International crude oil market briefing on March 3

2022-09-23
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On March 30, the international crude oil market briefing

I. NYMEX crude oil Review

crude oil futures on the New York commercial Futures Exchange (NYMEX) closed higher on Wednesday. The data just released showed that the latest week's gasoline inventory in the United States hit the largest decline since August 2003, driving the price of gasoline futures up sharply

heating oil futures also rose, as inventory fell more than expected

the settlement price of crude oil futures in May rose $0.38 to $66.45 a barrel The intraday high was $66.70, the highest level since February 2

the settlement price of Brent crude oil contract in May on the London International Petroleum Exchange (IPE) also rose $0.58 to $65.55 a barrel

nymex-april gasoline contract closed up 6.97 cents at $1.9542 per gallon The daily high was $1.96, the highest level since October 5 last year

nymex-april heating oil contract settlement price rose 2.43 cents to $1.852 per gallon The intraday high was $1.856, the highest level since February 1

gasoline inventories fell to support prices

a NYMEX floor trader said, "the market has been guided by the trend of gasoline futures. The decline in inventory supported the rise of gasoline futures."

some analysts believe that the sharp drop in inventory is not unexpected Truman Arnold dealer Knight said, "the reduction of gasoline inventory is not unexpected, because we are clearing the inventory of gasoline containing methyl tertiary butyl ether (MTBE) additive and gradually establishing leadless gasoline (rbob) inventory. In addition, refinery maintenance is continuing, so inventory may continue to decrease in the next two weeks or so."

the American Energy Information Association (EIA) announced earlier that U.S. crude oil inventories increased by 2.1 million barrels to 340.7 million barrels in the week of March 24, the highest level since the week of April 16, 1999; Gasoline inventory decreased by 5.4 million barrels to 216.2 million barrels, recording the largest decline since the week of August 22, 2003; Distillate oil inventories decreased by 2.5 million barrels to 124.2 million barrels, of which heating oil fell the most. ([ncn])

analysts believe that NYMEX crude oil support is at $65 and resistance is at $67

gasoline prices broke through the resistance level of $1.90 and once rose to a daily high of 1.96. The next resistance level was 2.0 set on October 5 last year, which can be divided into many types according to different uses Heating oil also broke through the resistance level of $1.83, and the next resistance level hit a high of 1.89 on February 1

II. IPE crude oil Review

London International Petroleum Exchange (IPE) Brent crude oil futures closed slightly higher on Wednesday. Investors took into account factors such as the decline in U.S. gasoline inventories that was much higher than expected and the increase in crude oil inventories

the settlement price of Brent crude oil futures in May rose $0.58 to $65.55 a barrel, with a daily high of 65.87 and a daily low of 64.69 Technical analysts expect the support level of the contract to be $64 and the resistance to be around $66

the American Energy Information Association (EIA) announced that gasoline inventories in the United States decreased by 5.4 million barrels last week, and analysts originally expected a 132. 5% decrease Replace the fuse of the same capacity with 0 million barrels U.S. distillate inventories fell by 2.5 million barrels, a decline higher than the expected decline of 1.4 million barrels, and crude oil inventories increased by 2.1 million barrels

"gasoline inventory data is very important, and the decline is much larger than expected," said litterbush, President of ritterbusch and associates. "This is a positive data."

"looking at other figures, there are no major surprises. We are struggling to find factors that can further push up oil prices, but gasoline inventory data should be the most important."

ipe diesel futures rose $2.75 to settle at $575.50 per ton

III. Singapore fuel oil Review

unit: USD/ton

date/variety 180CST fuel oil 380cst fuel oil

March 28 333.62 320.4

March 29 335.41 324.25

up or down 1.79 3.85

Asian fuel oil closed higher on Wednesday, but the price spread weakened for the eighth consecutive trading day, and the previous month long rally gradually lost momentum However, the premium of low sulfur fuel oil has strengthened, driven by strong demand and tight supply Thailand bought a batch of shipments delivered in April at a higher price

index 180CST price fell to US $335.80 per ton dedicated to the research and development of energy-saving and environmental friendly high-function materials, up US $2.00 from the Asian close on Tuesday 380cst rose $3.35 to 324.15

180cst spot premium fell $1.25 to 4.00 per ton, with two transactions 380cst premium fell to $2.65 per ton, down $0.5

the price difference of fuel oil physical cracking also fell to minus $7.80 per barrel, down $1.05

a Western fuel oil trader in Singapore said, "today's market trend is poor. Although the bull market can still be staged for at least two days, the premium has shrunk by about $4 per ton."

"when we enter April, the market trend may be even worse, because a large number of arbitrage ships will arrive at that time. In addition, the value of low sulfur fuel oil seems to be increasing. I wouldn't be surprised if more people pour into the low sulfur fuel oil market."

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