News summary
Average prices of WTI and Brent crude oil rose slightly this weekslammer310500Supported by the decline in U.S. inventories and the recovery of China's manufacturing industry; however, the cooling of the Federal Reserve's interest rate cut expectations and the increase in EIA inventories have put pressure on oil prices. Jinlianchuang expects that oil prices will remain volatile next week, with WTI forecast range of US$75 -80/barrel and Brent US$78 -84/barrel.
Newsletter text
Crude oil market shocks adjust, increasing U.S. inventories put pressure on oil prices
WTI's average price this week is 79slammer310500.18 US dollars/barrel, up slightly 0slammer310500.67%, the average price of Brent was US$83.15/barrel, a slight increase of 0.14%, while the average price of the main contract of Shanghai crude oil futures fell 0.34% month-on-month.
[Futures News] Crude Oil Market Experienceslammer310500In order to increase first and then decrease, the weekly average price recorded a slight increase. The decline in U.S. crude oil and gasoline inventories supports oil prices, and the strong recovery of China's manufacturing industry has enhanced the market's optimistic expectations for energy demand. However, Fed officials 'caution about interest rate cuts and the unexpected increase in EIA inventories have depressed oil prices.
Technical chart analysis shows downward trend in oil prices
WTI closed down 1.35% on the 22nd, the KDJ indicator line extended downward in the weak area, and the MACD indicator line also showed a bearish trend in the strong area.
Crude oil spot market performance diverges
The Middle East crude oil spot market was light, while the Asia-Pacific market performed strongly due to India's increase in Russian crude oil imports. Buying behavior in Vietnam and Thailand has also injected vitality into the market.
[Supply and demand expectations] The market is looking to the upcoming OPEC+ meeting, and it is generally expected that production reduction measures will continue until the end of the year. OPEC's monthly report raised expectations for non-OPEC liquid fuel supplies, while the IEA remained conservative on OECD oil demand.
Inventory data shows growth in commercial crude oil inventories
U.S. crude oil and gasoline inventories fluctuated. Commercial crude oil inventories increased year-on-year, gasoline inventories fell slightly, and distillate inventories increased. The total processing volume and operating rate of refineries both recorded growth.
Fund positions show a decrease in net long positions
Net long positions among speculators in crude oil futures on the New York Mercantile Exchange decreased by 5.8%, and both positions and net long positions among large speculators decreased.
[Oil Price Forecast for Next Week] Jinlianchuang predicts that international oil prices will remain volatile next week. The mainstream operating ranges of WTI and Brent are US$75 -80/barrel and US$78 -84/barrel respectively. The market will focus on the Iranian plane crash, U.S. economic data and OPEC+ oil production meetings.