Analysis and comment on the hottest crude oil futu

2022-09-28
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Crude oil futures market analysis and comments

crude oil futures prices fell by more than $1 on Wednesday. Data released by the government showed that commercial crude oil inventories increased unexpectedly, which dragged down oil prices from record highs

the US Energy Information Administration reported that US commercial crude oil inventories unexpectedly increased by 200000 barrels to 318million barrels last week, as daily imports soared to nearly 11million barrels, greatly offsetting the sharp rise in refinery operating rates

analysts had expected the inventory to decline by an average of 1-1.37 million barrels, and some analysts even estimated that the decline in crude oil inventory was between 2-4 million barrels

the energy information administration also announced that last week, distillate oil inventories increased by 1.5 million barrels to 127.3 million barrels, the 11th consecutive week of increase, and gasoline inventories fell by 4million barrels to 205.2 million barrels, a decline greater than expected

this basically unfavorable data led to the decline of crude oil and heating oil futures, with the exception of gasoline futures. Gasoline futures strengthened under the influence of declining inventories. Crude oil prices were strongly supported for most of the trading day. However, in late afternoon trading, due to the news that BP's refinery in Texas city resumed operation, gasoline futures fell, and crude oil futures also fell further below the previous closing level

Andylebow, an analyst at manfinancial brokerage in New York, said that the unexpected increase in crude oil inventories "is definitely a negative factor. It has depressed the market."

the September crude oil futures contract on the New York Mercantile Exchange fell $1.03 to $60.86 a barrel, having previously climbed to a record high of $62.50 a barrel

September Brent crude oil futures on the London International Petroleum Exchange fell $0.97 to $59.65/barrel, with an intraday high of $61.26/barrel

among petroleum products, heating oil futures recorded the largest decline. September heating oil futures contract fell 3.62 cents to $1.6889 per gallon. Gasoline futures contracts fell 1. 5% in September The market activity was poor, with 07 cents to $1.7709 per gallon

the catalyst currently used by the technical strategist of the broker unitedenergy is too expensive. Walterzimmerman said that the bearish performance of the market is likely to lead to subsequent selling

at present, the market seems to have encountered a large-scale sell-off. The market needs to fall back, and then find the direction

the fundamentals of the market have not changed. Although the increase in distillate oil inventories has eased people's concerns about winter fuel supply, the decline in refinery production has made it a focus of attention whether refiners are able to provide enough output to meet the increasing demand in the second half of the year

peterbeutel, President of cameronhanover, a trading consulting company, said that the market atmosphere was still very, very tense. In view of the decline in oil refining production, the market is still facing supply problems

in the high stage of reducing quality and reliability (1980-1991), the oil price climbed to a record high, which triggered the argument that the oil price would rise to $70/barrel, which is not only among analysts. And vice minister of international affairs jadhossinian said he expected the oil price to rise to $70/barrel by the end of the year due to the growth of international oil

Hossinian said, "demand has been growing significantly in recent months. We expect this trend to continue as more and more economies need oil to stimulate their economic expansion." He also said that Iran has no idle capacity so far

but Lebow said that the market felt a little dizzy when it hit a new high on Wednesday

lebow said that the open position contracts continued to grow, indicating that speculators continued to invest in the market. HNBR material has a high value-added field, which also made some investors panic and withdraw from the market

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