Market News NYMEX crude oil market outlook is expected to rise to 71.24 US dollars
NYMEX crude oil market outlook is expected to rise to 71.24 US dollars
On September 7, international oil prices rose. Although Saudi Arabia’s sharp price cuts triggered concerns about demand prospects, the hurricane’s destructive impact on U.S. crude oil supplies has not yet been eliminated, and oil prices have therefore been supported. NYMEX crude oil market outlook is expected to rise to 71.24 US dollars.
2021-09-07
7196
On Tuesday (September 7), international oil prices rose. Although Saudi Arabia’s sharp price cuts triggered concerns about demand prospects, the hurricane’s destructive impact on US crude oil supplies has not yet been eliminated, and oil prices have therefore been supported. NYMEX crude oil market outlook is expected to rise to 71.24 US dollars.
GMT+8 14:07, NYMEX crude oil futures rose 0.14% to 69.38 US dollars per barrel; ICE Brent crude oil futures rose 0.77% to 72.78 US dollars per barrel. (Note: The U.S. market is closed on Monday without settlement)
Saudi Aramco has notified relevant Asian customers that it will lower the official selling price (OSP) of all grades of crude oil delivered in October by at least $1 per barrel. The sharp price cuts indicate that consumption in the world's largest crude oil importer is still tepid, as the blockade measures taken by various parts of Asia to combat the new crown mutant strain Delta cast a shadow over the economic outlook.
After Saudi Arabia significantly lowered its crude oil prices for Asian customers, the demand issue once again became the focus. Previously, the Organization of Petroleum Exporting Countries and its partners (OPEC+) decided to maintain the policy of increasing production by 400,000 barrels per day from August to December.
Fujitomi Securities Co Ltd. analyst Toshitaka Tazawa said: “Investors are more entangled due to the uncertainty of the future direction of the market. We expect that as the US summer driving activities weaken and the US employment report is weaker than expected, it highlights economic activity. If it slows down, it will be difficult for oil prices to rise."
The new non-agricultural jobs in the U.S. economy in August hit a record low in seven months. As demand from industries such as leisure travel and hotels stagnated due to the re-recovery of the new crown epidemic, recruitment in related industries was sluggish.
However, due to concerns that U.S. crude oil supply will still be limited after Hurricane Ida, oil prices are therefore supported. After "Ada" destroyed offshore oil wells and onshore oil refineries in the Gulf of Mexico, hedge funds established long oil positions last week at the second fastest rate this year.
US regulators said on Monday (September 7) that more than a week after Hurricane Ida landed and hit critical infrastructure in the Gulf of Mexico, more than 80% of the local oil production remained closed.
On the daily chart, U.S. oil is in an upward ((3)) wave starting from 61.74 US dollars, and the upper short-term target is at the 14.6% target of 72.03 US dollars. On the hourly chart, oil prices may start a three-wave upward trend from US$68.25, and the market outlook is expected to rise to the 38.2% target of US$71.24.
GMT+8 14:07, NYMEX crude oil futures rose 0.14% to 69.38 US dollars per barrel; ICE Brent crude oil futures rose 0.77% to 72.78 US dollars per barrel. (Note: The U.S. market is closed on Monday without settlement)
Saudi Aramco has notified relevant Asian customers that it will lower the official selling price (OSP) of all grades of crude oil delivered in October by at least $1 per barrel. The sharp price cuts indicate that consumption in the world's largest crude oil importer is still tepid, as the blockade measures taken by various parts of Asia to combat the new crown mutant strain Delta cast a shadow over the economic outlook.
After Saudi Arabia significantly lowered its crude oil prices for Asian customers, the demand issue once again became the focus. Previously, the Organization of Petroleum Exporting Countries and its partners (OPEC+) decided to maintain the policy of increasing production by 400,000 barrels per day from August to December.
Fujitomi Securities Co Ltd. analyst Toshitaka Tazawa said: “Investors are more entangled due to the uncertainty of the future direction of the market. We expect that as the US summer driving activities weaken and the US employment report is weaker than expected, it highlights economic activity. If it slows down, it will be difficult for oil prices to rise."
The new non-agricultural jobs in the U.S. economy in August hit a record low in seven months. As demand from industries such as leisure travel and hotels stagnated due to the re-recovery of the new crown epidemic, recruitment in related industries was sluggish.
However, due to concerns that U.S. crude oil supply will still be limited after Hurricane Ida, oil prices are therefore supported. After "Ada" destroyed offshore oil wells and onshore oil refineries in the Gulf of Mexico, hedge funds established long oil positions last week at the second fastest rate this year.
US regulators said on Monday (September 7) that more than a week after Hurricane Ida landed and hit critical infrastructure in the Gulf of Mexico, more than 80% of the local oil production remained closed.
On the daily chart, U.S. oil is in an upward ((3)) wave starting from 61.74 US dollars, and the upper short-term target is at the 14.6% target of 72.03 US dollars. On the hourly chart, oil prices may start a three-wave upward trend from US$68.25, and the market outlook is expected to rise to the 38.2% target of US$71.24.
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