The consultation phone QQ monthly report pointed out that the increase in oil prices this month was only driven by continued market speculation, that is, by rumors about joint production cuts.
In the early hours of Wednesday morning, Beijing time, the U.S. Energy Information Administration released its monthly short-term energy outlook report, which showed that U.S. shale oil production is expected to be less than 10,000 barrels per day in March. % fell below this output value for the first time in months.
Beijing time in the early morning of Wednesday (June 2): The American Petroleum Institute announced that the increase in U.S. crude oil inventories was lower than expected. The data showed that crude oil inventories increased by 10,000 barrels to 100 million barrels in the week of March, as analysts surveyed by Reuters expected. Add 10,000 barrels. The American Petroleum Institute also said that crude oil inventories in the Cushing area of the United States increased by 10,000 barrels in the week to September.
Recently, the European banking system has been in turmoil, European and American stock markets have been turbulent, and concerns about economic slowdown and weakening demand have led to M crude oil futures falling sharply again on Tuesday (May 1), breaking through the USD/barrel integer mark, with a drop of as much as .%.
At the beginning of the Asian market on Wednesday (May 1), oil prices maintained a volatile trend. M crude oil futures are trading around .USD/barrel, with an increase of approximately .%. Brent crude oil futures are trading around .USD/barrel, with an increase of approximately .%.
Beijing time, the U.S. crude oil inventory for the week of March 1st will be announced. OPEC will also release its monthly crude oil market report around Beijing time within the day.
[Crude Oil Opening] The economy slows and demand for crude oil declines, and crude oil falls below the mark again
(The picture above shows the daily chart of U.S. M crude oil futures monthly contract prices, the time on the chart is Eastern Time, picture Source: Bloomberg)
[Crude Oil Opening] The economic slowdown has led to a decline in demand for crude oil, and crude oil has once again fallen below the mark
(The picture above is the daily chart of Brent crude oil futures monthly contract prices, the time on the chart EST, Image source: Bloomberg)
Goldman Sachs Group (dh) predicts that oil prices may fall below the dollar per barrel. Investors are looking for oil price levels that can bring supply and demand back into balance, making prices more volatile.
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