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Market News NYMEX crude oil expected to rise to US$75.15

NYMEX crude oil expected to rise to US$75.15

On September 24, international oil prices rose for the fourth consecutive day. There was a strong demand for higher risk assets such as crude oil and the eager hope of economic recovery from the epidemic. The tightening of crude oil supply attracted investors' attention. NYMEX crude oil is expected to rise to 75.15 US dollars.

LEO

2021-09-24

8762

On Friday (September 24), international oil prices rose for the fourth consecutive day. There was a strong demand for higher risk assets such as crude oil and the eager hope of economic recovery from the epidemic. The tightening of crude oil supply attracted investors' attention. NYMEX crude oil is expected to rise to 75.15 US dollars.

GMT+8 14:05, NYMEX crude oil futures rose 0.20% to 73.44 US dollars / barrel; ICE Brent crude oil futures rose 0.31% to 76.70 US dollars / barrel. The two cities hit a new high of $73.66/barrel since August 2 and a new high of $76.94/barrel since July 6.

As global demand recovers from the new crown pandemic, it is difficult for the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to release sufficient production capacity in time to meet global oil demand. Oil prices seem to be in a unilateral upward channel, and risk appetite is high.

US Energy Information Administration (EIA) data show that the capacity utilization rate of US East Coast refineries has increased to 93%, the highest since May 2019, which is a sign of increasing fuel demand. EIA data also showed that last week, US crude oil inventories fell to the lowest in the past three years, gasoline inventories rose, and the refining industry continued to resume production after Hurricane Ida.

Analysts and traders said that the recovery of crude oil production capacity in the Gulf of Mexico, which was previously suspended due to hurricanes, was slow. U.S. refiners had to seek alternatives. Their main targets were crude oil from Iraq and Canada, while Asian buyers turned to seek alternatives. Middle East and Russian crude oil.

On the daily chart, U.S. crude oil is in an upward ((3)) wave starting from $61.74, and the recent resistance above it looks to the 23.6% target at $78.37. On the hourly chart, oil prices are in an upward ((iii)) wave starting from US$69.40, breaking the 76.4% target of US$73.65, and are expected to further touch the 85.4% target of US$75.15. (iii) The wave is a three-wave upward wave that started from $67.58.