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SunSirs: API Stock Increases greatly, Crude Oil Falls back in Shock

June 11 2020 10:15:02     SunSirs (Selena)

Market situation: the SC2009 contract of Shanghai International Energy Trading Center opened at 314 RMB/ barrel, the highest at 317.5 RMB/ barrel, the lowest at 312 RMB/ barrel, and closed at 313 RMB/ barrel, down 4.3 RMB/ barrel, or 1.36% compared with the previous trading day. Trading volume was 23,552, with positions increased by 1,515 to 42,221.

Industry chain information: 1. According to the EIA's monthly report, the growth rate of global crude oil demand in 2020 is expected to be reduced by 210,000 barrels/ day, to 8.34 million barrels/ day; the U.S. crude oil production is expected to be reduced by 670,000 barrels/ day, to 11.56 million barrel / day in 2020, 130,000 barrels / day lower than last month; the U.S. crude oil production is expected to be reduced by 720,000 barrels/ day to 10.84 million barrels/ day in 2021; the WTI crude oil production is expected to be reduced by 2020 The price is $35.14/ barrel, up $5.04/ barrel from last month, and Brent crude oil price is expected to be $38.02/ barrel in 2020, up $3.89/ barrel from last month.

2. According to data released by the American Petroleum Association (API), API's US crude oil inventory increased by 8.42 million barrels to 539.4 million barrels in the week ended June 5, with an expected decrease of 1.45 million barrels, while Cushing's crude oil inventory decreased by 2.285 million barrels; gasoline inventory decreased by 2.913 million barrels, and refined oil inventory increased by 4.271 million barrels.

Spot price: the spot price of Oman crude oil on June 9 was $40.84/ barrel, down $2.15/ barrel compared with the previous day (converted to 304.7 RMB/ barrel based on the RMB exchange rate of that day, excluding freight and other costs); the spot price of Shengli crude oil was $40.32/ barrel, down $1.98/ barrel compared with the previous day.

View summary: the international crude oil futures price is fluctuating, and the Asian market is falling. As of 15:00 Beijing time, the futures price of Brent crude oil in August was reported to be about $40.6/ barrel, the futures price of WTI crude oil in August was reported to be about $38.4/ barrel, the price difference between Brent crude oil and WTI crude oil was about $2.2/ barrel, and the futures price of Shanghai crude oil in 2009 was down, which was about $3.7/ barrel higher than that of Brent crude oil Right. The United States of America began a two-day interest meeting, which is expected to maintain monetary policy unchanged and reduce market risk; Europe, the United States and other countries gradually lifted the measures to ease the epidemic blockade, the economic restart is expected to boost the market, and the demand for automobile transportation and fuel is expected to pick up; the OPEC+ meeting agreed to extend the production reduction of 9.7 million barrels of crude oil/ day to the end of July; at the same time, countries that failed to complete the production reduction quota 100% in May and June will make up for the additional production reduction from July to September.

It is reported that Libya announced on Tuesday that some crude oil exports from salara oil field suffered from force majeure; API data shows that the inventory of crude oil and refined oil in the United States increased significantly last week, while the inventory of Cushing crude oil and gasoline decreased, and the short-term oil price tends to be in shock consolidation.

 

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