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Market News NYMEX crude oil is still looking at $80.35
NYMEX crude oil is still looking at $80.35
On November 25, international oil prices remained stable, and major consumer countries urgently released reserve crude oil in order to cool the market. However, data showed that US fuel demand was stable. Investors are waiting for a response from major oil-producing countries. NYMEX crude oil is still looking at US$80.35.
2021-11-25
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On Thursday (November 25), international oil prices remained stable, and major consumer countries urgently released reserves of crude oil in order to cool the market, but data showed that US fuel demand was stable. Investors are waiting for a response from major oil-producing countries. NYMEX crude oil is still looking at US$80.35.
GMT+8 14:01, NYMEX crude oil futures rose 0.05% to 78.43 US dollars / barrel; ICE Brent crude oil futures rose 0.18% to 81.20 US dollars / barrel.
Fitch analyst Jake Leiby said in a report: "The coordinated release of strategic oil reserves may eventually become a short-term political victory for all parties involved, but we do not expect it to have a lasting impact on crude oil fundamentals."
Data from the U.S. Energy Information Administration (EIA) on Wednesday showed that gasoline and distillate inventories fell more than expected, reaching 1.968 million barrels and 603,000 barrels respectively. Even if crude oil inventories rise, this indicates that the market needs more crude oil.
OPEC+ previously rejected the calls of major oil-consuming countries, including the United States, to speed up production, and insisted on the policy of increasing production by 400,000 barrels per day. US oil inventory data suggests that demand for oil products is still healthy, adding new pressure to the tight supply and demand situation.
All eyes are now on the Organization of Petroleum Exporting Countries and its partners (OPEC+), who will meet next week to discuss oil demand and supply. OPEC+ sources said that although the United States and other countries have released crude oil reserves, OPEC+ is currently not discussing a suspension of production increases.
Rystad Energy analyst Louise Dickson said in a comment: "The bold move by crude oil importers opens the door for OPEC+ to adjust its supply policy downwards at the next (meeting) on December 2, 2021."
On the daily chart, NYMEX crude oil is in the upward (3) wave that started from 74.76 US dollars. The upper resistance level looks to 23.6% target of 80.35 US dollars and 38.2% of target of 83.80 US dollars. (3) Wave is a sub-wave of the upward ((3)) wave that started from $61.74.
GMT+8 14:01, NYMEX crude oil futures rose 0.05% to 78.43 US dollars / barrel; ICE Brent crude oil futures rose 0.18% to 81.20 US dollars / barrel.
Fitch analyst Jake Leiby said in a report: "The coordinated release of strategic oil reserves may eventually become a short-term political victory for all parties involved, but we do not expect it to have a lasting impact on crude oil fundamentals."
Data from the U.S. Energy Information Administration (EIA) on Wednesday showed that gasoline and distillate inventories fell more than expected, reaching 1.968 million barrels and 603,000 barrels respectively. Even if crude oil inventories rise, this indicates that the market needs more crude oil.
OPEC+ previously rejected the calls of major oil-consuming countries, including the United States, to speed up production, and insisted on the policy of increasing production by 400,000 barrels per day. US oil inventory data suggests that demand for oil products is still healthy, adding new pressure to the tight supply and demand situation.
All eyes are now on the Organization of Petroleum Exporting Countries and its partners (OPEC+), who will meet next week to discuss oil demand and supply. OPEC+ sources said that although the United States and other countries have released crude oil reserves, OPEC+ is currently not discussing a suspension of production increases.
Rystad Energy analyst Louise Dickson said in a comment: "The bold move by crude oil importers opens the door for OPEC+ to adjust its supply policy downwards at the next (meeting) on December 2, 2021."
On the daily chart, NYMEX crude oil is in the upward (3) wave that started from 74.76 US dollars. The upper resistance level looks to 23.6% target of 80.35 US dollars and 38.2% of target of 83.80 US dollars. (3) Wave is a sub-wave of the upward ((3)) wave that started from $61.74.
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