US WTI crude July futures closed up $0.28, or 0.42%, at $66.64 a barrel on Wednesday (June 13). Brent crude August futures closed up $0.86, or 1.13%, to $76.74 a barrel on Wednesday. The decline in US crude oil and refined oil inventories has brought a strong boost to oil prices, while the fall in the US dollar has also increased the upside of oil prices. US WTI crude oil futures price hit a high of 66.89 US dollars / barrel, Brent crude oil futures price hit a maximum of 76.87 US dollars / barrel.
Fundamental positive factors: After the Fed raised its interest rate by 25 basis points on Wednesday, the US dollar index soared in the short-term, but the optimism failed to continue, and as the market focus turned to the European Central Bank meeting on Thursday, a press conference was held at the Federal Reserve Chairman Powell. The period quickly fell back to the negative area. Now, traders are turning their attention to the European Central Bank's policy meeting on Thursday, during which the European Central Bank may announce the end of its quantitative easing program. Market participants said that if the ECB fails to do so, the spread between the euro zone and the US may push up the dollar, but only on Thursday. The fall in the dollar has brought support to oil prices. The US Energy Information Administration (EIA) released a report on Wednesday (June 13) that US crude oil inventories fell by 4.143 million barrels to 432.4 million barrels in the week ended June 8, with a market forecast of a decrease of 2.742 million barrels. More data showed that Cushing crude oil inventories in Oklahoma last week fell by 687,000 barrels, a decline for four consecutive weeks. US refined oil stocks decreased by 2.101 million barrels, and the market is estimated to increase by 200,000 barrels. US gasoline inventories fell by 2.271 million barrels, and recorded a decline after three consecutive weeks of growth. The market is estimated to increase by 443,000 barrels. OPEC's latest monthly report shows that the total crude oil in developed economies in April has fallen below the 5-year moving average, from 340 million barrels higher than the 5-year moving average in January 2017 to 26 million barrels lower than the 5-year moving average in April. Reduce production targets. At the end of the historic meeting at the luxury Capella Hotel in Sentosa Island, Singapore, Trump and Kim Jong-un signed an agreement to achieve a denuclearization and lasting "peace regime" on the Korean peninsula. This is the first meeting between the leaders of the two countries. The document, which Trump believes is "very comprehensive," said that the two sides pledged to hold follow-up negotiations and cooperate on developing bilateral relations. This historic meeting will help alleviate market tensions and help risky assets such as crude oil regain buying support. Foreign media reported that Venezuela has experienced serious lag in the process of submitting crude oil products, indicating that the country's crude oil production difficulties have increased. The global crude oil supply has increased and exceeded expectations, and the problem of excess crude oil is now turning into a shortage. In addition, the market is also worried about the US's new round of sanctions against Iran or the decline in Iranian crude oil exports. Crude oil experts predict that the market is currently facing the dilemma of insufficient supply of crude oil rather than excess.
Fundamental negative factors: The US Energy Information Administration (EIA) released a report on Wednesday (June 13) that US domestic crude oil production increased by 100,000 barrels to 10.9 million barrels per day for the week ended June 8, for 16 consecutive weeks. increase. The US Energy Information Administration (EIA) released the latest short-term energy outlook report, showing that US crude oil production will increase by 1.44 million barrels per day to 10.79 million barrels per day in 2018, after an increase of 1.37 million barrels per day; it is expected that US crude oil production will be 2019. Increased by 970,000 barrels per day to 11.76 million barrels per day, an increase of 1.14 million barrels per day. OPEC's latest monthly report showed that OPEC crude oil production in May increased by 35,400 barrels per day to 31,696,000 barrels per day. According to second-hand sources, Saudi crude oil production in May increased by 161,000 barrels per day to 10.3 million barrels per day; Iraq's crude oil production in May increased by 27,700 barrels per day to 4.455 million barrels per day; while Iran's May crude oil production increased. 0.56 million barrels per day to 3.829 million barrels per day. At the same time, the data reported by Venezuela showed that the output in May has increased since the long-term low, increasing by 28,000 barrels per day to 1.533 million barrels per day.
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