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Original title:[Chiusura del petrolio greggio]US drillers hike oil and natural gas prices for the ninth straight week, and the two major crude oils of Sanlianyin and Sanlianyin are up more than 8% this week!
FX168 Financial News (North America) As data showed that US drillers added oil and gas rigs for the ninth straight week and US crude oil inventories increased significantly last week, initial positive investor sentiment about the new coronavirus vaccine has begun to to fade. Oil prices continued to decline on Friday (November 13). The trend, the daily line recorded three consecutive cloudy.As of press time, December WTI US crude oil futures closed 99 cents, or 2.41%, lower at $ 40.13 a barrel; January Brent crude oil futures closed down 75 cents, or 1.72%, at $ 42.78 a barrel; US oil closed 8.05% higher this week and Bursa oil closed 8.44% higher.
(WTI Crude Oil December Futures Hourly Chart, Source: TradingView, FX168)
Fundamental positive factors:
1. According to reports, talks between OPEC and its allies have focused on postponing the projected increase in production for next year for 3-6 months. As the leaders of the 23-nation alliance, Saudi Arabia and Russia have publicly stated that they are thinking twice about plans to ease production reduction efforts in January as the resumption of the outbreak has hit fuel demand. The Russian president and OPEC leaders have even mentioned options for further production reductions. A representative said this idea has not yet received broad support. Delegates who requested anonymity said that less than three weeks before the final decision at the meeting, OPEC + is increasingly focusing on maintaining the current rate of production reduction through early 2021. The alliance currently reduces production by approximately 7.7 million barrels per day, representing 8% of global production.
2. According to an Associated Press report on Monday, the nucleic acid RNA vaccine developed jointly by US pharmaceutical company Pfizer and German biotech company BioNTech prevented 90 percent of infections in large-scale studies. However, Pfizer said preliminary data shows that the new coronavirus vaccine under review is effective, but that doesn’t mean the vaccine will be available in the short term. Current data will help require the US regulatory agency to use the vaccine in an emergency, and further testing is still ongoing.
3. OPEC originally planned to ease the current cycle of production cuts starting in January next year. For now, this plan is still valid. But member states and OPEC analysts have always said that OPEC could extend the implementation of this plan. The current blockade is threatening the structure of the oil industry: some oil and gas companies did not survive the previous cycle of blockade and low demand, and other oil and gas companies may fall in the future.
Fundamental negative factors:
1. On Saturday at 2:00 Hong Kong time, US oil company Baker Hughes (Baker Hughes) released data showing that as of the week of November 13, the total number of oil rigs has increased from 10 to 236 , while previously an increase of 4 was expected; During the week, the total number of natural gas wells increased from 2 to 73; the total number of wells increased from 12 to 312. US drilling rigs added oil and gas rigs for the ninth consecutive week.
2. At 00:00 on Friday morning Hong Kong time, data released by the US Energy Information Administration (EIA) showed that U.S. commercial crude oil inventories excluding strategic reserves increased by 4.278 million barrels to 488.7 million barrels, an increase of 0.9% during the week of November 6. Previously expected to decrease by 1.9 million barrels, the previous value decreased by 7.998 million barrels.
3. According to Worldometers’ real-time statistics, at 02:21 am on November 14, Hong Kong time, there were 53.45 million confirmed cases of the novel coronavirus worldwide, an increase from 376,872 to 53,459. 631 and 1.3 million deaths and an increase of 6,002. To 1,304,630 cases. The number of countries with more than 100,000 confirmed cases worldwide has increased to 57. In addition, Venezuela has more than 90,000 confirmed cases. The number of confirmed cases of the new coronavirus in the United States reached 10.91 million, with 44,853 new cases to 10,918,789 new cases, equal to almost a fifth of the confirmed cases worldwide; the number of deaths reached 240,000, with an increase from 250 to 248,835 cases, equal to almost a fifth of the global death toll. a fifth.
Institutional comments:
1. Kazuhiko Saito, chief analyst at commodity broker Fujitomi Co, said the view that the new corona vaccine will take some time to produce benefits prompted investors to withdraw their long positions. Analysis of the charts shows that US crude oil futures have gradually fallen to $ 39.5 a barrel and the market has largely digested the possibility of delaying debt relief.
2. Koichi Murakami, analyst at Daiichi Commodities Co Ltd, said: “After the recent sharp rise in oil prices, the bulls choose to close when they see fit, because the rapid increase in new krone cases has led many countries to reimplement travel restrictions and the global economic outlook is bleak, suppressing market sentiment. If the new wave of epidemics continues to accelerate in many parts of the world, oil prices will continue to be under pressure next week. “
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