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Weekly Oil 1 March 2021

2 March 2021 | by Thai Oil PCL.


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Crude oil prices remained at a high level. After production of US crude oil Disrupted by unusual cold weather And the Fed signaled to maintain interest rates low for another three years.

Thaioil expects West Texas crude oil prices this week to move around the frame. 60-65 dollarsUS per barrel Brent crude oil moves around the frame. 64-69 dollarsUS Per barrel

Trend of Crude Oil Price Situation (1 – 5 March 64)

The price of crude oil tends to stabilize at a high level. After the amount of crude oil production in the US Still temporarily interrupted From the effects of the weather two weeks ago In the state of Texas, United States, which is colder than usual As a result, the production of crude oil in the United States. For the week ended 19 Feb’21, down 1.1 million barrels per day.FedIn addition, many countries have begun easing lockdown measures to restore economic conditions, however, the market is likely to be under pressure from OPEC Plus, which is likely to increase production in April. Sep. 64 onwards

Important factors are expected to affect the situation in oil prices this week.:

  • Crude oil prices tend to stabilize at a high level due to US crude oil production. Still temporarily interrupted In the past two weeks, Texas faced snowstorms and the lowest temperature drop in 30 years, which resulted in a wide blackout. The cold blizzard caused natural gas transmission systems from gas wells through pipelines to power plants to fail and wind turbines used to generate electricity. Resulting in the production of crude oil on average around 4 Million barrels per day (Think of) And rao oil refineries 4 million barrels per day Must stop the production immediately. The return to production of crude oil is still delayed. It is expected to take at least 2 weeks.
  • Number of US crude oil wells The first decline in 12 weeks after the United States faced cold weather by Baker Hughes. Weekly report of crude oil wells ended 19 Feb. 64 Lowered 1 platform to the level 305 platform.
  • United States Energy Information Agency (EIA) US crude oil production report Weekly ended 19 Feb. 64 Decrease 1 Million barrels per day To the level 9.7 Million barrels per day This is because the cold weather affects the oil production process.
  • On Feb. 24, Federal Reserve Chairman Jerome Powell announced that the Fed will continue to adopt a monetary easing policy, which may take more than three years to reach the rate. US inflation It will hit the Fed’s target level of 2%, signaling that the Fed will keep interest rates low for a long time, and investors are also relieved of inflation and a spike in U.S. bond yields. After the Fed chair said the rebound in US Treasury yields. This is a signal of confidence in the US economy.
  • Many countries have started to relax the lockdown measures to restore the economy. By the British have prepared to relax the measures. Which the government will review restrictions on international travel It will be officially announced on April 12, 64, including aiming for total relaxation by June 21, ’64 following the COVID-19 vaccination. There has been great progress in England.
  • Petroleum Exporting Countries and Allied Nations or OPEC Plus There is a trend to increase production capacity in April. After the crude oil price rallied higher than US $ 60 a barrel, the next group meeting will take place on March 4.
  • The economies to watch this week include the US Manufacturing Index for February. US Non-Agricultural Employment, Feb. 64 Eurozone Consumer Price Index For Feb 64 Eurozone Retail Sales, Jan 64 And the euro zone unemployment rate in January 64

Summary of the situation of oil prices in the past week (22 – 26 Feb. 64)

The price of West Texas crude oil rose 2.26 US dollars last week. Come to US $ 61.50 Per barrel, while the price of Brent crude oil rose. US $ 3.22 Come to US $ 66.13 Per barrel, while Dubai crude oil prices closed an average of 64.44 The US dollar per barrel was driven by a decline in crude supply. Due to the manufacturer Shale Oil In the US still unable to resume production. After experiencing a cold weather and a power outage last week. It is estimated that it will take at least two weeks to fix the problem. The market is also boosted by a report from US Food and Drug Administration officials.FDA) Given that the vaccine against the COVID-19 virus. The Johnson & Johnson Company is effective and safe. And qualified to be approved as an emergency, however, the market still has pressure on the back. EIA Weekly US Crude Oil Inventory Report Ending Day 19 Feb-64 increased 1.3 million barrels to reach 463 Million barrels


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