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Market News NYMEX crude oil still sees $121.55
NYMEX crude oil still sees $121.55
On Monday (June 6), international oil prices rose as Saudi Arabia raised its physical selling price for July. This shows that the supply and demand situation in the market remains tight even after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to expand production increases over the next two months. NYMEX crude oil remains at $121.55.
2022-06-06
9609
On Monday (June 6), international oil prices rose as Saudi Arabia raised its physical selling price for July. This shows that the supply and demand situation in the market remains tight even after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to expand production increases over the next two months. NYMEX crude oil remains at $121.55.
At 16:08 GMT+8, NYMEX crude oil futures rose 0.66% to $119.65 a barrel; ICE Brent crude futures rose 0.65% to $120.50 a barrel.
Saudi state oil company Aramco said on Sunday (June 5) that Saudi Arabia raised the official selling price (OSP) of its Arabian Light crude oil to Asia in July by $2.10 to $6.50 from June, higher than Oman's /Dubai crude oil average.
Just two months later, the official selling price of Saudi crude oil hit a new record high. OPEC+ decided last week to expand crude oil growth to 648,000 barrels per day in July and August, a 50% increase from the original plan. Still, prices rose on fears of supply cuts due to Russia's sanctions.
"While the expansion of the production increase is well-timed, it has fallen short of demand growth expectations, especially given the EU's partial ban on Russian oil imports," Commonwealth Bank of Australia analyst Vivek Dhar said in a note.
Citigroup and Barclays raised their crude oil price forecasts for 2022 and 2023 on Monday due to tighter Russian supplies. The supply gap caused by Russia's oil production cuts is between 1 million and 1.5 million barrels per day.
Italy's Eni and Spain's Repsol could restart an oil-debt swap deal with Venezuela that was interrupted two years ago as early as next month to make up for a shortfall in Russian crude supplies, people familiar with the matter said, although the scale of the oil they received would not be the same. too big.
On the daily line, NYMEX crude oil is in the upward 3 waves starting from $98.20, with the upper resistance at the 161.8% target at $124.52. On the hourly chart, oil prices have started an upward iii-wave trend from $111.22, and the market outlook is expected to touch the 61.8% target at $121.55 and the 76.4% target at $123.99. Wave iii is a sub-wave of the upward (iii) wave that started at $103.25, and wave (iii) is a sub-wave of the upward ((iii)) wave that also started at $98.20. Wave ((iii)) is a sub-wave of wave 3.
At 16:08 GMT+8, NYMEX crude oil futures rose 0.66% to $119.65 a barrel; ICE Brent crude futures rose 0.65% to $120.50 a barrel.
Saudi state oil company Aramco said on Sunday (June 5) that Saudi Arabia raised the official selling price (OSP) of its Arabian Light crude oil to Asia in July by $2.10 to $6.50 from June, higher than Oman's /Dubai crude oil average.
Just two months later, the official selling price of Saudi crude oil hit a new record high. OPEC+ decided last week to expand crude oil growth to 648,000 barrels per day in July and August, a 50% increase from the original plan. Still, prices rose on fears of supply cuts due to Russia's sanctions.
"While the expansion of the production increase is well-timed, it has fallen short of demand growth expectations, especially given the EU's partial ban on Russian oil imports," Commonwealth Bank of Australia analyst Vivek Dhar said in a note.
Citigroup and Barclays raised their crude oil price forecasts for 2022 and 2023 on Monday due to tighter Russian supplies. The supply gap caused by Russia's oil production cuts is between 1 million and 1.5 million barrels per day.
Italy's Eni and Spain's Repsol could restart an oil-debt swap deal with Venezuela that was interrupted two years ago as early as next month to make up for a shortfall in Russian crude supplies, people familiar with the matter said, although the scale of the oil they received would not be the same. too big.
On the daily line, NYMEX crude oil is in the upward 3 waves starting from $98.20, with the upper resistance at the 161.8% target at $124.52. On the hourly chart, oil prices have started an upward iii-wave trend from $111.22, and the market outlook is expected to touch the 61.8% target at $121.55 and the 76.4% target at $123.99. Wave iii is a sub-wave of the upward (iii) wave that started at $103.25, and wave (iii) is a sub-wave of the upward ((iii)) wave that also started at $98.20. Wave ((iii)) is a sub-wave of wave 3.
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