Bloomberg crude oil prices today

Bloomberg crude oil prices today

But will crude oil prices really continue to rise like thiBloomberg crude oil prices todays in the future? If the normal situation goes on and the United States imposes sanctions, Iran’s crude oil supply drops, resulting in a decline in global crude oil supply, it will indeed evolve into a situation of rising oil prices, but if Iran Doesn’t there exist a gap in the supply of crude oil? This is probably another situation.

However, the communiqué did not give actual production increase data. Before the communiqué was released, some foreign media reported that OPEC had reached an agreement to increase production by 0 million barrels/day, while the actual increase in output was 600,000 barrels/day. The difference between the two data is mainly due to the proportional allocation of production quotas. Some oil-producing countries There will be insufficient production capacity to complete the agreed increase in production. As the agreed production increase was lower than market estimates, oil prices rose strongly, and U.S. oil rose to its highest level since May 28; Bulk Oil hit a three-day high.

Last night, crude oil prices revived due to Iran’s sanctions. Oil prices set a new record for the year and reached a high of $72. However, this is not the end of oil prices. Some analysts pointed out that if the depth-water bomb is detonated, international oil prices will record this week. Get 4 consecutive rises.

In the Syrian conflict, Iran may be an ally of Russia, but on the oil issue, if the OPEC meeting of the Organization of Petroleum Exporting Countries held in Vienna last week, Tehran’s rival, Saudi Arabia, may be more important.

On the other hand, the US dollar index has shown signs of long-term weakness, which implies that the highest point of the US dollar index has appeared, and the lowest point of crude oil prices has also formed. This situation once again allowed hedge funds and other market speculative accounts to reduce short positions in the oil market and increase long positions, which in turn pushed up crude oil prices.

According to industry insiders, factors such as the slow growth in international crude oil demand and the emergence of new energy sources will curb oil prices. With the revolutionary progress of shale oil and gas development technology, the production of shale oil and gas in the United States continues to increase, and the cost is declining year by year. Recently, the United States has gradually abandoned its previous fossilBloomberg crude oil prices today energy shortage concept and entered a new era of strong energy supply. However, global uncertainty still exists. The uncertainty of the energy market mainly comes from concerns about insufficient investment in upstream exploration and mining. Because with the growth of energy demand, insufficient investment will lead to instability of the energy supply chain, and even a situation where the supply of crude oil exceeds demand.

In general, chemical producers are particularly vulnerable because they use crude oil as their main feedstock. According to Goldman Sachs data, at least half of the production costs of Polyone, Univar and KMG Chemical come from petroleum and petroleum products. Eastman Chemical, Huntsman and paint giant Sherwin-Williams spend almost the same amount on oil.