In the early morning news of beijing time on 23 october, new york crude oil prices (80. 43, 0. 09, 0. 11 per cent) declined significantly by 2. 4 per cent on wednesdays, reporting $80. 52 per barrel, mainly due to government reports indicating that the increase in united states crude oil stocks last week was much higher than expected. At the same time, however, there are signs of improvement in crude oil demand。
The energy information agency (eia) of the united states department of energy released its energy inventory report for the week ending 17 october today. The report showed that the united states crude oil stock had increased by 7. 1 million barrels that week, an increase that was far higher than previously expected by analysts. A platts survey by the energy information and consultancy company showed that analysts expected, on average, an increase of 2. 5 million barrels in united states crude oil stocks during the week. The report also indicated that the united states petrol stock had been reduced by 1. 3 million barrels that week, and that analysts were expected to reduce their stock by 1. 7 million barrels, while the fraction oil stock (including diesel and heating oil) had increased by 1 million barrels and analysts were expected to reduce their stock by 1. 5 million barrels。
However, according to the report published yesterday by the american petroleum association (api), the united states crude oil stock had increased by only 1. 2 million barrels as of 17 october。
According to eugen weinberg, the head of commodity research at the commercial bank of germany (cbk), china’s latest crude oil demand data are better than expected, together with the good performance of most of the united states economic data, weakening concerns about crude oil demand, which should normally grow seasonally as winter approaches the northern hemisphere。
Weinberg states that the future price of crude oil in the north sea, london, is likely to be at the bottom of $86 per barrel. In terms of dominant contracts, crude oil futures prices in new york had reached their lowest level since 2012, while those in north sea brent had fallen to their lowest level in almost four years. Oil prices have fallen significantly since mid-year, mainly because of global oversupply of crude oil and the market's fear that demand for crude oil will decline。
Responsible editor: zhang dei
