On the evening of October 13, Beijing time, on Thursday, the international crude oil futures price rebounded in the early trading session, as the International Energy Agency (IEA) monthly report said that the Organization of the Petroleum Exporting Countries and its partners (OPEC+) production cuts may cause oil prices to soar. But the IEA also pointed out that the global economy of is facing a recession, which limits the increase in oil prices .
Time Beijing 23:18, NYMEX crude oil futures rose 1.01% to US$88.15 per barrel; ICE Brent crude oil futures rose nearly 1.0% to around US$93.50 per barrel, and the increase continued to expand, with the latest increase approaching 2.0%, and the rebound momentum was relatively significant.
Saudi Foreign Ministry said in a statement Thursday that OPEC+'s decision to cut production was adopted by consensus, taking into account the balance of supply and demand, and aims to curb market volatility. Saudi stressed that the production cuts were due to "pure economic background".
However, with the OPEC+ Oil-producing Countries Alliance composed of 23 countries including Saudi Arabia and Russia, on October 5, it decided to reduce production by a significant reduction from November this year, reducing monthly production by 2 million barrels per day based on August production. Since the announcement of the measures to significantly reduce production has promoted the long-short game of global crude oil futures market again escalated. At present, the crude oil futures market is undergoing two new changes. One is that speculative capital has returned to the long-short market of crude oil futures, and the other is that many asset management institutions have cut short positions in crude oil futures because they realize that as long as the oil price hovers at a low level, OPEC+ may continue to reduce production significantly until the oil price rebounds to the level they recognize.
Nowadays, international oil prices rebound is a normal phenomenon, because behind the fluctuations in oil prices, is the result of the game between two major factors: , OPEC, and , which has been mentioned before. Therefore, it is reasonable for international crude oil futures prices to fluctuate within the range.
Secondly, because international oil prices are an important weather vane for my country's refined oil price adjustment, international oil prices rebounded, with an increase of more than 1.0%. The new round of oil price forecasts increased significantly, corresponding to the fourth working day of this round of pricing cycle, which is very likely to be 5.69% higher than the third working day. The cumulative increase of oil price forecast is expected to exceed 260 yuan/ton. Obviously, the overall price adjustment is still far beyond the red line. Therefore, oil prices are in an upward state, which also means that the price adjustment may usher in the "12th increase" of the year at 24:00 on October 24, and gasoline and diesel prices will also rise. At that time, the prices of No. 92 and No. 95 gasoline and No. 0 diesel will also rise one after another, achieving new changes compared with the current situation.
At the same time, judging from the significant rebound in the US stock market in the early trading of the US stock market on Thursday, the possibility of the 20th round of adjustment of my country's refined oil prices is higher, because the rebound of international crude oil futures prices in the supply side rebounded, indicating that the two major factors of OPEC's production cuts and the relative weakness of the demand side, the support for oil prices on the supply side of OPEC's production cuts has reappeared, and the US dollar index showed a significant pullback. Affected by this, WTI and Brent crude oil futures prices rebounded and rebounded.
To sum up, US stocks rebounded in the early trading, with an increase of more than 1.0%, and the highest intraday increase reached around 1.80%. According to previous practice, international crude oil futures rebounded and rebounded, and my country's refined oil prices will also show an increase. Therefore, the forecast increase in the new round of oil price increases significantly. It is predicted that the price adjustment rate of crude oil will be increased on the fourth working day, and the increase in oil prices will also be significantly expanded. Let us wait and see the specific results.
