Sunday , September 25 2022

After the energy market – the ambassador to the United States has stimulated market concerns, the dollar has strengthened, oil has been moderately shut |


Trading on Tuesday (27), due to fears of falling energy demand and fears of a stronger dollar, has affected trading hours, the overwhelming expectations of future major producers who met next week to cut production and, ultimately,

Crude oil futures for delivery in January fell by 7 cents, or 0.1 percent, to $ 51.56 / barrel, with a peak of $ 52.38 and a minimum of $ 50.30.

Crude oil futures contracts for January deliveries have fallen by 27 cents, or nearly 0.5 percent, to $ 60.21 per barrel.

Phil Flynn, senior market analyst at Price Futures Group, said the trade dispute between the US and China is continuing, leading to global economic growth declining, causing energy demand to fall, and the dollar's strength to curb dollar-denominated commodity prices. would be the oil.

China's Ambassador to the United States, Cui Tiankai, has accepted an exclusive interview with the Wall Street Journal. If this situation continues, the global market that has been integrated for decades will be shared. Flynn believes that this remark triggered market concerns about the global economy and energy demand.

Analysts and traders will pay attention to the G20 summit in Argentina this week to explore the development of Sino-US trade and explore energy demand trends. Tyler Richey, co-editor of the Sevens report, said: "A current agreement or even a decision to delay or raise tariffs will be positive, but if there is no agreement, it will have an impact on all risky assets. containing oil. "

The current dollar strengthened and the ICE dollar index rose 0.3%, which also led to US dollar oil price pressures.

Norbert Ruecker, head of Julius Baer's macroeconomic and commodity research department, believes the market is too preoccupied with excessive supply and global economic growth.

"Sandy countries and their allies are relying on oil revenues and will most likely partially rebalance the supply growth trend that can mitigate inflation in emerging markets. For more than $ 50 in oil prices, the shale industry would he could think twice about the mad investment behavior. "

Looking ahead this week, the market will see the oil supply weekly EIA report on Wednesday. S & P Global Platts analysts expect the government to announce that oil stocks fell by 430,000 barrels in the week ending November 23, which will be the first decline in crude oil supplies in 10 weeks.

Other transactions in energy products

Future gasoline futures for December delivery dropped 1.5 percent to $ 1,421 per gallon.

Term contracts for December delivery dropped 0.4 percent to $ 1,886 per gallon.

Natural gas futures for delivery in December rose 0.3% to $ 4,426.

Source link