After the United States withdrew from the Iran nuclear agreement and stated that it would block Iran’s crude oil exports, Iran threatened to block the Strait of Hormuz, which made the global market highly tense. On the day of this month, 4 days before the first round of economic sanctions against Iran by the United States took effect, Iran urgently blocked the Strait of Hormuz and declared aggressively that within 48 hours, Iran would hold large-scale military exercises there. Obviously, this is a warning to the United States. Today, the statement by the nBuy crude oil contractsaval commander of the Iranian Revolutionary Guards undoubtedly re-emphasizes Iran’s ability to block the Strait of Hormuz, prompting Trump to quickly abandon sanctions on Iranian oil.
After U.S. President Trump announced that he would withdraw from the Iran nuclear agreement, Brent crude oil futures and WTI crude oil futures both set a three-year high, with the highest oil distribution approaching $78 and the highest U.S. oil approaching $72. Investors took profits on Thursday, causing the prices of Boiler and U.S. oil to fall.
On Tuesday, May 29th, in the Asian market in early trading, US crude oil fluctuated at a low level after a five-day plunge and rebounded slightly. The disk showed that the downward momentum has declined. During the day, U.S. crude oil futures fell 62%, or the US dollar, to 678 US dollars per barrel. Brent crude oil futures rose 0.9%, or $0.29, to $76 per barrel.
On June 28, the National Development and Reform Commission and the Ministry of Commerce jointly issued the 208 Edition of the Negative List of Special Administrative Measures for Foreign Investment Access. The release list officially cancels the restriction that the construction and operation of chain gas stations that have more than 0 branches established by the same foreign investor and sell different types and brands of refined oil from multiple suppliers must be controlled by Chinese parties, which means that my country’s refined oil terminals will be controlled by then. The market will be fully open to foreign investment.
Since April, the price of crude oil has risen wildly like chicken blood. Especially in the past two weeks, the price of crude oil has been almost one step away from the 70 mark. It is no wonder that Saudi Arabia expects crude oil prices to rise above US$00 due to OPEC. Supply cuts and the risk of conflict in the Middle East have risen, and basic market indicators have become increasingly bullish. As the bears withdrew and technical indicators rose, the market's positive view of crude oil was very active. The reason for the recent rise in crude oil is that OPEC and Russia are discussing further cooperation and Trump's consideration of extending sanctions on Iran before May 2.
On September, my country's refined oil products experienced the 7th round of price adjustments during the year, with gasoline and diesel increased by 80 yuan/ton and 70 yuan/ton respBuy crude oil contractsectively. This is the 0th time that my country's refined oil prices have been raised this year. If a private car's fuel tank is 50 liters, it will cost an extra 7 yuan to fill a tank. On September 7, refined oil will usher in the 8th oil price adjustment, which is expected to increase with a high probability. According to the latest calculation data, the current crude oil comprehensive rate of change is %, and the oil price is expected to increase by 0 yuan/ton. At present, the average selling price of No. 92 gasoline in China is around 5 yuan per liter. If the price of oil rises above gross on September 7, it will soon exceed 6 yuan.
Not long ago, the market was still immersed in the atmosphere of continuously hitting new highs in crude oil prices. With oil prices hitting new highs successively after breaking through 70 U.S. dollars, many people speculated that oil prices might reach the 80 or even $00 mark. The ripple effect of Pu’s sanctions on Venezuela and Iran, the price of crude oil ushered in a cliff-like plunge. The main concern for the market right now is that OPEC and Russia will withdraw from production cuts and start increasing production to fill the Middle East crude oil supply gap. The problems are mainly concentrated in the following areas:
The OPEC monthly report announced overnight that it lowered its 209 global oil demand forecast, and data showed that the implementation rate of production cuts reached 86%. International oil prices took advantage of the rebound. Against this background, the head of Russia's largest oil company put pressure on Putin in order to get Russia to withdraw from the production reduction agreement. Why?