November 13, 2018
By Thaioil Plc.
Crude oil prices are expected to be pushed by continued delivery.
Thai Ole Expands West Texas Intermediate Crude Prices This Week $ 58- $ 63 per barrel Crude oil burns 68 – 73 USD per barrel
Crude oil development (November 12-16, 61)
Crude oil is expected to be under pressure after the US announced a suspension of eight Iranian crude oil importers for imports of Iranian crude oil during the first 180 days after the boycott. In addition, global demand for crude oil is expected to slow down. After the war, trade between the US and China continues to be extended. In addition, crude oil is delivered in the United States. Crude oil prices are expected to slow, however, after the United States confirms that it will reduce Iran's crude oil production continuously and strive to increase its crude oil production. To keep mine in the end.
Important factors that are expected to affect oil prices this week.:
- 8 countries importing crude oil from Iran, including China, India, Greece, Italy, Japan, Turkey and South Korea, can import Iranian crude oil in the first 180 days after the boycott. The renunciation will be given to countries that have reduced their imports of Iranian crude oil over the past six months. The United States is still committed to reducing its crude oil exports from Iran to zero. The only way to sanction Iran is gradually. Maintaining crude oil prices is not too high.
- Crude oil supplies from Iran may not fall as expected. Iran claims that it can export crude oil to the desired level. Although Iran's crude oil exports fall, Iran is also trying to convince countries. In Europe, anti-boycott, like Turkey and Russia. Turkey will buy natural gas from Iran. It is also necessary to rely on natural gas from Iran for heat production. And this is the view that this boycott will make the global crude oil market uneven.
- US crude oil inventories Expected increase after the US increased crude oil production capacity. The US Energy Information Administration (EIA) reported that US commodities fell. For the week ending November 2, 2006, it grew by 8 million barrels to 432 million barrels, while raw materials in Oklahoma's vanilla shipments increased more than 2.4 million barrels. The upward trend. After the refinery returned. After the season's shutdown
- The world's crude oil supply is likely to increase. US crude oil production increased to 11.6 million barrels a day. And it is likely to increase continuously. In addition, crude oil production increased to 11.41 million barrels a day. In addition, OPEC's production volume in October increased from 390,000 barrels per day in September to 33.31 million barrels per day. This is the highest level of 2 years.
- Look at the negotiations between US President Donald Trump. And the Chinese president At the G20 summit, which will take place in Argentina by November 61, Trump can raise the tariff from China. Total $ 267 billion. If the outcome of the negotiations is not successful.
- The financial figures for this week are: China Retail Sales 3Q12 GDP Eurozone Retail Sales And the number of people seeking unemployment benefits.
In summary, oil prices in the last week (5 – 9 Nov 61)
Row prices in West Texas last week drove $ 2.95 a barrel to $ 60.19 per barrel, while Brent crude fell $ 2.65 a barrel to $ 70.18. Dubai crude oil price was closed at $ 70 a barrel after the US announced an exemption for eight oil importers. Imports of crude oil from Iran during the first 180 days after boycott. Iran has also announced that it will continue to export crude oil despite the US sanctions. In addition, crude oil prices have been pressured by the volume of crude oil production. And US crude oil inventory. The increase.
Source: Thai Oil Public Company Limited