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Inventories Fell &Nbsp Last Week; Oil Prices Rose 4.5% To $82.89 On Wednesday

2011/8/11 10:37:00 40

Wednesday,

U.S.A

The official inventory data showed that last week, the stock of crude oil was expected to drop sharply. Although the stock market continued to decline during the same period, crude oil prices rebounded sharply after a series of trading days, and the main crude oil contract rose to $82.89 a barrel.

New York Mercantile Exchange September main force

crude oil

The contract rose $3.59 on Wednesday, closing at $82.89 a barrel, or 4.5%.

The main contract Wednesday's intraday high was $83.14 a barrel, with a low price of $79.73 a barrel.

The price of the main crude oil contract closed at $79.30 a barrel on Tuesday, the lowest price since the end of September 2010. The cumulative decline this year has reached 9.3%%, and the decline since August has remained at around 13%.

Keller Cooper, executive director of IAF consultancy, pointed out the recent price drop. "Today's situation may be dead cat jumping, and some buyers may feel that the time has come for purchasing," said Kyle Cooper.

At the same time, investors remain concerned about the possibility that OPEC will take action to push up oil prices.

Several oil producing countries, including Saudi Arabia, pushed up costly social welfare projects earlier this year to ease their domestic political turmoil, the report said.

The US energy department's energy information administration released the latest inventory report on Wednesday, showing that US crude oil inventories fell by 5 million 200 thousand barrels in the week ending August 5th. Previous market research showed that analysts generally believed that crude oil inventories increased by 1 million 800 thousand barrels last week.

The sharp drop in inventory data made oil prices extremely powerful upward.

The energy information agency report also pointed out that last week

gasoline

Inventories dropped by 1 million 600 thousand barrels, including distillate stocks of diesel and distillate fuel, which fell by 700 thousand barrels.

Previous surveys indicate that analysts' forecasts of gasoline and distillate stocks' inventories are down by 1 million 200 thousand barrels and 1 million 200 thousand barrels respectively.

The formula gasoline contract price rose 11 cents on September, closing at $2.78 a gallon, or 4.3%, while distillate fuel oil rose 10 cents in September, up 2.87 from $2.87 a gallon in September.

It is reported that investors originally expected to be in the global economy.

increase

The unfavorable outlook and the demand for energy products will also slow down under the pressure of sovereign debt crisis, even if the production of Libya caused by war is absent, the supply of crude oil will be quite sufficient.

On the other hand, early Wednesday, the International Energy Agency announced that the global demand for crude oil in 2011 should be lowered by 60 thousand barrels a day due to high oil prices and slowing economic growth.

The Paris based International Energy Agency also raised the demand for crude oil in 2012 by 70 thousand barrels a day. The main reason for adjustment is that Japan's demand for oil power generation is expected to increase.

Prior to that, OPEC announced on Tuesday that it lowered the demand for crude oil in 2011 and 2012 respectively, while the energy department of the US Department of energy maintained its prediction unchanged.

In terms of other energy products, the gas contract in September rose 1 cents on Wednesday, closing at $4 per million British thermal units, or 0.2%.