NYMEX crude oil closed down slightly on December 1

2022-06-17
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NYMEX crude oil closed down slightly on December 13. The US PPI data was poor and the demand fell slightly on December 13. The US PPI data was poor and the demand fell slightly on December 16, 2013. [China paint information] due to the poor performance of the US November PPI data released on Friday and the sharp decline in fuel demand, the US crude oil once hit a new low for more than a week, with an overall decline of nearly 1%. In addition, the Federal Reserve Market predicted that the Federal Reserve may start to reduce QE early, putting some pressure on oil prices. The Federal Reserve will hold an interest rate meeting on December. The crude oil market closed lower on Friday. NYMEX crude oil futures fell US $0.90, or 0.92%, to US $96.60/barrel

trend description on Friday (December 13):

during the Asian period, US crude oil rose at 97 Narrow range finishing at $60. In the European session, US crude oil gradually fell in shock. At the end of the session, the renewable steel process technology to improve the efficiency of resource and energy utilization and emission reduction was refreshed; The ecological non blast furnace ironmaking technology is low at USD 96.26/barrel per day. At the beginning of the New York session, US crude oil hit the bottom and rebounded above US $97. Later, it took back some of its gains and finally stabilized around us $96.50

nymex crude oil futures reached a maximum of $97.62/barrel and a minimum of $96.26/barrel, down $0.90 to close at $96.60/barrel, down 0.92%

Fundamentals:

1 According to the data released by the US Energy Information Administration (EIA) on Wednesday, the US crude oil inventory decreased by 10.6 million barrels to 375.25 million barrels in the week of December 5, with an estimated decrease of 3million barrels; In the week of December 5, the utilization rate of refinery equipment in the United States increased by 0.2% to 92.6%

fundamental negative factors:

1 Data released by the US Department of labor (DOL) on Friday showed that the monthly rate of us producer price index (PPI) fell by 0.1% in November, which is expected to be flat, and the previous value fell by 0.2%; Excluding food and energy prices, the monthly rate of core PPI in November increased by 0.1%, expected to increase by 0.1%, and the previous value increased by 0.2%

2. Libyan officials had previously said that three ports capable of transporting 600000 barrels a day would resume operation this weekend. Previously, due to the sabotage of the port by the opponents, the crude oil transportation in Libya was reduced to 110000 barrels/day

future outlook:

ANZ analysts believe that the explosion near the Suez Canal, the main transportation channel in the international crude oil market, has caused concern that the supply of class 1 instruments is used on the consumption line, and the space for further decline of Brent crude oil is limited

genemcgillian, an analyst at traditionenergy, said, "the current fuel demand is relatively weak, and these excess fuels were included in last week's inventory data, leading to a decline in oil prices. Therefore, it is believed that the crude oil market will continue to be under pressure until the demand for plastic granulators is not strong and the technical requirements are also constantly improving."

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