November 13, 2018
Crude oil prices are expected to be under pressure by ongoing supply.
Thai Ole, Intermediate crude oil prices rebound in western Texas this week $ 58 – $ 63 per barrel Crude Oil Refined Crude Oil Movement 68 – $ 73 per barrel
Crude oil price trend (November 12-16)
Crude oil is expected to be under pressure after the United States announced it would abandon its oil imports for 180 days after the boycott of eight oil importing countries that imported crude oil. Global crude oil demand is also expected to slow down. Trade with the United States at the end of the war China has been in the long run, and the supply of crude oil continues to flow in the United States. However, crude oil prices are expected to accelerate as the United States confirms that it will continue to reduce crude oil production and increase crude oil production. Keeping the center to the end.
Important factors that are expected to affect oil prices this week.:
- China, India, Greece, Italy, Japan, Turkey and South Korea can import crude oil for 180 days after the boycott. The waiver will be given to countries that have reduced Iranian oil imports over the past six months, and the United States has pledged to reduce oil exports from Iran to zero. The only way to sanction Iran is gradual. It is not too high to maintain crude oil prices.
- Crude oil supply from Iran may not fall as expected. Iran argues that it can export crude oil to the desired level. Iran's crude oil exports are declining, but Iran is also trying to persuade countries. In Europe, Van Boycott, Turkey and Russia are opposed. Turkey will purchase natural gas from Iran. There is a need to rely on Iranian natural gas for heat production. And that this boycotting will break the balance of the global oil market.
- US crude oil inventory is expected to increase after the US increases its crude oil production capacity. The US Energy Information Administration (EIA) reported that US crude inventory fell. During the week ending November 2, 2006, it increased to 432 million barrels at 8 million barrels, while crude oil inventory in Oklahoma custard shipments increased by more than 2.4 million barrels. Rising trend. After the refinery returns. After seasonal closure
- World crude oil supply is likely to increase. US crude oil production reached a record high of 11.6 million barrels a day. And it will continue to increase. Crude oil production also increased to 11.1 million barrels a day. OPEC output rose to 3.32 million barrels per day from 390,000 barrels a day in September. This is the highest level in two years.
- Watch the negotiations with US President Donald Trump. And at the G20 summit in China on November 61 in Argentina, Trump is expected to raise tariffs from China. A total of 267 billion dollars. The outcome of the negotiation is not successful.
- Here are the economic numbers you can see this week: China Retail Sales 3Q12 GDP Eurozone Retail Sales and Unemployment Beneficiary Number of Applicants.
Summary of oil price situation in last week (November 5 ~ 9)
Last week, West Texas crude fell $ 2.95 to close at $ 60.19 a barrel, while Brent crude fell $ 2.65 to $ 70.18 a barrel. Dubai crude prices closed at US $ 70 a barrel after the US announced exemptions for eight oil importers. Oil imports from Iran for the first 180 days since the boycott. Iran has announced that it will continue to export crude oil despite US sanctions, and the price of crude oil has been pressured by crude oil production. And crude oil inventory in the US. increase.
Source: Thai Oil Public Company Limited