U.S. crude oil storage

U.S. crude oil storage

Venezuela is already in a state of collapse. There have been signs that the MU.S. crude oil storageaduro regime is fragile, including the attack on Venezuela’s Supreme Court building by mutinous helicopter pilots and a drone attack by President Maduro during a military parade in August this year. In other words, the threat of a military coup in Venezuela has been on the rise for some time.

According to sources, the energy ministers of Saudi Arabia, the UAE and Russia held preliminary consultations in St. Petersburg this week. The UAE has assumed the chairmanship of OPEC this year. OPEC and non-OPEC oil-producing countries will meet in Vienna on June 22-2, at which time the final decision will be made.

Japan is a country with very scarce crude oil resources and its dependence on foreign crude oil is close to 00%. Iran has always been a stable source of supply for Japan. It is reported that Iran supplies more than 0% of Japan’s imported crude oil, and because crude oil supply usually signs a long-term contract for several to ten years, the United States suddenly announced a ban on the import of Iranian oil, and it is difficult for Japan to find a suitable substitute in a short time. .

At the same time, the recent crude oil inventory data released by the U.S. Energy Agency shows that U.S. crude oil production has slowed down, and shale oil rigs dropped by 8 last week, further confirming the claim that U.S. crude oil production capacity has fallen due to low oil prices.

The last time the Fed's interest rate decision was made during the year, the market paid great attention. It was not only because of the fluctuation of the US dollar exchange rate, but also related to the Fed's monetary policy in 209. The current mainstream view of the market is that the Fed will raise interest rates in February, but it may imply that the pace of interest rate hikes will be slowed in 209, and it is possible to delete the wording of gradual rate hikes in this round of interest rate resolutions.

According to the latest report, OPEC and non-OPEC will maintain production cuts until the end of the year, but are prepared to deal with any possible supply shortages. Saudi Arabia and Russia need to calm the differences within OPEC. Iran and Kuwait are rumored to accuse Saudi Arabia of succumbing to pressure from the United States andU.S. crude oil storage Russia to suppress oil prices.

According to Xinhua News Agency, as a counterattack to US import tariffs, additional tariffs on certain imported goods from the United States have been officially implemented at 2:0 Beijing time on the 6th. Although there is no U.S. crude oil among them, its name has been included in the remaining list of commodities worth about $6 billion.

Reuters Commodity and Energy Market Technical Analyst Wang Tao pointed out that US WTI crude oil may once again test the support level of US$6 per barrel, and if it breaks, it will fall to the support level of US$64. These support levels are the 26% forecast level starting from the $66 C wave, and the 74% retracement level of the $68 to $78 rally. The rebound from the low of $659 on June 8 was controlled by the 2% and 7% forecasts. This situation implies that the C wave may only be partially completed. This wave can actually stretch to US$555, or at least US$684. The resistance is at $602, and the rise after the breakout will be limited to $656.