NYMEX crude oil market outlook is still looking at $72.41

On Wednesday (September 15), international oil prices rose. Previous industry data showed that crude oil inventories in the world's largest oil consumer, the United States, have fallen more than expected, and as the scope of vaccination expands, oil demand is expected to recover. The outlook for NYMEX crude oil is still looking at US$72.41.

GMT+8 14:08, NYMEX crude oil futures rose 0.74% to 70.98 US dollars / barrel; ICE Brent crude oil futures rose 0.73% to 74.14 US dollars / barrel.


The latest data released by the American Petroleum Institute (API) showed that US crude oil, gasoline and distillate stocks all declined last week. As of the week of September 10, crude oil inventories fell by 5.437 million barrels, gasoline inventories fell by 2.761 million barrels, and distillate inventories fell by 2.888 million barrels. Prior to Hurricane Ida, many refineries and offshore oil production facilities were shut down.

Edward Moya, senior analyst at OANDA, said: "The impact of Hurricane Ida is much greater than many people expected. It may be difficult to recover production in the Gulf of Mexico before the heavy rain brought by tropical storm Nicholas ends."

Tropical Storm Nicholas moved slowly along the Gulf Coast on Tuesday (September 14), bringing torrential rains to Texas and Louisiana. Flooding flooded the streets and cut power to hundreds of thousands of homes and businesses. However, despite flooding and power outages, the Texas refinery continued to operate normally.

The International Energy Agency (IEA) said on Tuesday that after three consecutive months of decline in global oil demand, the advancement of new crown vaccination will release oil demand suppressed by epidemic restrictions, especially in Asia.

The China National Petroleum Reserve Center said on Tuesday evening that it will conduct the first batch of national reserve crude oil bidding transactions in 2021 in the National Reserve Petroleum Trading System on September 24 (next Friday). The transaction type is bonded crude oil and the first batch of total sales. It is 7383616.78 barrels.

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 are in three upward waves starting from US$67.58, and are expected to further attack the 61.8% target of US$72.41.