November 13, 2018
Authors: Thaioil Plc.
It is expected that oil prices will be under pressure of continuous supply.
Thai Ole extends West Texas Intermediate oil prices this week 58 USD – 63 USD per barrel Brent crude oil 68 – 73 USD per barrel
The price trend of crude oil (November 12-16, 61)
Oil is expected to be under pressure after the US announced the release of eight Iranian oil importers from Iranian oil imports during the first 180 days after the boycott. In addition, the global demand for oil is expected to slow down. After the war, trade between the United States of China is prolonged, and oil supplies also in the United States. It is expected, however, that oil prices will gain momentum after the US confirms that it will continue to reduce oil production in Iran and seek to increase oil production. To keep the center at the end.
Important factors that may affect oil prices this week.:
- The 8 oil-importing countries from Iran, including China, India, Greece, Italy, Japan, Turkey and South Korea, can import Iranian oil during the first 180 days after the boycott. The exemption will be granted to countries that have reduced Iranian oil imports in the last six months, and the United States continues to seek to reduce oil exports from Iran to zero. The only way to sanction Iran is gradual. To keep the price of oil is not too high.
- Iran's oil supplies can not fall as expected. Iran claims that it can export crude oil at the desired level. Although Iran's oil exports are falling, Iran is also trying to convince countries. In Europe, he is fighting a boycott, as well as with Turkey and Russia. Turkey will buy natural gas from Iran. It is also necessary to rely on natural gas from Iran to produce heat. And this is the opinion that this boycott will cause that the global oil market will not be in balance.
- US crude oil stocks are expected to increase after increasing oil production capacity in the US. The US Energy Information Agency (EIA) has reported that US oil stocks have fallen. For the week ending on November 2, 2006, it increased by 8 million barrels to 432 million barrels, and oil stocks at custard ports in Oklahoma increased by more than 2.4 million barrels. Rising trend. After the return of the refinery. After the seasonal closure
- The world oil supply is likely to increase. US crude oil production rose to a record high of 11.6 million barrels per day. And it will probably grow steadily. In addition, oil production increased to 11.41 million barrels per day. In addition, the production volume of OPEC in October increased from 390,000 barrels a day in September to 33.31 million barrels a day. It's the highest level in two years.
- See the negotiations between the President of the United States, Donald Trump. And the Chinese president During the G20 summit, which will take place at the end of November in Argentina, Mr. Trump may raise the tariff threshold from China. A total of 267 billion dollars. If the result of the negotiations fails.
- Economic numbers to watch this week include: China Retail sales 3Q12 GDP Retail sales in the euro area I number of people applying for unemployment benefit.
Summarize the oil price situation in the last week (November 5-9, 61)
Oil prices in western Texas fell last week by $ 2.95 / barrel to $ 60.19 / barrel, while Brent fell $ 2.65 / barrel to $ 70.18. Oil prices in Dubai closed with a price of USD 70 per barrel after the US announced a waiver for eight oil importers. Oil imports from Iran during the first 180 days after the boycott. Iran also announced that it will continue to export oil despite US sanctions, and in addition, oil prices are under pressure of oil production volumes. And the inventory of crude oil stocks in the USA. Growth.
Source: Thai Oil Public Company Limited