27 & # 39; November 2018
From Thaioil Plc.
Volatility of crude oil price The reduction of production news. Among the markets in oversupply
Thai Ole expand crude West Texas Intermediate prices this Friday $ 49 to $ 54 per barrel. Crude Oil Brent Crude Moves $ 55- $ 60 per barrel
Trend of crude oil price (November 26 to 30 61) In
The crude oil prices are expected to vary. The news of cooperation between the OPEP producers and OPEC will not cut production. Including the reduction of & # 39; & # 39 exports; Crude oil & # 39; to Iran. As a result of the boycott by the US We also pursue the amount of & # 39; crude oil USA. The trend & # 39; below. Demand for crude oil the US However, the market is still concerned about oversupply. After the supply & # 39; crude oil continued to increase. Demand is also fueled by high oil prices. And the world economy is slower than expected.
Important factors expected to affect oil prices this week.:
- Pay attention to cooperation both between the OPEP producers as well as non-OPEP whether to cut production. The source said both OPEC and the non-OPEC producers talked about reducing their production capacity to 62 million barrels per day. Compared with the production of & # 39; October 61. The agreement to reduce production capacity will be considered in & # 39; of 6 meeting & # 39; Dec 61 showed Saudi Arabia which will reduce the ability of & # 39; its production to balance the crude oil market. Because the market is facing situation & # 39; oversupply. The United Arab Emirates said that OPEC group x & # 39; likely to reduce production. And the United Arab Emirates will cooperate with the decision & # 39; the OPEC.
- The export volume of crude oil in Iran & # 39; November 61 is expected to fall. Although the United States. 8 will allow countries to import crude oil from Iran. In recent weeks, no oil was exported from Iran. The plan to buy crude oil prior to the announcement of the waiver. Some countries have plans to resume importing crude oil from Iran, like North Korea t & # 39; South and Japan, plan to continue to import crude oil from Iran in January. 62 & # 39; hereinafter
- Crude oil inventories US Expects begin to decline. After most refineries in the US Back seasonal stop. As a result, demand for crude oil refined raw materials increased. In the last week, increased to 7 million barrels per day. It is expected to average & # 39; 11.66 million barrels per day in & # 39; December. 61
- The market is still worried about oversupply. The United States, Russia and Saudi Arabia have increased their production capacity to compensate for missing supplies from Iran, but the US announced waiver of eight countries to import crude from Iran. That is higher than analyst expectations. B & # 39; & # 39 outcome; this, the supply Iran & # 39; Crude oil lost less than expected, while world oil demand was growing less than expected. This is due to high oil prices. In addition to lower than expected economic growth, the IMF lowered its forecast for global economic growth from 3.9% to 7% in & # 39; 61. Overcapacity is a reflection of the volume of oil. Young OECD oil inventories increased in & # 39; September. 61, which is a worsening of & # 39; 4 months.
- Looking at the economic data & # 39; this week, we see GDP in 3Q61 of US consumer spending. Unemployment rate in the euro area and the price index of eurozone consumer
Summary of the oil price situation in the last week (19-23 Nov 61) It
Crude oil for West Texas last week dropped $ 6.04 to $ 50.42 a barrel, while Brent crude fell $ 7.96 to $ 58.80 per barrel. Dubai crude oil closed at $ 61 a barrel, after falling & # 39; on the Dow Jones Industrial Average. Investors are disappointed with the performance of listed companies and concerns about the increase in production costs. The Federal Reserve (Fed) x & # 39; likely to raise rates & # 39; interest. The market is still worried about oversupply due to the United States. Continue to increase capacity. World demand for oil is expected to be pressed by the war between the US and China. In addition, crude oil prices are under pressure from the crude oil reserves of the United States. However, crude oil prices have strengthened both OPEC producers as well as from non OPEC to meet to discuss the reduction of capacity.