oil price

International oil prices rebounded from a four-month low on Thursday (9th), escaping the haze of falling in the previous two days due to weak demand from Chinese consumers. However, this may not help the weekly decline this week.

Energy Commodity Prices West Texas Intermediate (WTI) crude oil futures for December delivery rose 41 cents, or 0.5%, to settle at $75.74 a barrel. Delivered in JanuaryBrent crude oil (Brent) futures rose 47 cents, or 0.6%, to $80.01 a barrel. Gasoline futures for December delivery fell 1.5% to settle at $2.16 a gallon. Delivered in DecemberThermal Fuel FuturesPrices fell 1.1% to settle at $2.72 per gallon. Natural gas futures for November delivery fell 2.1% to settle at $3.04 per million Btu.market drivers

Jim Burkhard, director of research for the oil market, energy and automotive sectors at S&P Global Commodity Insights, said that although there is no imminent supply crisis from the perspective of crude oil market fundamentals, the risk of supply disruption is still higher than before the outbreak of the Israel-Kazakhstan conflict. many.

He said: “The Israel-Kazakhstan war has indeed changed the political trend in the Middle East, but as long as the battlefield continues to contain the situation, its ability to affect the fundamentals of the oil market is limited.”

Oil prices fell for two consecutive days on Tuesday and Wednesday, with West Texas andBrent crude oilThey fell to their lowest levels since July 17 and July 19 respectively, mainly due to weak Chinese trade data, which raised concerns about the demand prospects of the world’s second largest oil consumer.

Charalapos Pissouros, senior investment analyst at

If this data is confirmed by the US Energy Information Administration (EIA), it will be the largest inventory increase since February, but the EIA’s data has been postponed to November 15. In addition, EIA’s Americas natural gas supply report has also been postponed to November 16.

China announced on Thursday that its consumer price index (CPI) fell 0.2% year-on-year in October, while its producer price index (PPI) fell 2.6% year-on-year in October.

Ricardo Evengelista, senior analyst at ActivTrades, said the data revealed a trend of “disinflation” that preceded a cooling in economic activity, which could lead to a reduction in energy consumption.

On the other hand, Reuters reported, citing people familiar with the matter, that the Russian government has informed fuel producers that Russia plans to suspend all export controls on diesel and gasoline.

Alex Hodes, director of StoneX’s Kansas City team, said the controls, which were implemented on September 21, are intended to restore stability to domestic supply and prices.

The Russian government relaxed some of the ban on October 6 and allowed the export of diesel from oil pipelines, but retained all gasoline export controls. Diesel is Russia’s largest oil export.

2023-11-09 22:47:04
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