[Crude oil market closing] Inflation data strengthens expectations for the Fed to cut interest rates. The Canadian wildfires caused a supply crisis, and the rebound in oil prices responded
The market balance is bullish with the US economy and crude oil storage data and the International Energy Agency's forecast of a weak global economy, leading to an increase in oil demand. Meanwhile, a fire broke out in the major Canadian oil town, causing the market to worry about crude oil supply. Oil prices rose nearly 1% from a two-month low on the previous trading day.
Energy consulting firm Rystad Energy: Gasoline demand will reach a new high since 2019 this summer
Energy consulting firm Rystad Energy said that despite recent signs of market weakness, global demand for gasoline will remain strong this summer, and consumption is expected to reach the highest level before the pandemic.
The IEA lowered its 2024 oil demand growth forecast to only half of what OPEC expected!
The International Energy Agency (IEA) lowered its forecast for oil demand growth in 2024 on Wednesday (May 14), further widening the agency's differences of opinion with the Organization of Petroleum Exporting Countries OPEC (OPEC) on the outlook for global oil demand this year.
The IEA “sings the opposite” with most of its peers: global oil demand growth is expected to continue to weaken!
The Paris-based International Energy Agency (IEA) released its latest monthly crude oil market report on Wednesday. The agency said that due to the economic slowdown and mild European weather, the outlook for global oil demand growth continues to weaken this year.
Business Association: Crude oil fell during the cycle, retail prices of domestic refined oil products fell “two consecutive declines”
The price adjustment window for this round of domestic refined oil products will open at 24:00 on May 15, and the retail price of refined oil products will soon be lowered. In 2024, the retail price of refined oil products has gone through five increases and two drops, and the crude oil market declined during the cycle, and the negative rate of change increased. The retail price adjustment for refined oil products will be lowered for the third time in 2024.
OPEC+ opens rip mode, and “old scars” are once again unraveled
OPEC+ reopens the dispute, and discussions about the oil production capacity of its products OPEC+ once again faced a difficult problem: how much oil can actually be absorbed by its products. This issue poses a risk to the organization's efforts to stabilize the world market.
Express News | OPEC maintains global oil demand forecast for this year and next
OPEC+ is arguing again! “Old scars” have been revealed again
On Tuesday, according to foreign media reports, OPEC+ reopened a heated debate on the ability of member states to produce oil, raising concerns about the further breakdown of unity in the alliance. The US and Burma have plummeted in the intraday market when they heard the news, and have now largely recovered all of the declines caused by the news.
Oil market alert! Demand for diesel is weak, and refineries cut production
The profit from diesel production at Asian refineries is close to the lowest level in a year. This has prompted refineries to reduce the amount of crude oil they process.
Shale oil giants are accused of manipulating oil prices! The US energy industry faces a series of class-action lawsuits
① The US shale oil industry is currently facing a series of lawsuits, accusing some of the biggest companies in the industry of colluding to limit production and maliciously raising oil prices; ② According to reports, companies such as ExxonMobil, Occidental Petroleum, and Diamondback Energy have been named in at least 10 class action lawsuits.
Iraq wants to expand crude oil reserves to 160 billion barrels and opposes continuing OPEC+ production cuts
① Beginning on Saturday, Iraq will hold its first oil and gas exploration project auction since 2018, with companies from China, Iraq, Arabia and Europe competing; ② Iraq hopes to drastically increase crude oil reserves and reduce its dependence on imported natural gas through this auction; ③ Iraq's Minister of Petroleum also made it clear that it will not continue to support extending production limits at the next OPEC+ meeting.
OPEC+ is “showing love” again, and there may be a change in the OPEC monthly report!
The new changes reflect long-standing cooperation between OPEC and its allies in collectively determining oil production.
Express News | Goldman Sachs expects OPEC+ to reduce supply over a longer period of time
[Crude oil market closing] The decline in US crude oil inventories far exceeded expectations for the rise in oil prices
Oil prices rose slightly on Wednesday (May 8), after US oil storage data showed that crude oil inventories declined more than expected as refineries increased production before the summer driving season arrived.
WTI crude oil once fell below 77! KITU Macro: Some geo-risk premiums have been lifted
Economists at KITU Macro said that part of the risk premium for the Iran-Israel conflict has now been lifted, and OPEC+ may gradually eliminate production cuts starting in July.
The US restarts the reserve replenishment program, and is Biden ready to deal with soaring oil prices at any time?
Biden restarts the SPR supplement plan when oil prices fall. If oil prices rise before the election, Biden may release SPR again.
Could OPEC+ “open the door” to increase production? Russia's words make the oil market uneasy!
Russian Deputy Prime Minister Novak said that the possibility of increasing oil production under the OPEC+ agreement is being analyzed.
Israel persists in its actions! How will “Operation Rafah” affect oil prices?
Analysts say everything depends on how the Houthis and other countries react to the Rafah incident.
Does Saudi Arabia have an “iron heart” to support oil prices? Raising the official price in June, sales in Asia increased more than expected
① Saudi Aramco's statement on Sunday showed that Saudi Arabia raised the official selling price (OSP) of Arabian light crude oil in June; ② the price increase for Asia was raised for the third month in a row; ③ industry insiders pointed out that Saudi Arabia's current price increase highlights that Saudi Arabia is still trying to keep the crude oil market tight at a time when the risk of conflict in the Middle East subsides.
Five consecutive drops! Oil prices fell 6% in a single week. Will the next two months be the key?
Standard Chartered Bank pointed out that May and June will be a critical period for whether petroleum fundamentals will be further tightened. At that time, inventories will decline at an accelerated pace, and global oil demand has reached a record high.
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