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API stocks fell 8.6 million barrels super super hurricane hit

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发表于 2018-9-12 16:53:09 | 显示全部楼层 |阅读模式
On Wednesday, the price of crude oil continued to rise overnight, and the market worried that the super hurricane would cause damage to the east coast of the United States.
The sharp decline in US crude oil inventories and new forecasts suggest that US crude oil production growth next year may be lower than previously expected, and it also boosted oil prices.

As of 12:51 Beijing time (00:51 am EST), the New York Mercantile Exchange US October WTI crude oil futures price rose 63 cents or about 0.91%, to 69.88 US dollars / barrel, compared with 67.56 US dollars during the Asian session. The level rose by more than $2.

November Brent crude oil futures on the London Intercontinental Exchange rose 25 cents, or about 0.32%, to $79.31 a barrel, compared with $77.50 on Tuesday's Asian session.

On Tuesday, US WTI October crude oil futures closed up 2.53% at $69.25 a barrel. Brent November crude oil futures closed up 2.18% to $79.06 a barrel.

Hurricane Florence is approaching the east coast of the United States, and its potential impact has exacerbated fears that the US will lift its sanctions against Iraq, which will lead to tighter supply, pushing up overnight oil prices and setting the biggest one-day gain since June this year.

Hurricane Florence is a Category 4 hurricane that is approaching North Carolina and South Carolina and is expected to land in the United States this week.

Before the hurricane, people bought gasoline, which led to a surge in demand for refined oil and crude oil.

In addition, there are reports that under the US sanctions, buyers are looking for other sources of crude oil, causing Iran’s crude oil exports to start to be hit.

According to data released by the American Petroleum Institute (API), US crude oil inventories fell by 8.6 million barrels last week, far exceeding the expected 805,000 barrels.

Meanwhile, the 2019 forecast released by the US Energy Information Administration (EIA) on Tuesday said that US crude oil production will increase by 840,000 barrels per day to 11.5 million barrels, which is lower than the previous forecast of 1.02 million barrels. The US Energy Information Administration also expects that US crude oil demand will increase by 250,000 barrels per day, which is also lower than the previous forecast of 290,000 barrels.

To curb rising oil prices, US Energy Secretary Rick Perry will meet with Saudi Arabia and Russian energy ministers this week. Saudi Arabia, Russia and the United States are the three largest oil producers in the world. The United States hopes that Saudi Arabia and Russia will continue to increase production to curb rising oil prices.

On Tuesday, Russian Energy Minister Alexander Novak told Tass that some Middle East members of Russia and the Organization of Petroleum Exporting Countries (OPEC) may sign a new long-term cooperation agreement in December. Earlier, some OPEC and non-OPEC oil producers have been limiting crude oil supply since the January 2017 production cuts agreement.

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