It can be seen that a slight change in the current situation in the Middle East will have a huge impact on the trend of crude oil prices. Not to mention Macron’s remarks playing the market repeatedly, but only if oil prices ignored the negative inventory rebound and closed up. It can be seen that the impact of oil prices on the Middle East issue is obviously stronger than the impact of inventory changes. Returning to the market in the past few weeks, we can also find that in the week when the Syrian problem broke out, crude oil inventories were also a result of negative results, bIn the United States, even if storage capacity increases, crude oil storage capacity utilization will increaseut the market sentiment made oil prices continue to rise above the 67th line regardless of the negatives.
Data show that the average US crude oil export volume in May 208 was nearly 2.02 million barrels per day, the highest monthly level. The average export volume in June reached 2.2 million barrels per day, realizing a further increase.
However, on the 2nd, US Secretary of State Pompeo warned the EU that if the EU violates US sanctions on Iran, the US will also take restrictive measures against the EU. There will be some exceptions to these sanctions, including food and medicine. If the trade between EU countries and Iran is related to these exceptions, then we will not impose sanctions. But if we violate our restrictions on Iran, then we are ready to impose sanctions on either party. Pompeo told reporters.
It is the fastest growing market and has become an oil trading center in South Asia and Southeast Asia. The Singapore market is located in the middle of the Persian Gulf to Japan route, so this market is particularly important in crude oil trading. Crude oil and oil products come from the Middle East and local refineries. Due to the large consumption of naphtha in Japan, naphtha and fuel oil occupy a large share of the market.
The U.S. unemployment rate in April fell by 0.2 percentage points from the previous value and expected value to 60%, a record low in 49 years; however, the average annual rate of wages in the U.S. in April remained unchanged from the previous value of 2%, which was 0 percentage points lower than the expected value.
The oil market will be in a relatively tight state until May 2. At that time, US President Trump must decide whether to continue to abandon sanctions on Iran in accordance with the terms of the nuclear agIn the United States, even if storage capacity increases, crude oil storage capacity utilization will increasereement, or to resume the punishment of OPEC's third largest oil producer.
Ministers from Saudi Arabia, the UAE, Kuwait, Algeria, and Oman, a non-OPEC member state, gathered in Kuwait on Saturday to hold an informal meeting of the Joint Ministerial Supervisory Committee JMMC. According to the statement issued by the committee in KUNA, the ministers at the meeting emphasized the necessity of maintaining existing cooperation and continuing to participate in these successful initiatives. They called for the maintenance of the current partnership to adapt to the ever-changing market, safeguard the interests of consumer and oil-producing countries, and promote healthy global economic growth. The ministers also emphasized the need for healthy market conditions to stimulate sufficient investment in the energy industry, so as to ensure a timely and stable supply of crude oil to meet growing demand and offset the decline in production in some regions.