Concerns about tensions in the Middle East have eased, there has been no substantial disruption to oil supply, and U.S. oil inventories unexpectedly increased. European and American crude oil futures fell for the fourth consecutive day, with the biggest weekly decline in five months. On Friday (January 10), the February 2020 West Texas Light Oil futures settlement price on the New York Mercantile Exchange was US$59.04 per barrel, down US$0.52, or 0.9%, from the previous trading day, with a trading range of US$58.85-59.78; London The settlement price of March 2020 Brent crude oil futures on the Intercontinental Exchange was US$64.98 per barrel, down US$0.39, or 0.6%, from the previous trading day, with a trading range of US$64.86-65.66.
Over the past week, the U.S. air strike on an Iraqi airport that deliberately killed Iranian senior general Qasem Soleimani has pushed Brent crude oil futures above $71 per barrel, reaching the highest price in four months; however, the Middle East Oil production and transportation were not materially affected. U.S. crude oil inventories increased unexpectedly, and international oil prices fell for four consecutive days to the lowest price since November last year. In the past week, the first-month light sweet crude oil futures on the New York Mercantile Exchange dropped a net US$4.01, or 6.36%; the average settlement price per barrel was US$60.84, which was US$0.907 lower than the previous week. The highest settlement price was US$63.27 per barrel, and the lowest settlement price was US$63.27 per barrel. Barrel is $59.04; trading range is $58.66-65.65. The first-month Brent crude oil futures on London’s Intercontinental Exchange dropped a net US$3.62, or 5.28%; the average settlement price per barrel was US$66.59, US$0.73 lower than the previous week, with the highest settlement price being US$68.91 per barrel and the lowest settlement price being US$64.98 per barrel; trading The range is 64.56-71.75 US dollars.
Middle East oil production has not been disrupted by the outbreak of tensions, and other signs this week suggest that supplies are sufficient. Tanker shipping through the Strait of Hormuz has largely returned to normal, with some operators withdrawing tankers after Iran launched missile attacks on bases housing U.S. troops in Iraq on Tuesday. 20% of the world’s oil is transported through the Strait of Hormuz. Mohammad Rastad, Iran’s Deputy Minister for Public Affairs, said: “Currently, all ports in Iran are providing services to various ships and are also loading and unloading cargo. The traffic in Iranian waters is normal.” He also said, “There is no need to Ships are escorted, and we have always insisted that Iranian waters are the safest in the world.” After the above-mentioned attacks, Saudi oil tanker giant Bahri and Brazilian oil producer Petrobras kept many large oil tankers away from the Persian Gulf for about a day.
However, the market is also paying attention to the implementation of the agreement by OPEC and its allies to further reduce production, the progress of the first phase of the US-China trade agreement, and the further development of the situation in the Middle East. The possibility of another sharp rebound in oil prices remains.
The number of active oil rigs in the United States fell for the third consecutive week, indicating that growth in U.S. crude oil production may slow. Data released by Baker Hughes, the oilfield services arm of General Electric Co., showed that in the week ending January 10, the number of oil wells drilled online in the United States was 659, 11 less than the previous week and 214 less than the same period last year. The report shows that the Ardmore Woodford Basin increased by one; the Canaan Woodford Basin (CANAWOODFORD) Basin increased by one; the DJ-Niobrara Basin in Colorado decreased by one; Hain The Haynesville Basin decreased by 4; the Marcellus Basin increased by 1; the Permian Basin decreased by 6; the Utica Basin in Ohio decreased by 1; the Williston Basin decreased by 1; There were 21 offshore platforms in the United States this week, one less than the previous week; the same as the same period last year. Baker Hughes data also showed that the number of natural gas rigs drilled in the United States during the same period was 119, 4 fewer than the previous week; 83 fewer than the same period last year. Among them, there are 759 U.S. onshore oil and gas platforms, 14 fewer than the previous week; 293 fewer than the same period last year. There are a total of 781 oil and gas drilling rigs in the United States, 15 less than the previous week; 294 less than the same period last year.
In the week ending January 7, speculators held a total of 757,316 net long positions in U.S. light crude oil and Brent crude oil futures and options on the New York Mercantile Exchange and London’s Intercontinental Exchange, an increase from the previous week. An increase of 20,310 lots; equivalent to an increase of 20.31 million barrels of crude oil.
Managed funds’ net long positions in Brent crude oil futures and options increased by 3.71%. According to data analysis provided by Intercontinental Exchange, as of the week of January 7, Brent crude oil futures and options holdings were 3,235,202 lots, an increase of 84,816 lots from the previous week; managed funds held Brent crude oil futures and options The net long position was 425,763 lots, an increase of 15,233 lots from the previous week. Among them, long positions increased by 13,020, and short positions decreased by 2,213.
Managed funds’ net long positions in Brent crude oil futures increased by 4.75%. According to data analysis provided by Intercontinental Exchange, as of the week of January 7, Brent crude oil futures positions were 2,588,734 lots, a decrease of 6,051 lots from the previous week; managed funds held a net long position of 437,112 lots in Brent crude oil futures. , an increase of 19,823 hands compared with the previous week. Among them, long positions increased by 16,079, and short positions decreased by 3,744. </p
