Oil prices hit a 13 month high, breaking the $64 mark |
[ Time:2021-02-18 | Hits:502 ] |
| On February 17, the international oil price bottomed out and rebounded, and the oil distribution reached a 13 month high close to $64, which was supported by the interruption of oil supply in the southern United States caused by the Arctic cold wave. The shutdown of oil and gas production may last for several days or even weeks, as operators have to deal with equipment freezing and power shortage. Although OPEC + producers may ease production restrictions after April. On Wednesday (February 17), the international oil price bottomed out and rebounded. The oil price of Buyou reached a 13 month high and broke the $64 level, which was supported by the interruption of oil supply in the southern United States caused by the Arctic cold wave. Although OPEC + producers may ease production restrictions after April. At 15:58 Beijing time, NYMEX crude oil futures rose 0.78% to US $60.52/barrel; ice Brent crude oil futures rose 0.95% to US $63.95/barrel, reaching a new high of US $64.06/barrel since January 21 last year. Oil prices have risen strongly in recent months. Analysts said Texas, the largest oil producing state in the United States, is facing the coldest weather in 30 years, causing supply disruption and continuing to support oil prices. The shutdown of oil and gas production may last for several days or even weeks, as operators have to deal with equipment freezing and power shortage. Marc amons, an analyst at wood Mackenzie, said: "there's no such precedent recently. This time it's really because the weather is too cold and the cold current lasts too long." Analysts at ANZ and Citigroup estimate that shale oil production in the United States has fallen by at least 2 million barrels a day. Citi estimates the cumulative loss in production by early March was about 16 million barrels. The team of analysts at rystad Energy said that the output of crude oil shut down due to weather factors in Texas is about 500000 to 1.2 million B / d. The follow-up effects of severe cold weather may lead to a reduction in output in the next few weeks. Texas produces more oil and gas than any other state in the United States. Unlike North Dakota or Alaska, local businesses are not used to dealing with severe cold weather. Oil producing areas of the United States outside the Gulf of Mexico are rarely hit hard by weather. But extremely cold weather also hit the demand for crude oil, and many refiners in Texas have been shut down. Chevron closed its Houston refinery in Pasadena, Texas, which processes 112229 barrels of crude oil a day on Tuesday. ExxonMobil also said its shale business in the region was "cutting production.". The organization of Petroleum Exporting Countries and its partners (OPEC +) will meet on March 4 to formulate future industrial policies. Oil producing countries may ease supply restrictions after April, sources said. Although oil producing countries are worried about new setbacks in the fight against the epidemic, the increase will certainly be moderate. Saudi Arabia previously promised to further reduce production by 1 million B / D unilaterally in February and march on the basis of the existing OPEC + production reduction agreement. As a result, OPEC + group has higher and higher expectations for Saudi Arabia to increase production from April. "Technology supports investors to continue to hold multiple orders, but the upward trend of oil prices is facing resistance before the oil producing countries meeting in March," said Stephen Innes, chief market strategist at Axi As the U.S. market was closed at the beginning of the week on a holiday, this week's API and EIA weekly crude oil inventory reports were delayed to 5:30 on Thursday (February 18) and 0:00 on Friday (February 19) Beijing time, respectively. US crude oil stocks are expected to decline for the fourth consecutive week in the week ending February 12. |