Post by account_disabled on Dec 29, 2023 18:21:43 GMT -12
Oil market situation for the week of 16-20 Dec. 2019 and forecast for the week of 23-27 Dec. 2019 by the International Market Analysis Division, PTT Public Company Limited. Screenshot_2019-01-05-18-43-16-1-1 - Factors that positively affect crude oil prices - Investors in the market relieved their worries after the United States and China were able to find a conclusion to end the trade war between them and expected to be able to sign the Phase 1 agreement within the first week of January 2020. Incidentally, China has not yet settled. Tariffs on imports of crude oil and LNG from the United States at the levels of 5% and 25%, respectively - President of the Federal Reserve Bank (Fed), Chicago branch, Mr. Charles Evans, announced at the Economic Club meeting in Indiana that the U.S. economy In good condition After cutting interest rates three times this year, although inflation remains below the Fed's target level of 2% per year - Energy Information Administration (EIA) reports commercial crude oil reserves in the US. The week ending 13 Dec. 2019 decreased from the previous week by 1.1 million barrels to 446.8 million barrels, a decrease less than the survey of analysts by Bloomberg that expected a decrease from the previous week of 1.8 million barrels .
National Statistical Office China (National Bureau of Statistics) reports that Chinese refineries refined crude oil in November 2019, increasing from the previous month by 30,000 barrels per day. and increased from the previous year by 1.15 million barrels per day, at 13.65 million barrels per day, and during the months of January - November 2019, increased from the previous year by 820,000 barrels per day, at the level of 12.96 million barrels per day. As the new Hengli (400,000 barrels per day) and Rongsheng (400,000 barrels per day) refineries begin operations - a factor that negatively affects crude oil prices - Baker Hughes Inc. reports the number of crude oil rigs. in the US The week ending December 20, 2019 increased from the previous week by 18 rigs to 685 rigs, the highest weekly increase since February 2018 - EIA forecasts Shale Oil production volume in the United States in January. 63 will increase from the previous month by 29,000 barrels per day to 9.14 million barrels per day. record high The Telegram Number Data production volume from the Permian field increased by 48,000 barrels per day from the previous month to 4.74 million barrels per day. - ICE reports the investment status of the Brent crude oil contract in the London market for the week ending 17 Dec. 2019. The group of fund managers adjusted their holding status. Net Long Position increased from 24,517 contracts last week to 398,360 contracts - CFTC reports investment status in WTI crude oil contracts in the New York and London markets. For the week ending December 17, 2019, the fund manager group adjusted Net Long Position, increasing from the previous week by 43,962 contracts to 295,324 contracts, oil price trend.
Crude oil prices dropped following reports of the number of crude oil rigs drilling in the United States. Last week, an increase of 18 rigs from the previous week, the highest weekly increase since February 2018, and news of Saudi Arabia and Kuwait signing an agreement to allocate benefits from the Khafji crude oil production field (production capacity 500,000 barrels per day) in Kuwait City this week. Khafji crude oil is Heavy Crude (API 28.5 and 2.85% S) used to replace oil supply from Venezuela and Iran. However, operations have been closed since 2014 because it is an overlapping area. Production will increase to 500,000 barrels per day in about six months if the two sides reach an agreement. Moreover, both countries will reduce the production of other types of crude oil. In order to comply with the OPEC+ agreement, however, the trade agreement between China and the United States progress in order China will announce products that will be exempt from additional tariffs, including tariffs on frozen pork, medicine, paper and technology. Effective from January 1, 2020 and announced the cessation of import taxes on petrochemical products such as HDPE and LLDPE from the United States from December 26, 2019. In the short term, follow New Home Sales and US Durable Good Order this month. Nov. 2019 to assess the economic status of the United States. This week's technical aspect is expected The price of ICE Brent crude oil will move in the range of 63-68 USD per barrel and NYMEX WTI crude oil will be in the range of 58-63 USD per barrel. The price of Dubai crude oil will move in the range of 62.5-67.5 USD per barrel.
National Statistical Office China (National Bureau of Statistics) reports that Chinese refineries refined crude oil in November 2019, increasing from the previous month by 30,000 barrels per day. and increased from the previous year by 1.15 million barrels per day, at 13.65 million barrels per day, and during the months of January - November 2019, increased from the previous year by 820,000 barrels per day, at the level of 12.96 million barrels per day. As the new Hengli (400,000 barrels per day) and Rongsheng (400,000 barrels per day) refineries begin operations - a factor that negatively affects crude oil prices - Baker Hughes Inc. reports the number of crude oil rigs. in the US The week ending December 20, 2019 increased from the previous week by 18 rigs to 685 rigs, the highest weekly increase since February 2018 - EIA forecasts Shale Oil production volume in the United States in January. 63 will increase from the previous month by 29,000 barrels per day to 9.14 million barrels per day. record high The Telegram Number Data production volume from the Permian field increased by 48,000 barrels per day from the previous month to 4.74 million barrels per day. - ICE reports the investment status of the Brent crude oil contract in the London market for the week ending 17 Dec. 2019. The group of fund managers adjusted their holding status. Net Long Position increased from 24,517 contracts last week to 398,360 contracts - CFTC reports investment status in WTI crude oil contracts in the New York and London markets. For the week ending December 17, 2019, the fund manager group adjusted Net Long Position, increasing from the previous week by 43,962 contracts to 295,324 contracts, oil price trend.
Crude oil prices dropped following reports of the number of crude oil rigs drilling in the United States. Last week, an increase of 18 rigs from the previous week, the highest weekly increase since February 2018, and news of Saudi Arabia and Kuwait signing an agreement to allocate benefits from the Khafji crude oil production field (production capacity 500,000 barrels per day) in Kuwait City this week. Khafji crude oil is Heavy Crude (API 28.5 and 2.85% S) used to replace oil supply from Venezuela and Iran. However, operations have been closed since 2014 because it is an overlapping area. Production will increase to 500,000 barrels per day in about six months if the two sides reach an agreement. Moreover, both countries will reduce the production of other types of crude oil. In order to comply with the OPEC+ agreement, however, the trade agreement between China and the United States progress in order China will announce products that will be exempt from additional tariffs, including tariffs on frozen pork, medicine, paper and technology. Effective from January 1, 2020 and announced the cessation of import taxes on petrochemical products such as HDPE and LLDPE from the United States from December 26, 2019. In the short term, follow New Home Sales and US Durable Good Order this month. Nov. 2019 to assess the economic status of the United States. This week's technical aspect is expected The price of ICE Brent crude oil will move in the range of 63-68 USD per barrel and NYMEX WTI crude oil will be in the range of 58-63 USD per barrel. The price of Dubai crude oil will move in the range of 62.5-67.5 USD per barrel.