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November 13, 2018
Gan Taoil Plc.
A crude oil price is expected to be pressured by continuous supply.
Thai Ole is expanding the midwestern crude prices of west Texas this week $ 58 – $ 63 and gas Brent Brud Crack Oil Movement 68 – US $ 73 and gas
Crude oil price trend (12 – 16 Nov 61)
Crude oil is expected to be under pressure after the US announced to omit eight Iranian crude oil importers to import Iran's crude oil during the first 180 days after the boycott. In addition, it is expected to call for global crude oil to slow down. After the war, trade between the US And China is still long. In addition, there is a supply of crude oil in the United States. However, crude oil prices are expected to gain momentum after the US has confirmed that it will continuously reduce Iran's raw oil output and aim to increase its output of crude oil. To keep the center in the end.
Important factors that are expected to affect oil prices this week.:
- 8 countries that import raw crude oil from Iran, including China, India, Greece, Italy, Japan, Turkey and South Korea, can import Iran's crude oil during the first 180 days after the boycott. The waiver will be given to countries that have reduced their imports of Iran's crude oil over the past six months. The US is still committed to reducing crude oil exports from Iran to zero. The only way to sanction Iran is gradually. Maintaining the price of crude oil is not too high.
- Iran's crude oil supply may not fall as expected. Iran claims that crude oil can be exported at the desirable level. Although Iran's crude oil exports are falling, Iran is also trying to persuade countries. In Europe, anti-bicycle, as well as Turkey and Russia do. Turkey will buy natural gas from Iran. It is also necessary to rely on natural gas from Iran for heat production. And here is the view that this boycott will cause the global crude oil market to be out of balance.
- US crude oil inventories are expected to increase after increasing the crude oil production in the USA. The US Energy Information Administration (EIA) reported that US raw stock lists fall. For the week ending on November 2, 2006, 8 million barrels rose to 432 million barrels, while raw stock listings in Oklahoma's custard's games rose over 2.4 million barrels. The trend up After the spell returned. After termination closures
- The world's crude oil supply is likely to increase. The United States crude oil production rose to a high record of 11.6 million barrels per day. And it's likely to grow steadily. In addition crude oil produced 11.41 million barrels per day. In addition, the OPEC production volume increased in October from 390,000 barrels a day in September to 33.31 million barrels per day. Here is the highest level in 2 years.
- Watch the discussions between US President Donald Trump. And the Chinese president At the G20 summit held in Argentina at the end of November 61, Mr Trump can pick up the tariff bar from China. Total $ 267 billion. If the outcome of the discussions is not successful.
- The economic numbers to watch this week include: Retail sales of China 3Q12 Retail Sales of the Eurozone GDP And the number of people applying for unemployment benefits.
Summarize the price of oil prices in the last week (5 – 9 Nov 61)
Proud prices in West Texas last week have grown $ 2.95 per barrel to $ 60.19 a barrel, while Brent fell $ 2.65 per barrel to $ 70.18. Dubai crude oil prices have closed at $ 70 a barrel after the US announced waiving for eight oil importers. Raw oil imports from Iran during the first 180 days after the boycott. Iran has also announced that it will continue to export crude oil despite penalties and US. In addition, crude oil prices have been weighed by the amount of crude oil production. And the list of crude oil in the United States. The increase.
Source: Thai Oil Public Company Limited