Market News NYMEX crude oil may rise to $70.63
NYMEX crude oil may rise to $70.63
On September 8, international oil prices rose to make up for the overnight drop. The U.S. Gulf of Mexico refinery was struggling to restart operations nine days after Hurricane Ida swept through. NYMEX crude oil may rise to $70.63. However, the market continues to weigh the impact of the continued delay in resuming production in the Gulf of Mexico, which limits the upward trend of oil prices.
2021-09-08
7848
On Wednesday (September 8), international oil prices rose to make up for the overnight drop. The US Gulf of Mexico refinery was struggling to restart operations nine days after Hurricane Ida swept through. NYMEX crude oil may rise to $70.63. However, the market continues to weigh the impact of the continued delay in resuming production in the Gulf of Mexico, which limits the upward trend of oil prices.
GMT+8 14:04, NYMEX crude oil futures rose 0.63% to 68.78 US dollars per barrel; ICE Brent crude oil futures rose 0.50% to 72.05 US dollars per barrel.
Oil prices fell on Tuesday following the full-scale sell-off of commodities. As the US dollar jumped, the market worried that the increase in new crown cases in the United States and Asia might slow economic growth.
On Tuesday (September 7), approximately 79% of offshore oil production in the U.S. Gulf of Mexico remained closed, and 79 production platforms were in a state of withdrawal. To date, the market has lost approximately 17.5 million barrels of oil. Offshore oil wells in the Gulf of Mexico account for about 17% of the U.S. daily production.
Traders will pay close attention to the upcoming weekly inventory data from the American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) to better understand the impact of the storm on crude oil production and refinery output.
Market surveys show that within the week of September 3, US crude oil inventories are expected to fall by 4.528 million barrels, gasoline inventories are expected to decrease by 4.661 million barrels, and distillate oils are expected to decrease by 3.714 million 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 may start a three-wave upward trend from US$67.64, and the market outlook is expected to rise to the 38.2% target of US$70.63.
GMT+8 14:04, NYMEX crude oil futures rose 0.63% to 68.78 US dollars per barrel; ICE Brent crude oil futures rose 0.50% to 72.05 US dollars per barrel.
Oil prices fell on Tuesday following the full-scale sell-off of commodities. As the US dollar jumped, the market worried that the increase in new crown cases in the United States and Asia might slow economic growth.
On Tuesday (September 7), approximately 79% of offshore oil production in the U.S. Gulf of Mexico remained closed, and 79 production platforms were in a state of withdrawal. To date, the market has lost approximately 17.5 million barrels of oil. Offshore oil wells in the Gulf of Mexico account for about 17% of the U.S. daily production.
Traders will pay close attention to the upcoming weekly inventory data from the American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) to better understand the impact of the storm on crude oil production and refinery output.
Market surveys show that within the week of September 3, US crude oil inventories are expected to fall by 4.528 million barrels, gasoline inventories are expected to decrease by 4.661 million barrels, and distillate oils are expected to decrease by 3.714 million 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 may start a three-wave upward trend from US$67.64, and the market outlook is expected to rise to the 38.2% target of US$70.63.
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