[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.
Hong Kong Stock Concept Tracking | Utilities welcome flexible adjustment window price increases or new support for dividend assets (with concept stocks)
The Zhitong Finance App learned that recently there has been frequent news of utility price increases, and water, electricity and gas prices have been adjusted in many parts of the country. Furthermore, the four high-speed rail fares of the Wuhan-Guangzhou High-Speed Rail, Shanghai-Hangzhou Passenger Railway, Shanghai-Kunming Passenger Railway, and Hangzhou-Ningbo Passenger Railway will open the price increase window in June, with an increase of about 19% to 20%. At the same time, the utility index has surged by more than 12% since this year. In terms of water prices, according to incomplete statistics from CITIC Securities, 24 municipal cities (regions) have adjusted tap water prices since 2022, and water price adjustments are continuing to advance. Among them, after entering 2024, the two major cities of Shanghai and Guangzhou have successively introduced water price adjustment plans. Water supply prices
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.
KUNLUN ENERGY COMP To Go Ex-Dividend On June 4th, 2024 With 0.39265 USD Dividend Per Share
May 10th - $KUNLUN ENERGY COMP(KLYCY.US)$ is trading ex-dividend on June 4th, 2024. Shareholders of record on June 4th, 2024 will receive 0.39265 USD dividend per share on August 2nd, 2024. The ex
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.
Kunlun Energy (00135): Lu Jing appointed as non-executive director
Kunlun Energy (00135) issued an announcement. Zhou Yuanhong resigned as the company's executive director due to job changes, starting in 2024...
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.
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