API data released in the morning showed that US crude oil inventories increased by 100,000 barrels to 4.9 billion barrels, and analysts estimated a decrease of 770,000 barrels. Gasoline inventories fell by 620,000 barrels last week, and the survey estimated a decrease of 70,000 barrels. Refined oil inventories increased by 460,000 barrels last week, which is estimated to decrease byHow to price future crude oil contracts 0 million barrels.
There is still a lot of uncertainty in the market outlook. International oil prices rose by nearly% immediately after the meeting. However, today OPEC will discuss the details of some production increase agreements. The crude oil market is still worried about the amount of production increase. Oil prices have risen by nearly 5% today. As the details are finalized, oil prices are expected to rise.
On the other hand, according to the latest data released by the American Petroleum Institute API, as of the week of February 6, US crude oil inventories increased by 40,000 barrels to 4.7 billion barrels, and analysts expect a decrease of 0.5 million barrels. Cushing’s inventory decreased by 500,000 barrels.
The U.S. Energy Information Administration EIA released a report on Wednesday May 9 that showed that as of the week of May 4, crude oil inventories in Cushing, Oklahoma increased by 80,000 barrels. In addition, last week, domestic crude oil production in the United States increased by 40,000 barrels to 0.7 million barrels per day, a continuous weekly increase.
Under the prospect of a large increase in EIA inventories, today's oil prices reversed upward. Analysts believe that the reason is the decline in crude oil production in Venezuela and Iran, which hedges against the negative risks of the large increase in EIA inventories. Iraqi Oil Minister Aru Aibi said that the OPEC meeting this month will not discuss production increases, and the speech boosted the stability of the US oil and rose to above 65 US dollars.
Fernando, head of global crude oil trade at Petrobras, said: In 2022, Petrobras crude oil production will reach 40,000 tons per day, and the export volume will be more than twice the current volume...It is the most important market for Petrobras. In oHow to price future crude oil contractsther words, imports of Brazilian oil will be increased.
In addition, Zhongyu analysts believe that although OPEC's production cuts support oil prices, global crude oil demand is not optimistic, and the crude oil market will enter a period of narrow consolidation. It is expected that on February 28, domestic refined oil prices will end in stranded.