Us EIA crude oil inventory growth hit a two-month high Iraq said it should intervene in the market
US EIA crude oil inventory growth hit a two-month high Iraq said it should intervene in the market
December 25, 2014
[China paint information] the US Energy Information Administration (EIA) weekly report showed that the US crude oil inventory growth hit a two-month high last week, crude oil once expanded its decline, and NYMEX crude oil futures fell on Wednesday (December 24), After the US EIA crude oil inventory data was released, the oil price fell to a fresh intraday low of $55.07 per barrel; Brent crude oil once fell below $60.00, breaking the intraday low of $59.37/barrel, and then recovered part of the decline, reaching a maximum of $60.67/barrel
the data released by the U.S. Energy Information Administration (e-listing → listing IA) on Wednesday (December 24) showed that crude oil inventories in the United States increased significantly in the week of December 19. As of the week ended December 19, U.S. crude oil inventories increased by 7.267 million barrels, and are expected to decrease by 2.28 million barrels, with an increase of the highest level in two months
if Citi futures perspective hydraulic universal experimental machine is not used for a long time, Tim Evans, an energy analyst, said, "the EIA report shows that the U.S. crude oil supply continues to be higher than demand, and inventories are rising. There will be more crude oil flowing to the market, and the utilization rate of refineries is at a high level, but it is not enough to affect this trend."
data released by the U.S. Commerce Department on Tuesday showed that the U.S. GDP grew at an annual rate of 5.0% in the third quarter, the highest level since 2003, and crude oil rebounded once
the United States is producing crude oil at the fastest rate in 30 years; OPEC maintained its production target at its meeting in November. The organization's crude oil production was higher than the target level for six consecutive months, and oil prices faced the largest annual decline since 2008. Since OPEC decided to maintain its daily production target of 30million barrels at its meeting on November 27, crude oil has fallen by about 20.0%
the markets in London and New York were closed early on Wednesday and closed on Thursday due to the Christmas holiday
evans said, "when we want inventories to be as low as possible, inventories have increased significantly. A 40.0% drop in oil prices may alleviate the tax pain."
crude oil inventories in Cushing, the site of U.S. crude oil futures delivery, increased by 973000 barrels to 28.8 million barrels last week, the highest level since March. The EIA report also showed that the daily output of crude oil in the United States decreased by 10000 barrels to 9.13 million barrels last week (as of the week of December 19), while the previous week created the highest weekly level since 1983. Hongyu, the only provider and service provider of gradient wear-resistant system solutions for metal components in China, produced 40000 barrels of crude oil per day; The capacity utilization rate of the refinery remained unchanged at 93.5%
Mohammed al sada, Qatar's oil minister, said on December 21 that the daily surplus of global crude oil supply was 2million barrels. OPEC produced 30.56 million barrels of crude oil per day in November, which was 30 million barrels higher than the target for the sixth consecutive month
Iraqi oil minister Adel Abdul made an inspection. Mahdi said in an interview on Tuesday that if oil prices continue to fall, OPEC, which includes 12 member countries, will have to intervene. The fair price of crude oil is USD, which should be close to USD/barrel at present
the Iraqi cabinet approved a budget for oil prices based on $60 on Tuesday. Crude oil is an important source of government revenue. Due to the collapse of oil prices, Iraq's expenditure plan for 2015 was cut
US crude oil futures closed down $1.28, or 2.24%, at $55.84/barrel on Wednesday (December 24). Brent crude oil futures fell $1.45, or 2.35%, to $60.24 a barrel on Wednesday (December 24)
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