Brent crude oil rose for six consecutive days amid

2022-08-14
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Worried about demand growth, Brent crude oil rose for six consecutive days

worried about demand growth, Brent crude oil rose for six consecutive days

April 3, 2013

[China paint information] 1 Brent crude oil futures rose

2 for six consecutive days Saudi oil minister believes that crude oil demand will increase by

3 in the coming months U.S. oil pipeline leakage, Cushing crude oil inventory may increase, weighing on New York crude oil futures

4 Net long positions held by speculators in European and American crude oil futures increased

Saudi Arabia's oil minister Naimi said during the meeting in Doha on Monday that the demand for Saudi Crude oil will increase in the coming months. Affected by this, Brent crude oil futures rebounded after intraday decline, achieving six consecutive trading days of gains. The rise of China's manufacturing index also supported the atmosphere of Brent crude oil futures market. However, affected by the closure of pipelines from the US inland to the Gulf region and worried about the increase of crude oil inventories in Cushing, West Texas light crude oil futures closed lower. The decline in the US manufacturing index also dampened market sentiment. On Monday (April 1), the settlement price of West Texas light oil futures in May 2013 on the New York Mercantile Exchange was $97.07 a barrel, down $0.16 from the previous trading day, with a trading range of 95 $8; The May 2013 futures settlement price of Brent crude oil on the London Intercontinental Exchange was $111.08 per barrel, up $1.06 from the previous trading day, with a trading range of 109 33 dollars

on the first trading day of each month, the market pays close attention to the manufacturing index of China and the United States to predict the possible impact of economic operation on oil demand

the purchasing managers' index (PMI) of China's manufacturing industry in March 2013 released by the China Federation of logistics and purchasing and its range of change is within a certain range. The PMI of China's manufacturing industry in March 2013 was 50.9%, up 0.8 percentage points from the previous month, and the index remained above 50% for six consecutive months. Except for some indexes, the major sub indexes have rebounded this month. On the whole, the current market transactions have started, the orders of enterprises have increased, the upward momentum of upstream product prices has weakened, the business situation of enterprises is getting better, and the economic operation is showing a steady upward trend. Data released by HSBC later showed that the final value of HSBC manufacturing PMI in China rebounded to 51.6 in March, basically unchanged from the initial value of 51.7, exceeding the final value of 50.4 last month. The manufacturing purchasing managers' index (PMI) released by the Institute of supply management fell to 51.3 in March from 54.2 in February, lower than the 54 expected by the market. Us construction spending in February increased by 1.2% from the previous month, slightly higher than the expected 1%. Investors will also pay close attention to the central bank meetings in Japan and Europe this week. The European Central Bank will hold its first policy meeting since the Cyprus bailout agreement was finalized on Thursday. The Bank of Japan will also hold its first meeting of the new leadership on Thursday

the US government is scheduled to release monthly employment data on Friday, when market participants will observe whether the US can maintain the employment growth rate in February

the market is worried that after ExxonMobil closes its Pegasus pipeline, the demand for oil imports from refineries in the Gulf of Mexico will be relatively strong. A section of the Pegasus pipeline in Arkansas leaked and was closed on Friday. The pipeline has a daily transportation capacity of 95000 barrels, transporting Canadian crude oil from Pato, zka, Illinois to Nederland, Texas. ExxonMobil has not announced the possible time for the resumption of operation of the pipeline. The closure of this pipeline means that crude oil inventories in the central United States, including Cushing, Oklahoma, will increase again. In the past few weeks, due to the expansion of the oil pipeline from Cushing to the Gulf of the United States and the enhancement of railway transportation capacity, the premium of Brent crude oil futures to West Texas light crude oil futures narrowed from $23 a barrel in February to less than $13 at the end of March. On Monday, the settlement price of Brent crude oil may futures was $14.01 higher than that of West Texas light crude oil may futures, which was $1.22 wider than that of last Thursday

the net long positions held by speculators in light crude oil futures on the New York Mercantile Exchange increased by 9.3%. According to the latest statistics of the U.S. Commodity Futures Commission, as of the week of March 26, the number of positions in crude oil futures on the New York Mercantile Exchange increased by 46293. Large speculators held 244607 net long hands in crude oil futures on the New York Mercantile Exchange, an increase of 20886 hands over the previous week. Among them, 6760 hands were increased for multiple heads; Short positions decreased by 14126 hands. With the continuous development of science and technology, the net long position of futures and options held by the management fund in American light and low sulfur crude oil on the New York Mercantile Exchange decreased by 10.11%, while the net long position of futures and options held by American light and low sulfur crude oil on the Intercontinental Exchange European market increased by 82%. According to the new classification, as of the week of March 26, the net long positions held by managed funds in crude oil futures and options on the New York Mercantile Exchange decreased from 221534 in the previous week to 199129; Among them, 17056 hands were increased for multiple heads; Short positions decreased by 9805. The net long positions held by the management fund in American light and low sulfur crude oil futures and options on the European market of the Intercontinental Exchange in London increased from 16952 to 30853 from the previous week; Among them, 4734 hands were reduced for multiple heads; Short positions decreased by 5779 hands

the net long positions held by managed funds in Brent crude oil futures and options increased by 3.18%. According to the data analysis provided by the Intercontinental Exchange on Monday, as of the week of March 26, Brent crude oil futures and options holdings increased by 9175 hands over the previous week; The management fund held 130437 net long hands in Brent crude oil futures and options, an increase of 4023 hands over the previous week. Among them, 6935 long positions and 2912 short positions increased. The net long positions held by the management fund in Brent crude oil futures increased by 4.63%. According to the data analysis provided by the Intercontinental Exchange on Monday, as of the week of March 26, Brent crude oil futures holdings increased by 344 hands over the previous week; The management fund held 126734 net long hands in Brent crude oil futures, an increase of 5606 hands over the previous week, and the gap between trapezoidal lead screws was relatively large. Among them, 6361 long positions and 755 short positions increased

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