U.S. crude oil futures surged as inventories fell

  • Detail

Inventory reduction U.S. crude oil futures surged

the latest data from the U.S. energy information administration showed that crude oil and gasoline inventories fell sharply. Therefore, the light desulfurized crude oil delivered on the New York Mercantile Exchange in August (w you can refer to the instruction manual Ti) rose by $2.99 per barrel to $106.52 per barrel

crude oil inventories have decreased by about 20million barrels in the past two weeks. In order to meet the demand of domestic and export markets and keep pace with the world, the operating rate of refineries has risen to 92.4%. Crude oil is transported to the refinery through oil pipelines and railways, and the labor cost of Cushing, Oklahoma, is close to 3 (4) times, and the bottleneck has been alleviated. Therefore, even if the domestic oil production increases, the WTI value is still in balance with the international market value

more and more crude oil is no longer delivered at the delivery place of NYMEX contract, and the atmosphere of digesting crude oil inventory continues, which increases the market spot premium, meaning that the goods in the due month are more valuable than those in the forward month

the upward trend also triggered a technical stop loss bill, pushing up the intraday high of crude oil in August to $106.66/ton. Since independence day, WTI has increased by about $5/barrel

the whole batch of this non deliverable document is from the original author, and the copyright belongs to the original author. It is only for everyone to share and learn. If the author believes that infringement is involved, please contact us, and we will delete it immediately after verification

Copyright © 2011 JIN SHI