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International oil market review March 5, 2015
Number of visits：66
Date：2021-09-30
Wednesday, the U.S. crude oil futures prices, due to a single week data show that in an important oil storage hub of crude oil inventories increased less than expected. The New York Mercantile Exchange in April delivery of light crude oil futures rose $1.01 to settle at $51.53 a barrel, up 2%. London Intercontinental Exchange (ICE) Brent crude oil futures fell 47 cents to 60.55 U.S. dollars / barrel, down 0.8%, due to concerns about the Libya will immediately stop production eased.
U.S. crude oil inventories increased by 10 million 300 thousand barrels to 444 million 400 thousand barrels per day in the week ending February 27th, up from in March 2001, the energy information administration said on Wednesday. Analysts surveyed by the Wall Street journal forecast an increase of 4 million 600 thousand barrels of crude oil inventories. But the New York Mercantile Exchange crude oil futures delivery of Oklahoma Cushing crude oil inventories increased by only 500 thousand barrels, below market expectations. Some bulls believe that Cushing crude oil inventory growth is lower than expected positive factors. Cushing overall inventory levels remain at record highs for eighth consecutive weeks.
Cushing's inventory is still a few million barrels a day. As Cushing stock rose rapidly in recent weeks, traders bet WTI crude oil and Brent crude oil price spreads will be widened. As Cushing's inventory slowdown, traders reversed the previous bet, to buy U.S. crude oil, sold Brent. And said Cushing's inventory did not rise as expected, so the spread has begun to shrink. U.S. crude oil futures prices lower than Brent $9.02, while Tuesday's spread was $10.50 a barrel.
The Fed on Wednesday released a survey of regional economic conditions, the so-called yellow book. Consumer spending and manufacturing activity rose further, the report said.
In recent weeks, crude oil futures prices have been volatile, because market participants consider the signs of output will cut in the global supply and demand situation improved signs of excess.
According to the U.S. Department of energy information agency began in 1982, the weekly inventory data was informed that the highest level of crude oil inventory at record levels. Crude oil inventories have not reached such a high level since 1930. U.S. Gulf Coast crude oil inventories hit a new high of 219 million 900 thousand barrels per day in the United States of Mexico.
Gasoline inventories rose 46 thousand barrels to 240 million 60 thousand barrels this week, and analysts expect gasoline inventories to drop by 1 million 800 thousand barrels per day. Distillate stocks, including heating oil and diesel, fell 1 million 700 thousand barrels to 122 million 976 thousand barrels, analysts had expected distillate stocks fell 2 million 600 thousand barrels.
Traders said the Saudi oil minister Naimi's remarks also help support oil prices. Naimi said that the global oil market supply and demand should be stabilized quickly, oil prices will be stabilized after falling in recent months.
In addition, the Iran nuclear talks also help boost oil prices. Iran's ambassador to the International Atomic Energy Agency (IAEA), Najafi Reza, said on Wednesday that it had not reached a consensus on the duration of any possible final nuclear deal.
Iran is currently in talks with six major countries, said U.S. President Barack Obama's comments are not acceptable. Obama said that any agreement should be maintained at least 10 years. Diplomatic sources said that 10 years is generally considered a shorter agreement.
If the Iran nuclear agreement is reached soon, may lead to the lifting of sanctions against Iran in Europe and the United States, Iran crude oil exports will be greatly increased. This concern led to Monday Brent crude fell 5%.
At the same time, Brent crude oil prices fell because of concerns about the threat of oil production in Libya slowed. Libya's military said on Wednesday it had regained control of an oil field in the Islamic state of the country.
On Tuesday, a spokesman for the Libya National Oil Company said that Libya's crude oil production in about 500 thousand barrels a day, 325 thousand barrels per day in January is higher than the yield, but still lower than about 1 million 500 thousand barrels of daily production capacity.
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