In the early morning hours of beijing, international oil prices jumped。
As at 8 september, closing time in eastern united states time, nymex crude oil futures had dropped by 7. 37 per cent, reporting $36. 84 per barrel, a new low since 12 june; ice oils had dropped by 5. 31 per cent, reporting $39. 78 per barrel。
On the domestic market, as of the 8th day of the round-up, the crude oil futures contract (the crude oil 2010) had fallen by 8 per cent, to $251 per barrel, owing to international oil prices。
The us oil unit has fallen collectively. By the time the united states stock was closed, apache oil had fallen by over 10 per cent, western oil by over 9 per cent and marathon oil by over 8 per cent。
According to industry sources, the sharp drop in oil prices in this round was mainly due to market concerns about the recovery in demand for crude oil。
Multifactor oil market
The price of oil rose and stopped
International oil prices have shown a “deep v” trend since this year. In the case of nymex crude oil, for example, the wind data show that nymex crude oil, after reaching the lowest point of us$ 6. 5/bunk in late april, showed a slow climb “up to the grade”。
However, oil prices have risen since last week. Wind data show that the cumulative decline of nymex crude oil last week was 7. 97 per cent。
On the news, last week, saudi arabia and the united states, the world’s largest oil exporter, lowered the price of crude oil to all grade levels sent to the united states and asia in october, which the market saw as a sign that the outbreak was not encouraging abroad, and that demand growth could stagnate. Moreover, according to historical data, entering september meant the end of the united states summer oil peak season, and the fall was a centralized overhaul of the united states refinery。
“despite previous hurricanes in the united states affecting crude oil production, which pushed oil prices to their highest levels since march, demand-side air pressure has led to a sustained decline in oil prices in recent days as market concerns return to their fundamentals.” in an interview with shanghai securities, the ifngo crude oil analyst, han xin, said:。
According to the korean government, there are three main reasons for the recent sharp drop in international oil prices:
First, on the demand side, the united states labour day holiday has passed, meaning that the united states summer oil demand has ended during the season. The united states refineries typically perform equipment repairs in the autumn, which will also affect crude oil demand to some extent。
Second, saudi arabia and the united states lowered the prices of crude oil exported to asia and the united states in october, indicating that the recovery in demand for crude oil had slowed。
Finally, while countries abroad have begun to re-enter the workforce, the impact of the epidemic remains difficult to diffuse. For example, india, one of the major oil demand countries, still has not addressed the spread of the epidemic, indicating that recovery of demand for crude oil remains difficult in the context of the spread of the epidemic abroad。
According to lachlan shaw, the head of major commodity research at the national bank of australia (nab), the forthcoming centralized maintenance period at the united states refinery could reduce demand for crude oil by between 1. 5 and 2 million barrels per day。
According to eugen weinberg, the head of bulk commodity research at the commercial bank of germany (commerzbank), petrol demand has dropped by about 8 to 10 per cent compared to the same period last year, and has stopped catching up. In addition, between may and july, chinese oil refineries were actively purchasing oil, with sufficient and increasing stocks。
The situation in the united states with regard to the pandemic remains bleak. According to data from johns hopkins university in the united states, as of 7 september at 1717 hours u. S. Time, the number of confirmed cases of new coronary pneumonia in the united states stood at 6297,000 and deaths at 189,900. Within 24 hours, 261,000 new cases were diagnosed and 312 new deaths were recorded in the united states。
Poor performance of petroleum petrochemical plates
Industry continues to appreciate long-term oil prices
Since the beginning of the year, international oil prices have been underperforming, resulting in unsatisfactory performance of the petroleum petrochemical plate in share a. According to shanxi securities statistics, in the first half of this year, the petrochemical industry received $23,716,337 million, a decline of 23. 65 per cent over the same period, and a loss of $38,013 million in net profits due to maternity, a decline of 150. 21 per cent over the same period. The sharp decline in performance was due mainly to large fluctuations in international oil prices and the severe impact of the new coronary pneumonia epidemic。
Wind data show that as at 8 september, the petroleum petrochemical (ci) plate had fallen by more than 6 per cent annually。
Low oil prices have a significant impact on oil suit companies. Hentaip today interacted with each other to indicate that the domestic oil and gas market continued to be depressed and the overall efficiency of the oil and clothing sector fell as a result of the epidemic and international oil prices。
However, the fall in oil prices has reduced the cost of downstream enterprises to varying degrees. The luxurious day of the main man-made graphite suggested that the fall in crude oil prices had a positive impact on corporate costs。
While the international oil market has been smug by multiple factors, there are still industry people who appreciate future crude oil markets。
According to xing’s mid-term futures analyst, the strong united states dollar short-line and the high u. S. Share return were important factors in overcoming oil prices, but the basis for the long-term upward spiral of oil prices remained。
“in the long run, monetary policy in the united states will continue to be relaxed, with the expectation of further depreciation of the dollar, and the us share's return is simply due to the short breath of investment in the science and technology unit, coupled with the accelerated and gradual implementation of vaccine research and development in various countries, the impact of the epidemic on financial markets will gradually diminish, and the logic and basis for moving up risk assets, such as crude oil, remains。
According to kawa kei, the supply contraction caused by the opec production restrictions remains sustainable, demand for crude oil continues to grow steadily and there is no change in the long-term upward trend in oil prices。
