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Economic optimism international oil price rebounds with bulk commodities

economic optimism international oil price rebounds with bulk commodities

January 6, 2011

[China paint information] the US dollar exchange rate continued to strengthen. On Wednesday, international oil prices continued to fall deeply. The growth of us refined oil inventories offset the impact of the decline in crude oil inventories, However, the strong economic data in Europe and the United States and the fire in the Dutch chemical plant triggered a rebound in international oil prices following the decline of the US stock market and commodities. The premium of Brent crude oil futures in recent months to New York crude oil futures widened to the highest level in seven months. At the close of trading on Wednesday, the settlement price of February light crude oil futures on the New York Mercantile Exchange was $90.3 per barrel, up $0.92 from the previous trading day; The settlement price of February Brent crude oil futures on the London Intercontinental Exchange was $95.5 a barrel, up $1.97; New York heating oil February futures rose 3.57 cents to 254.22 cents per gallon; Rbob gasoline futures in February were 244.51 cents per gallon, up 3.11 cents; London Intercontinental Exchange January diesel futures rose $9.75 to $777.5 per ton

according to the settlement price of the New York Mercantile Exchange, the "3-2-1" profit from refining three barrels of crude oil into two barrels of gasoline and one barrel of heating oil on Wednesday was $13.754 per barrel, up $1.6 from Tuesday

the crude oil inventory in the inventory area of the crude oil delivery place of the New York Mercantile Exchange continued to grow, while the fire in an industrial center chemical plant near Rotterdam, the Netherlands, affected the shipping from Rotterdam to Antwerp. The settlement price of Brent crude oil futures in February was $5.20 higher than the settlement price of West Texas light crude oil in New York, the highest premium since May 14, 2010

the total commercial oil inventory in the United States decreased by 6.33 million barrels, but the gasoline and distillate oil inventory increased and the demand decreased. According to the US energy information administration, as of the week ended December 31, 2010, the US crude oil inventory decreased by 4.16 million barrels compared with the previous week, of which the crude oil inventory in Cushing city was 37.5 million barrels, the highest since August 6; US gasoline inventory increased by 3.29 million barrels; Distillate stocks increased by 1.15 million barrels. The operating rate of US refineries was 88%, an increase of 0.3 percentage points

US oil demand is declining. As of the week of december31,2010, the total oil demand of the United States averaged 19.117 million barrels per day, 1.61 million barrels lower than that of the week before carbon fiber composites achieved higher production efficiency; Among them, gasoline in the United States dropped by 5.3%; The average daily demand for distillate oil decreased by 256000 barrels

the strong economic data in Europe and the United States can make buildings and bridges bear a greater load. After the sudden rebound of bulk commodities, the US dollar exchange rate rose further. According to the report released by ADP employee services, a private employment service in the United States, the employment population of private enterprises in the United States increased by 297000 in December. The American Institute of supply management announced on Wednesday that the non manufacturing index in December was 57.1, the highest since May2006. According to the statistics released by Markit economics, a market research institution in London, the purchasing managers' index of service industry and manufacturing industry in the euro zone remained at 55.5 in December, higher than the 55 released on December 16. The index above 50 means economic growth

the market focused on the number of initial jobless claims released in the United States on Thursday and the US non farm employment data released on Friday. If the data is better than expected, whether the Federal Reserve can limit the scale or scope of the asset purchase plan may be reconsidered, and the US dollar exchange rate may change, thus affecting the oil market. The euro fell to a one week low against the US dollar on Wednesday. The ice dollar index was at 80.216, up 1% from Tuesday

Birol, chief economist of the International Energy Agency, said that the oil price has entered a dangerous range for the global economy, which has sounded an alarm for both oil consuming and oil producing countries. The market interpreted this as the International Energy Agency putting pressure on OPEC to increase production. Saudi Arabia recently reiterated that the oil price of USD per barrel is reasonable, but OPEC will not meet before June 2 to change its production policy. However, on Wednesday, Kuwait's oil minister said that the oil price between us $00 per barrel and the realization of industrial production was a "reasonable price", and OPEC was not expected to increase production in the first half of 2011

according to the latest news, the package price of OPEC calculated by the weighted average price of 12 OPEC member states on January 4 was US $91.27 per barrel, up US $1.48 from the previous trading day

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