November 13, 2018
By Thaioil Plc.
It is expected that the price of crude oil will be pressed with further supply.
Thai Ole extends Western oil prices to western Texas $ 58 – $ 63 per barrel Crude oil Brent is moving 68 – 73 USD per sod
Trend of crude oil prices (12 – 16 November 61)
Crude oil is expected to be under pressure after the United States announces the suspension of eight Iranian crude oil importers for the import of Iranian crude oil within the first 180 days after the boycott. In addition, the global demand for crude oil is expected to slow down. After the war is being traded between the United States China continues to prolong. In addition, the supply of crude oil in the United States. However, crude oil prices are expected to gain momentum after the US confirms that they will continuously reduce crude oil production and strive to increase their crude oil. To keep the center in the end.
Important factors that are expected to affect oil prices this week.:
- 8 countries importing crude oil from Iran, including China, India, Greece, Italy, Japan, Turkey and South Korea, can import Iranian crude oil within the first 180 days after the boycott. Cancellation will be made by countries that have reduced imports of Iranian crude oil in the last six months. The United States continues to push for a reduction in crude oil exports from Iran to zero. The only way to sanction Iran is gradually. To maintain the price of crude oil is not too high.
- The supply of crude oil from Iran is not expected to be reduced. Iran claims it can export raw to the desired level. Although Iran's crude oil exports are decreasing, Iran is also trying to persuade countries. In Europe, the fight against boycotts, as well as Turkey and Russia. Turkey will buy natural gas from Iran. It also needs to rely on natural gas from Iran for heat production. And this is the opinion that the boycott will cause the global crude oil market to not be balanced.
- US stocks of crude oil An increase is expected after the US increases the production capacity of crude oil. The US Energy Information Agency (EIA) reported that raw stocks in the US are falling. For the week ending November 2, 2006, it increased by 8 million barrels to 432 million barrels, while crude stocks on Oklahoma's shipment increased by more than 2.4 million barrels. Trend of rising. After returning the refinery. After a season's stop
- The global supply of crude oil is likely to increase. Crude oil production in the United States rose to a record high of 11.6 million barrels per day. And it's likely to keep growing. In addition, crude oil production has risen to 11.41 million barrels per day. In addition, OPEC's production volume in October increased from 390,000 barrels per day in September to 33,31 million barrels per day. This is the highest level in 2 years.
- Look at the negotiations between US President Donald Trump. And the Chinese President At the G20 Summit, to be held in Argentina at the end of November 61, Mr. Trump can raise the tariff line from China. A total of 267 billion USD. If the result of the negotiations is not successful.
- The economic figures to be watched this week include: China Retailing 3Q12 GDP in the euro area and the number of people applying for unemployment benefits.
Summary of the oil situation in the last week (5 – 9 November 61)
Crude prices in West Texas fell last week to $ 2.95 per barrel at $ 60.19 per barrel, while crude oil Brent fell $ 2.65 per barrel to $ 70.18. Prices of crude oil in Dubai closed at $ 70 a barrel after the US announced the resignation of eight oil importers. Import of crude oil from Iran within the first 180 days after the boycott. Iran has also announced that, despite US sanctions, it will continue to export crude oil. In addition, crude oil prices were pressed by the amount of crude oil production. And stocks of crude oil in the US. Enlargement.
Source: Thai Oil Public Company Limited