The hottest international oil price surprised the

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International oil prices surprised the largest one-day decline in 17 years

Bernanke's speech unexpectedly suppressed oil prices. Analysts believe that the testimony delivered by Federal Reserve Chairman Bernanke in the U.S. Senate on the 15th is the direct reason for the sharp decline in crude oil futures. Bernanke stressed in his speech that the economy may face huge downside risks, which is in sharp contrast to his relatively optimistic attitude last month. According to this, the market believes that the economic situation of the United States may further deteriorate, so the crude oil demand of the world's largest oil consumer will also decline

oil demand in the United States has fallen by 2.6% so far this year. With high oil prices and weak economy, industry insiders expect that oil demand in the United States may continue to decline

stimulated by Bernanke's speech, the benchmark light and low sulfur crude oil futures in August of the New York Mercantile Exchange could only be stretched and tightened with the same kind of fixture at the close of the day, falling $6.44 to $138.74 a barrel, down 4.4%, the largest decline since March. The absolute decline in dollar terms was the highest since January 17, 1991, when the first Gulf War broke out and the United States used its strategic oil reserves

on the 15th day, crude oil futures on the New York Mercantile Exchange fluctuated extremely violently, with an intraday range of more than $10, falling $9.26 to $135.92 a barrel. In the electronic session yesterday, international oil prices fell further. Crude oil futures in New York once fell to $136.16 in August

in addition to Bernanke's speech, the sharp fall in oil prices on the 15th was also affected by other fundamental factors, mainly because many supply problems that recently stimulated the market nerves began to ease. Chevron said that an oil pipeline attacked by militants in Nigeria in June has been restored to use, and the daily output of Nigerian light crude oil can be restored to about 120000 barrels. In addition, Royal Dutch Shell has lifted the force majeure clause of bonny oil production in Nigeria, which means that the company may resume oil exports immediately

on Tuesday, Brazil's state-run oil company announced that oil production in the Campos Basin had returned to normal, after workers there announced a five-day strike from Monday, which almost led to a complete shutdown. Local crude oil production accounts for 80% of Brazil's national crude oil production

OPEC lowered its crude oil demand expectations again

factors from OPEC also weighed on oil prices. On Tuesday, the organization lowered its global crude oil demand forecast for this year again. This is the fourth consecutive time that OPEC has lowered its crude oil demand forecast. The organization also believes that the growth of international crude oil demand will also slow down next year

OPEC warned in its monthly oil market report that market fundamentals have been significantly weakened, and this trend is expected to continue into next year, and may even be more obvious. OPEC said that due to the growth of unconventional oil and liquefied natural gas production and the strengthening of energy-saving measures in oil consuming countries against the background of high oil prices, the global demand for OPEC oil is expected to fall by about 700000 barrels per day next year. At present, 40% of the world's daily oil consumption comes from OPEC member states. The organization predicts that the global demand for OPEC oil in 2009 will show the largest decline since 2002

in the report, OPEC lowered its global oil demand forecast for 2008 by 100000 barrels a day, and predicted that the growth of oil consumption in 2009 would be 10% lower than this year. The organization reiterated that speculators in the financial market are the culprit leading to the surge in oil prices

OPEC said that at present, the improvement of fuel utilization and the increase of heavy oil production in non-traditional oil producing countries will lead to excessive oil inventories, which may lead to the decline of crude oil prices. OPEC also said that oil inventories may increase significantly in 2009, far exceeding the amount needed to make up for the decline in oil supply in non OPEC oil producing countries

oil prices may still rebound in the future.

insiders have different opinions on the future trend of oil prices. Venezuelan energy minister Ramirez said on Tuesday that oil prices may remain rising and may never fall back below $100. Hong Pingfan, director of the global economic monitoring department of the United Nations, believes that there is a lot of financial speculation behind the current rise in oil prices. If investors take profit taking operations, oil prices may fall sharply in the future

Merrill Lynch, Morgan Stanley and other Wall Street investment banks issued a report this week, suggesting investors to sell raw material stocks, on the grounds that the economic cooling may reduce the demand for raw materials. Merrill Lynch's U.S. strategist Belsky pointed out in his report to clients on applicable materials: metal and non-metallic materials that based on the expectation that global growth may decline and the decline of emerging market stock markets, he believed that the long market of raw materials had peaked. Coupled with the weak dollar and rising interest rates and other factors, are unfavorable to the long market of raw materials

the Reuters CRB commodity index, which includes 19 kinds of raw materials, has risen 29% in the first half of this year, the largest half year increase since 1973. However, the index has fallen by 2.8% since July 2, when it has the advantages of high efficiency, energy saving and high cost performance reached the peak of this year

however, Turner, a senior analyst at Wall Street strategy company, believes that despite the sharp decline in oil prices on the 15th, the trend of oil prices continuing to rise in the medium and long term has not changed. He believes that investors in the crude oil futures market are now in a "grass and wood" state, and any major news will lead to severe fluctuations in oil prices

judging from the technical trend, the recent oil price fluctuations are extremely intense. A week ago, oil prices also experienced sharp rises and falls. Moreover, judging from the intraday trend on the 15th, the oil price fell as low as $135.92, still not below the low of $135.13 hit on Tuesday. Analysts pointed out that technically, it is difficult to say that oil prices will not rebound sharply again with the latest technology

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