Most popular gasoline inventory drops unexpectedly

2022-08-01
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Gasoline inventories in the United States dropped unexpectedly and crude oil prices soared

although major stock indexes in Europe and the United States have recently hit new lows in more than 10 years, crude oil, which had followed the stock market fluctuations, has stopped falling and even rebounded by more than 10% in the past three trading days. The effect of OPEC production reduction, the decline of US gasoline inventory and crude oil inventory in major crude oil delivery warehouses have provided support for the rise of oil prices

yesterday, the inventory data released by the American Energy Information Association (EIA) surprised the market. As of February 20, when any mechanical system will be deformed after being stressed, the US crude oil inventory has increased by 700000 barrels, which analysts had expected to increase by 1.4 million barrels; Gasoline inventories decreased by 3.4 million barrels, while analysts predicted a decrease of only 100000 barrels. In addition, Cushing crude oil inventory, the main delivery warehouse of crude oil futures on the New York Mercantile Exchange (NYMEX), also unexpectedly paid attention to measurement details, fell by 358000 barrels, the largest decline since December last year

"yesterday's EIA report really surprised the people in the 285 (033549016180) d=3a market. SAIC will mainly engage in the development of lithium-ion batteries (batteries), which has become a major factor in the sharp rise in oil prices." Chen Li, Hangzhou business department of LUZHENG futures, pointed out that, "First of all, due to the decline in U.S. auto sales and the increase in unemployment, the market originally thought that the consumption of gasoline in the United States would decrease significantly. However, the decline of gasoline inventory beyond the market expectation made investors see the 'danger', that is, whether there is enough gasoline when the peak of gasoline consumption in the summer comes. This has boosted the whole crude oil market to a certain extent. Second, there has been a rare drop in the NYMEX delivery Library in the near future The fall also made some arbitrage funds begin to cover short positions in recent months, thus providing support for oil prices. "

eia data also showed that in the four weeks before February 20, US crude oil imports fell by 13%, which reflected that OPEC was fulfilling the production reduction agreement previously determined. What worries the market is that some OPEC member states have recently hinted that further production reduction will be discussed at the regular meeting to be held on March 15 this year. The hidden worry about supply has temporarily made the market forget the weak demand, and the crude oil price has also obtained a temporary respite

data show that on Monday, the April contract of NYMEX crude oil futures closed at $38.44/barrel. As of 19:00 yesterday Beijing time, the contract price had risen to $43.24/barrel, a short-term increase of 12.5%

in the energy market, in addition to the rise in the price of crude oil, another focus that the market pays attention to is the rapid contraction of the price difference between crude oil futures contracts

"due to the reduction of crude oil supply in the short term, the supply of crude oil in the spot market in the United States is partially tight, which makes the discount of spot oil to futures begin to narrow, which also affects the futures market. Specifically, the price difference between the contract price of the current month and the contract price of the next month is significantly reduced." An analyst from an investment company in Beijing told China business news, "NYMEX crude oil inventory will gradually decline from now on. In the next two months, the price difference between NYMEX crude oil contracts will further narrow."

as of 19:00 Beijing time yesterday, the contract price of NYMEX crude oil in April was $1.95 lower than that in May. Two weeks ago, the price difference between the spot contract of NYMEX crude oil and the contract of the next month was as high as $5-7/barrel

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