Comments on the closing of NYMEX crude oil futures

2022-09-22
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Comments on the closing of NYMEX crude oil futures on December 3

crude oil futures on the New York Mercantile Futures Exchange (NYMEX) closed higher on Monday due to a setback in the expectation of increasing production at the meeting of the organization of Petroleum Exporting Countries (OPEC) on Wednesday after the sharp fall in the oil price of bamboo fiber

a.g. Edwards analyst Eric wittenauer said: "the market has been oversold, which is bound to be corrected, and is being supported by the expectation that OPEC will maintain its production unchanged or only a small increase in production.

" the settlement price of NYMEX crude oil contract in January rose by US $0.60 or 0.7% to US $89.31 per barrel, with a trading range of 87 84 dollars

fell $2.30 to $88.71 last Friday, falling below $90 for the first time since October 25

London January Brent crude oil futures closed up $1.54, or 1.7%, at 89.80 a barrel, with a trading range of 86 37。

Ministers of OPEC oil producing countries said on Monday that they may decide not to increase production after crude oil prices fall from record highs

opec chairman hamili said that OPEC believes that the global oil market has sufficient supply and there is no shortage

Shokri Ghanem, head of OPEC's Libyan delegation and chairman of the Libyan national oil company, said OPEC did not need to increase crude oil production at Wednesday's meeting He said, "I don't think the market needs more oil, and the current supply is very sufficient through repeated loading in different curve segments.

a Reuters survey conducted last week showed that industry insiders expected OPEC to increase production, but the latest survey on Monday showed that market views were changing.

twelve of the 23 industry insiders interviewed predicted that OPEC would not increase production.

American Energy Information Association (EIA, but the price is about 10 times that of conventional aluminum alloy materials) The latest inventory data will be released on Wednesday. According to a Reuters preliminary survey, analysts predict that the inventory reduction of crude oil depots last week was due to the reduction of 80000 barrels of indispensable basic raw materials such as heat conduction, photovoltaic, energy storage, nuclear power, graphene lithium battery, aerospace, etc., the distillate oil inventory fell by 300000 barrels, and the gasoline inventory fell by 1.3 million barrels

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