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Market News U.S. oil stops for four consecutive years and is wary of short-term backstepping on $65

U.S. oil stops for four consecutive years and is wary of short-term backstepping on $65

On August 6, European and American oil fell nearly 1%, the first time in four trading days. As many governments introduced more restrictive measures to curb the new crown virus infection, worries about demand recovery reappeared. In addition, crude oil exports fell sharply. The sluggish jet fuel demand prevented the continued rise in oil prices. Recently, U.S. oil products have fallen slightly to US$65. OPEC+ has promised to increase the supply of 400,000 barrels per day from the previous month in the next few months, which will make the market more accommodative than previously expected.

Eden
2021-08-26
8657

In the European market on Thursday (August 6), the price of US crude oil futures fell by nearly 1%, the first time in four trading days. As many governments introduced more restrictive measures to curb the new crown virus infection, concerns about demand recovery appearing again.

As of press time, the US crude oil futures price was reported at 67.81 US dollars/barrel, down 0.80%, and the Brent crude oil futures price was reported at 70.80 US dollars/barrel, down 0.69%.



The Delta variant virus has triggered a new round of epidemics, aroused concerns about the strength of the global economic recovery, and hit the demand for oil and other commodities. The blockade measures in New South Wales, Australia will be extended to September 10.

Washington State health officials said on August 25, local time that due to the continued deterioration of the new crown pneumonia epidemic caused by the delta mutant strain, there are currently no beds in the intensive care unit of many hospitals in Washington state to provide patients.

According to the US Consumer News and Business Channel (CNBC) analysis of data compiled by Johns Hopkins University, the number of new cases of new coronary pneumonia in Washington State is close to the record high in December last year, and the current average is about 3,200 per day. New confirmed cases. However, the number of patients hospitalized for being infected with the new coronavirus has reached 1,460, a record high. Washington state government officials said that in the past month alone, 1,100 patients have been hospitalized due to the diagnosis of new coronary pneumonia.

The Eurasian Group stated in a report that considering the risks of new coronavirus variants and the acceleration of vaccine projects, before everything (hopefully) normalizes in 2022, there may also be some intermittent developments in the second half of this year. .

The U.S. Energy Information Administration (EIA) said that last week, U.S. crude oil inventories fell for the third consecutive week, while overall fuel demand increased to the highest level since March 2020, but the demand situation is not completely optimistic.

Specific data show that the U.S. EIA crude oil inventories fell by 2.98 million barrels in the week ending August 20, which is expected to fall by 2 million barrels, and the previous value fell by 323.3 barrels; as of the week of August 20, EIA refined oil inventories increased by 645,000 barrels, which is expected to decline. 900,000 barrels, the previous value fell by 2.697 million barrels; the US EIA gasoline inventory for the week ending August 20 fell by 2.241 million barrels, which is expected to fall by 1.5 million barrels, and the previous value increased by 696,000 barrels.

Edward Moya, senior analyst at OANDA, said in a report that the overall increase in crude oil prices is welcome news, but the sharp decline in crude oil exports and sluggish aviation fuel demand prevented oil prices from continuing to rise.

According to foreign media reports on the 25th, the general manager of Petroleum Mexico said that the Gulf of Mexico oil platform fire caused the company's oil production to drop by about 25%. The company plans to resume production of all closed wells by the end of August. The manager said that the closure of 125 oil wells caused a reduction in production. To explain, 35 of them have resumed production, with a production of 71,000 barrels per day. We will resume production of the other 29 wells in the next 36 hours to increase production by 11 Ten thousand barrels. It is expected that next Monday, August 30, the affected production will be fully restored.

On August 22, a drilling platform in a large integrated production platform in the Ku-Maloob-Zaap oil field in the Gulf of Mexico caught fire, causing 5 deaths, 6 injuries and 2 missing. The incident caused the platform to lose approximately 421,000 barrels of oil per day. Earlier, Mexican President López expressed regret over this incident and listed the revitalization of the Mexican Petroleum Company as the government’s top priority.

The latest data from the Chicago Mercantile Exchange Group crude oil futures market showed that the number of open positions in crude oil increased by about 12,400 on Wednesday, ending the eighth consecutive decline. At the same time, trading volume increased by approximately 56,600 contracts, continuing to maintain a volatile performance.

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