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Crude Oil Review: Oversupply worries continue to heat up Oil prices hit the longest losing streak in 34 years

  • Categories:News Center
  • Author:
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  • Time of issue:2019-05-27 21:22
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(Summary description)Global supply growth, the investor market is worried that oil growth will slow down, US crude oil fell for ten consecutive days, the longest continuous decline since 1984, Brent crude oil fell below $70 per barrel, WTI fell below the barrel 60 dollars. On Friday (November 9), the New York Mercantile Exchange West Texas Light Oil futures settlement price in December 2018 was $60.19 per barrel, down $0.48 from the previous trading day, down 0.8%, trading range 59.

Crude Oil Review: Oversupply worries continue to heat up Oil prices hit the longest losing streak in 34 years

(Summary description)Global supply growth, the investor market is worried that oil growth will slow down, US crude oil fell for ten consecutive days, the longest continuous decline since 1984, Brent crude oil fell below $70 per barrel, WTI fell below the barrel 60 dollars. On Friday (November 9), the New York Mercantile Exchange West Texas Light Oil futures settlement price in December 2018 was $60.19 per barrel, down $0.48 from the previous trading day, down 0.8%, trading range 59.

  • Categories:News Center
  • Author:
  • Origin:
  • Time of issue:2019-05-27 21:22
  • Views:
Information
1. Brent crude oil fell below $70 per barrel in intraday trading, and WTI fell below $60 per barrel in intraday trading.
 
2. The number of active oil drilling in the United States reached its highest level since March 2015.
 
3. The market is awaiting the OPEC meeting on Sunday and the non-OPEC oil ministers monitoring committee meeting
 
Global supply growth, the investor market is worried that oil growth will slow down, US crude oil fell for ten consecutive days, the longest continuous decline since 1984, Brent crude oil fell below $70 per barrel, WTI fell below the barrel 60 dollars. On Friday (November 9), the New York Mercantile Exchange West Texas Light Oil futures settlement price in December 2018 was $60.19 per barrel, down $0.48 from the previous trading day, down 0.8%, trading range 59.26-60.79 US dollars; London Intercontinental Brent crude oil futures settlement price in January 2019 was 70.18 US dollars per barrel, down 0.47 US dollars from the previous trading day, down 0.7%, trading range 69.13-70.99 US dollars.
 
Just a few weeks ago, analysts worried that the US sanctions against Iran caused a shortage of global oil supply, and Brent crude oil futures would break through $100 a barrel. However, with the increase in crude oil production in Saudi Arabia, Russia and the United States, other oil-producing countries also plan to increase production, while the United States exempts major customers of Iranian crude oil imports, thus worrying about the market shortage caused by US sanctions against Iran. At the same time, speculators also reduced their net long positions for several consecutive weeks after accumulating a large number of net longs in the previous period.
 
Reuters reported that fears of US sanctions, South Korea has stopped importing Iranian crude oil for three consecutive months, but after receiving US immunity last week, a delegation including oil companies is preparing to go to Iran to resume importing crude oil from Iran. .
 
Brent crude oil futures fell below $70 a barrel for the first time since the beginning of April, down 20% from the highest level in four years since the beginning of October. US benchmark crude oil futures fell to the lowest price in eight months in the WTI session, down 22% from the peak in early October.
 
European and American crude oil futures fell for five consecutive weeks. In the past week, the New York Mercantile Exchange light sweet crude oil first-month futures fell 4.00 US dollars, a decrease of 6.22%; the average settlement price per barrel was 61.51 US dollars, 4.12 US dollars lower than the previous week, the settlement price was 63.31 US dollars per barrel, the lowest The barrel is $60.31; the trading range is $59.26-64.14. London Intercontinental Exchange Brent crude oil futures net futures fell 2.65 US dollars, a decrease of 3.64%; the average settlement price per barrel was 71.64 US dollars, 3.25 US dollars lower than the previous week, the settlement price was 73.17 US dollars per barrel, the lowest is 70.18 US dollars per barrel; The range is 69.13-74.13 USD.
 
Despite the continued decline in crude oil futures, the number of active oil drilling in the US has increased four weeks in the past five weeks, reaching the highest level since March 2015. According to data released by General Electric's oilfield service agency Baker Hughes, as of the week of November 9, the number of US online drilling wells was 886, an increase of 12 from the previous week, which is the largest increase since May; There were 148 seats in the same period. The report shows that there are nine tanks in the Cana WOODFORD basin in Canaan; two in the DJ-Niobrara basin in Colorado; and three in the Eagle Ford basin in Texas. Two in the Marcellus Basin; five in the Permian Basin; one in the Utica Basin in Ohio; one in the Williston Basin; 21 in the US offshore platform this week, Three more were added in the week; three more than the same period last year. Baker Hughes data also showed that there were 195 natural gas drillings in the United States during the same period, an increase of 2 from the previous week; an increase of 26 over the same period last year. Among them, there are 1,057 US terrestrial oil and gas platforms, an increase of 11 from the previous week; an increase of 169 over the same period last year. The total number of US oil and gas drilling platforms was 1,081, an increase of 14 from the previous week; an increase of 174 over the same period last year.
 
OPEC and some non-OPEC oil producers including Russia, which are involved in production cuts, will hold a meeting of the Oil Ministers Monitoring Committee in Abu Dhabi, UAE on Sunday. Reuters quoted sources as saying that the meeting did not rule out these participation in production cuts. Oil-producing countries will resume production next year.
 
As of the week of November 6, speculators held a total of 433,427 net long positions in the US light crude oil and Brent crude futures and options on the New York Mercantile Exchange and the London Intercontinental Exchange, a decrease of 88,275 contracts from the previous week; 88.275 million barrels of crude oil.
 
Speculators' net long position in the New York Mercantile Exchange's light crude oil futures fell 6.7%. According to the latest statistics of the US Commodity Futures Management Commission, as of the week of November 6, the holdings of the New York Mercantile Exchange crude oil futures amounted to 2,075,239 contracts, a decrease of 17,816 contracts. Large speculators held a net long position of 403,783 lots on the New York Mercantile Exchange crude oil futures, down 28,855 contracts from the previous week. Among them, the long position decreased by 11,109 hands; the short position increased by 17,746 hands.
 
The managed fund's net long position in futures and options held by the US light sweet crude oil on the New York Mercantile Exchange decreased by 18.3%, while the net long position in US futures and options held by the US light sweet crude oil in the European market on the Intercontinental Exchange decreased. 28.85%. According to the new classification, as of the week of November 6, the net long position held by the managed funds in the New York Mercantile Exchange crude oil futures and options decreased from 196,196 contracts in the previous week to 160,291 contracts; the longs decreased by 17,312 contracts; the shorts increased by 18,593 contracts. . The net long position held by the managed funds in the US light sweet crude oil futures and options on the London Intercontinental Exchange Europe market decreased from 18,394 contracts in the previous week to 130,88 contracts; the longs decreased by 527 contracts; the shorts increased by 4,779 contracts.

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