Due to the sharp increase in U.S. crude oil inventories, U.S. crude oil tumbled 7% in the past three trading days. However, from the domestic market, due to the peak demand before the holiday, the price of the domestic refined oil wholesale market remains high.
After the QE3 quantitative easing policy was introduced, the market generally expected that the Fed QE3 would stimulate US economic growth, leading to the depreciation of the US dollar, thus prompting the rise in oil prices. However, after two consecutive days of rising oil prices, the market staged a dramatic stepping diving.
According to relevant data, since the three trading days, the European and American crude oil ** tumbled 7%. As of the close of Beijing on September 20, international oil prices have fallen for the third consecutive trading day. New York Mercantile Exchange West Texas Light Oil October 2012 ** Settlement price US$91.98 per barrel, down US$3.31 from the previous trading day; London Intercontinental Exchange Brent crude November 2012 ** Settlement price per barrel 108.19 US dollars, down 3.84 US dollars over the previous trading day.
According to Qin Wenping, an analyst at Zhuo Chuang, the heavy pressure on the crude oil market was mainly affected by the sharp increase in U.S. crude oil inventories. According to data from the US Energy Information Administration, as of the week of September 14, US crude oil imports reached 9 million barrels, refinery crude oil processing volume increased by 4.2%, crude oil inventories increased by 8.53 million barrels, and crude oil inventories were higher than the five-year average. The level is 32.8 million barrels, which is 8.4% higher than the same period of last year.
Dongli Zhu, an oil product analyst for Treasure Island, a bulk e-commerce platform, said that even if crude oil prices continued to fall in the past two days, the transaction volume has not been effectively supported, indicating that the current market is watching and cannot determine that the oil price has entered the falling range.
On the domestic front, the negative impact of international crude oil frustration has not been transmitted to the refined oil wholesale market. Yao Daming, minister of the oil division of the Guangdong Oil & Gas Merchants Association, said that due to the fact that the situation is not yet clear, the downstream customers have a stronger wait-and-see attitude. At present, they mainly consume early-stage inventory, and the market turnover is sluggish. At the same time, the peak demand for stocking before the holiday is approaching, and the oil price in South China is still at a high level.
After the QE3 quantitative easing policy was introduced, the market generally expected that the Fed QE3 would stimulate US economic growth, leading to the depreciation of the US dollar, thus prompting the rise in oil prices. However, after two consecutive days of rising oil prices, the market staged a dramatic stepping diving.
According to relevant data, since the three trading days, the European and American crude oil ** tumbled 7%. As of the close of Beijing on September 20, international oil prices have fallen for the third consecutive trading day. New York Mercantile Exchange West Texas Light Oil October 2012 ** Settlement price US$91.98 per barrel, down US$3.31 from the previous trading day; London Intercontinental Exchange Brent crude November 2012 ** Settlement price per barrel 108.19 US dollars, down 3.84 US dollars over the previous trading day.
According to Qin Wenping, an analyst at Zhuo Chuang, the heavy pressure on the crude oil market was mainly affected by the sharp increase in U.S. crude oil inventories. According to data from the US Energy Information Administration, as of the week of September 14, US crude oil imports reached 9 million barrels, refinery crude oil processing volume increased by 4.2%, crude oil inventories increased by 8.53 million barrels, and crude oil inventories were higher than the five-year average. The level is 32.8 million barrels, which is 8.4% higher than the same period of last year.
Dongli Zhu, an oil product analyst for Treasure Island, a bulk e-commerce platform, said that even if crude oil prices continued to fall in the past two days, the transaction volume has not been effectively supported, indicating that the current market is watching and cannot determine that the oil price has entered the falling range.
On the domestic front, the negative impact of international crude oil frustration has not been transmitted to the refined oil wholesale market. Yao Daming, minister of the oil division of the Guangdong Oil & Gas Merchants Association, said that due to the fact that the situation is not yet clear, the downstream customers have a stronger wait-and-see attitude. At present, they mainly consume early-stage inventory, and the market turnover is sluggish. At the same time, the peak demand for stocking before the holiday is approaching, and the oil price in South China is still at a high level.
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