. crude oil production and 5% of non-liquefied natural gas production. More than 45% of the U.S. refining capacity is located on the Gulf Coast. The possible disruption of supplies in the US Gulf of Mexico helped the crude oil market reverse Thursday’s decline.

ANZ Bank’s Research Department said in a report: “A storm is forming in the Caribbean Sea, and the market is immediately concerned. Slovakia caused destruction."

The prices of oil and other risky assets on Thursday were also under pressure from the remarks of Fed officials, who believe that the Fed must continue to reduce stimulus measures. Vandana Hari, an energy analyst at Vanda Insights, said that this uncertainty may continue until Fed Chairman Powell speaks later on Friday.

The day before Powell’s speech at the annual meeting of the global central bank, three hawkish officials, including Kansas City Fed Chairman George, St. Louis Fed Chairman Brad, and Dallas Fed Chairman Kaplan, each played down the impact of the Delta variant virus in an interview and urged the Fed. Start to reduce debt purchase plans. They believe that the plan has become ineffective and even harmful.

Analysts also expect that after Fed Chairman Powell's speech later on Friday, the trend of the US dollar will become an important factor affecting oil prices on Friday. The market expects that Powell may give some clues about the plan to reduce bond purchases in the fourth quarter.

Commonwealth Bank of Australia (CBA) commodities analyst Vivek Dhar said: “If we do see an early contraction, our expectation is that the dollar will rise, which will put pressure on oil and other commodities.”
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