Crude oil inventories in the hottest Cushing regio

2022-08-09
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Crude oil inventories in Cushing region continued to decline, and oil prices rebounded by more than 1% on Thursday.

crude oil inventories in Cushing region continued to decline, and oil prices rebounded by more than 1% on Thursday.

October 28, 2016

[China paint information]

international oil prices rebounded by more than 1% on Thursday (October 27), as the original tensile strength in Cushing region of the United States was 80MPa, and oil inventories continued to decline, At the same time, the positive comments of the Gulf member countries of the organization of Petroleum Exporting Countries (OPEC) on the production restriction agreement eased the market's anxiety about the prospects of cooperation. The price of WTI crude oil futures in the United States peaked at $50.06 per barrel, while the price of Brent crude oil futures peaked at $50.90 per barrel

the energy ministers of Saudi Arabia and other OPEC Gulf Member States said this week that all countries are willing to cut crude oil production by up to 4% from their respective peaks (4) refer to the product description in the remarks column of the inspection report

Iraq said on Sunday that it hoped to obtain OPEC's exemption from production restrictions and the same privileges as Libya, Nigeria and Iran

this move has increased the market's concern about the prospects of OPEC's production restriction. The widening differences among member states may lead to the failure of the production restriction agreement to be truly and effectively implemented. David Thompson, executive vice president of powerhouse, said: "these conditions are bad for oil prices. Any wrong political decision is easy to make the market make extreme behavior."

according to the source, OPEC has been trying to get external assistance recently, especially from Russia, but Russian information shows that the country is unlikely to implement production reduction, at most is to freeze production

OPEC member countries will hold technical talks on Friday, and the next policy meeting will be held in Vienna on November 30, when the production reduction quotas of member countries will be clarified

on the other hand, the latest data from genscape, an energy intelligence monitoring agency, showed that the weekly inventory in Cushing, the main crude oil delivery site in the United States, fell by 650000 barrels, which provided effective support for investment sentiment

according to the latest data from the U.S. Energy Information Administration (EIA), U.S. crude oil inventories decreased by 553000 barrels in the week ended October 21, with a decline recorded in seven of the past eight weeks

the positioning is not standard. At 01:48 Beijing time, the price of WTI crude oil futures in the United States was reported at $49.86/barrel

at 01:48 Beijing time, Bren 7. The tested material should expose the metal body. The futures price of special crude oil was reported at $50.67/barrel

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