China Oil Network reported on June 8 that spot crude oil prices rebounded to above US$66. As Venezuelan crude oil production maintained a downward trend, international oil prices California crude oil pricesrose by nearly 2% overnight. The stabilization of oil prices may indicate that the current round of declines has ended.
So can EIA inventory data tonight bring different results? Looking back at the data in the past few weeks, both API and EIA inventories have basically been able to maintain the same direction, either reducing or increasing at the same time. However, the two have diverged for a long time last week. Therefore, under this premise, this week EIA inventory data may also have different results, but it is worth noting that the number of US rigs announced last week remains unchanged. This may be a hope for crude oil inventory data this week, under the premise of a decline in API inventory. , Perhaps EIA inventory data can also record a decline. In this case, it will be a good opportunity for crude oil prices to turn around.
On the 0th, Sadad Al-Husseini, founder and president of Husseini Energy, pointed out that if oil prices are in danger of falling below $70 per barrel, OPEC may intervene.
Law firms including LLP negotiated on the NOPEC coalition bill prohibiting oil production and export monopoly. OPEC is seeking strategic advice in response to the NOPEC Act. The bill may allow the US government to sue OPEC for manipulating energy prices.
In the past 0 months, global hedge fund managers have increased their long positions in crude oil for 9 months, bringing their total to nearly 400 million barrels of crude oil. According to Intercontinental Exchange data, in the week ending on Tuesday, April 0, the speculative net long position of Brent crude oil rose to 624.54 million contracts, the highest in 20 years.
The alliance formed by OPEC and non-OPEC oil-producing countries will re-evaluate the market at the June meeting and reveal whether it will extCalifornia crude oil pricesend the production cut again. Most of the market expects that the production reduction agreement will continue to be extended to strengthen market stability.