Barclays Commodity Research has raised its 208 and Crude oil market price history209 Brent crude oil price estimates to $70 and $65 per barrel, respectively. Oil prices are at US$80 per barrel, and oil demand in Asia is also at a record high. This has caused Asia’s crude oil costs to rise to trillions of US dollars this year, which is about twice as high as the oil price slump in 205/206.
The power generation of the Zuetina and North Benghazi power plants will be severely affected. The company already has a deficit in its fuel import budget and is unable to compensate for the losses caused by the shutdown by importing more liquid fuel from abroad.
PetroChina said that due to the unexpected spread of the world economy, the oversupply of the international oil and gas market and other factors, oil and gas prices in the first quarter of 2020 have fallen significantly year-on-year. It is expected that the price level in the second quarter of 2020 will remain low and volatile. PetroChina's net profit attributable to the parent company for the first half of 2020 will drop significantly year-on-year.
According to data from market intelligence company Genscape, between May 29 and June, stocks in Cushing, the delivery site of US crude oil, increased by 20.46 million barrels. Traders who saw the data said that this was a potential negative signal.
On the 25th local time, Iranian President Rouhani delivered a speech, reiterating that Iran will not accept any changes to the Iran nuclear agreement. According to Iran’s Tasnim News Agency, Rouhani said in a speech at a cultural event on the 25th that the United States and other Western countries should reflect on how they have fulfilled their commitments in the past two years before deciding whether to abandon the Iran nuclear agreement.
Lacalle said on Thursday that the high oil prices were due to the lower dollar. He then warned that large-scale human intervention in the supply of crude oil in the energy market may alwaysCrude oil market price history trigger an increase in oil prices. This is a big problem, because the oil price itself does not cause a crisis; but the sudden and unexpected rise in oil prices creates a crisis.
The rapid growth of US crude oil exports is mainly due to the high crude oil production in the United States. In the month, the US crude oil production reached 700,000 barrels per day, a record high, surpassing Saudi Arabia and Russia to become the world's largest oil producer. The increase in U.S. crude oil production also depends on the shale oil producing areas in the Permian Basin in the United States.
Today, oil prices have fallen from a three-and-a-half-year high! The main reason is that US crude oil production hit a record high and the market is adequately supplied. US WTI crude oil futures fell 0.40% to 747 US dollars per barrel. On the previous trading day, they reported 706 US dollars per barrel, the highest point since 204 months. Brent crude oil futures fell 0.05% to $742/barrel, still below the primary high in May.