The hottest international oil price rebound trend

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The formation of the rebound trend of international oil prices

the formation of the rebound trend of international oil prices

December 1, 2006

after three months of weakness in the oil market, a series of positive factors appear at the onset of the severe winter cold. The continuous decline in refined oil inventories, OPEC production cuts, violent conflicts in Nigeria and Iraq led to crude oil production cuts, as well as cold weather in the northeast of the United States. Winter supply is in short supply. International crude oil futures have broken through the 11 week high, and a rebound trend has been formed. At the close of Thursday, the function of each of these products of light crude oil January futures on the New York Mercantile Exchange was basically $63.13 a barrel, up $0.67 from the previous trading day; London Intercontinental Exchange Brent crude oil futures in January was $64.26, up $1.19; Heating oil futures in December in New York rose 1.80 cents to 181.33 cents per gallon; Gasoline futures in December closed at 181.91 cents per gallon, up 14.85 cents; In December, Bob gasoline futures closed at 170.24 cents per gallon, down 0.60 cents from the previous trading day; London Intercontinental Exchange December diesel futures closed at $566.75 per ton, up $11.25 from the previous trading day

according to the federal weather service, the unusually cold Arctic air enters the Great Plains, the Mississippi Valley and the eastern United States. Analysts said that both the weather forecast and the U.S. oil inventory were beneficial to the market, and the oil price finally broke through the trading range of the last two months. From October 3 to November 29, the first month crude oil futures on the New York Mercantile Exchange have been at 62 per barrel Fluctuate between $86

although the warm climate in early winter suppressed the demand for heating oil in the United States, the demand for gasoline in the United States reached the highest level in the same period in history in November, and the gasoline inventory in the United States fell in 6 of the 7 weeks. In the U.S. gasoline inventory, conventional gasoline decreased by 800000 barrels, while mixed component gasoline increased by 300000 barrels, and the inventory of new formula gasoline remained unchanged. The average demand for gasoline in the United States is 9.32 million barrels per day, and the average import of conventional gasoline and mixed component gasoline is reduced by 940000 barrels per day, exacerbating the supply tension. Rbob gasoline futures rose strongly in the past few days due to tightening fundamentals

in the analysis report, Barkley capital said that the data of the U.S. Department of energy showed that the oil inventory decreased comprehensively, which was a good signal for the market that could not be ignored. Compared with the five-year average, the inventory of refined oil products in the United States has declined for seven consecutive weeks, during which the excess refined oil has been eliminated by 90%

last week, US natural gas inventories fell by 32billion cubic feet. However, it is expected that the cold spell in the Midwest will soon end, so the natural gas price on the New York Mercantile Exchange fell from a nine month high. It can ensure the stability of material shrinkage and component size; Toughened by EPDM or Poe elastomer

the overall decline in inventories of crude oil and refined oil products in the United States has fixed the long atmosphere in the futures market. However, some OPEC officials still believe that the current market is oversupplied. The Acting Secretary General of OPEC said that the current market has been oversupplied, and OPEC should review the market situation before the December meeting before making a decision on whether to reduce production. The Algerian Energy Minister also said that the current daily supply of crude oil in the market exceeded the demand. But now the price is very stable. We need to see the situation in the second quarter of next year. It is expected that the average daily demand will drop by 2million barrels in the second quarter of next year

the depreciation of the US dollar stimulated the transfer of funds to commodity futures. Gerry, a commodity strategist at the Commonwealth Bank of Australia in Sydney, said that the United States has entered winter and is facing lower temperatures, so demand will also rise. The weakness of the US dollar helps to prevent the decline of crude oil prices. Most crude oil prices are priced in US dollars. When the currency depreciates, countries outside the United States can obtain relatively cheap crude oil

OPEC decided at its October meeting to reduce the daily output of crude oil by 1.2 million barrels from November 1. Many people in the market doubt the credibility of OPEC's production reduction. However, the New York based Pira energy group reported that the average daily export volume of OPEC crude oil fell by 1.28 million barrels in the four weeks ended November 19, a decrease of 1.7 million barrels compared with the peak daily export volume in mid October

bajindo, Acting Secretary General of OPEC, said that OPEC was paying close attention to inventory data, especially the abnormal decline of inventory in the U.S. inventory data released on Wednesday. Therefore, OPEC must continue to monitor relevant developments, especially before the Abuja meeting. Bajindo also said that it is now time to make a prediction on whether to reduce production zl201120408710 It is too early for the pull rod fixing device of x 1 two plate injection molding machine. The U.S. inventory data released on Wednesday is only one week's data, which may be one-sided; Before holding the meeting, OPEC must first understand the market conditions

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