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International oil market review February 12, 2015
Number of visits：109
Date：2021-09-30
Wednesday, the international crude oil futures prices fell for second consecutive trading days, the U.S. benchmark crude oil futures prices fell below $50 a barrel, due to the government report shows that the United States last week, crude oil inventories rose to record highs.
International oil prices by the global oil supply concerns over the pressure to continue to fall last month to nearly six years after the low, has shown signs of stabilization in the past two weeks. Analysts and industry insiders said that the oil companies to cut spending and slow drilling activities will lead to the second half of this year, oil production slowdown, especially in the United states. Their excess supply of global oil production will eventually ease and support the rise in oil prices is very optimistic.
U.S. Energy Information Administration (EIA) data released Wednesday showed U.S. oil production continued to rise last week.
The New York Mercantile Exchange (NYMEX) March WTI light sweet crude oil futures settled down $1.18 to $48.84 a barrel, down 2.4%, a week low. Although the crude oil futures prices rose 9.9% from the record low in January, but still lower than last year's high of 54% in June. London Intercontinental Exchange (ICE) March global benchmark Brent crude oil futures fell $1.77, to $54.66 a barrel, down 3.1%.
EIA data show that as of February 6th week, the U.S. crude oil inventories increased by 4 million 900 thousand barrels to 417 million 900 thousand barrels, an increase of more than expected. EIA said that oil refineries, traders and other companies to store the total amount of crude oil reached at least 80 years to the highest level.
Many analysts expect the supply of crude oil to continue to increase in the next few weeks, although refineries have already begun to cut crude oil processing capacity. Many refineries will be closed for seasonal maintenance, waiting for the summer driving season, the summer market demand for gasoline and other energy products will usually rise.
Recently, the U.S. shale oil industry cut signs and large oil companies such as the Royal Shell Holland Co., Ltd. and the British oil company's initiatives to reduce support to boost oil prices. In February 6th, the number of drilling wells in the United States fell to three year low of 1140, a decline for the ninth consecutive week, some investors will interpret this as a crude oil production in the next few months will slow down.
EIA data show that the United States last week, crude oil production increased by 49 thousand barrels to 9 million 200 thousand barrels / day, the highest level since 1983, according to the week. The current U.S. oil inventory level is the highest since October 1973.
According to EIA data, the United States last week, gasoline inventories rose 2 million barrels to 242 million 650 thousand barrels, an increase of far ahead of the market is expected to grow by 200 thousand barrels per day. Affected by the impact of today's RBOB March NYMEX gasoline futures settled down 0.91 cents to $1.5432 per gallon, down 0.6%.
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