New York crude oil soared 10% on Friday after the

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New York crude oil soared 10% on Friday through the U.S. economic stimulus plan

New York crude oil soared 10% on Friday through the U.S. economic stimulus plan

February 16, 2009

[China paint information] due to the approval of the U.S. economic stimulus plan, tortuous semi waste products should be stacked 1 and OPEC is predicted to reduce production again. Affected by this, New York oil prices soared more than 10% on Friday. At the close of trading on Friday, the March futures of light crude oil on the New York Mercantile Exchange was $37.51 a barrel, up $3.53 from the previous trading day; April Brent crude oil futures on the London Intercontinental Exchange were $44.81, down $1.22; March heating oil futures in New York fell 2.18 cents to 130.00 cents per gallon; Rbob gasoline futures in March were 120.63 cents per gallon, down 5.20 cents; London Intercontinental Exchange February diesel futures were US $410.75 per ton, down US $0.75 from the previous trading day

the U.S. House of Representatives approved President Obama's $787billion economic stimulus plan on Friday, and it is expected to enter the legislative process next Monday or Tuesday. This news strengthened confidence in economic recovery and demand recovery, and supported oil prices. Algerian Oil Minister Khalil said on Thursday that the possibility of OPEC cutting production again at the March meeting is 50%

Khalil said that the implementation rate of OPEC for a series of production reduction agreements reached in the second half of last year was 85%, and it is expected to complete all production reduction targets before the next meeting. He expected oil prices to return to $60 a barrel by the end of 2009

OPEC Secretary General Badri also said this week that OPEC's implementation rate of production reduction has reached 80%. However, oil movements, a British tanker tracking agency, believes that the implementation rate of OPEC's production reduction is 60% to 70%. Oil movements predicted that the daily crude oil exports of OPEC countries except Angola and Ecuador fell by 820000 barrels to 22.75 million barrels per day, the lowest in five years, compared with four weeks ago

in its monthly report released on Friday, OPEC once again lowered its forecast for oil demand this year, mainly due to the "sudden and substantial" decline in oil consumption caused by the economic recession, which in turn will push up oil inventories and rise rapidly

OPEC predicts that the world oil demand this year will be 85.13 million barrels per day, 530000 barrels per day lower than the last forecast, and 580000 barrels per day lower than the demand in 2008, a decrease of 0.7%. Among them, the demand of developed countries in North America, Europe and the Pacific coast will decline by 1.13 million/day, 2.4% lower than that in 2008; The demand of developing countries will rise by 350000 barrels per day, an increase of 1.4%. In 2009, the world's oil demand for OPEC was 29.22 million barrels per day, down 1.71 million barrels per day from last year and down 300000 barrels per day from the last forecast

according to the report, the domestic production of all OPEC members was 28.71 million barrels per day in January this year, a decrease of 959200 barrels per day compared with December last year. Among them, Saudi Arabia's output decreased by 322500 barrels/day to 7.99 million barrels/day, which is the country with the largest reduction, and its output has been lower than the target of 8.05 million barrels/day. The output of the 11 OPEC member countries with quotas except Iraq was 26.33 million barrels per day in January, still higher than its target of 24.85 million barrels per day

according to a Bloomberg news agency survey of 30 analysts, 13 (about 43%) predicted that oil prices would fall next week; Nine people predicted that the oil price would rise, while eight predicted no change. In last week's survey, 42% of respondents predicted that the oil price would stabilize between $38 and $42 this week. It can form a win-win cooperation mode with other enterprises

Andy, President of Houston Market Research Institute lipow oil associates, broke through the high melt index polypropylene, ultra-high molecular weight polyethylene, foamed polypropylene Polybutene ⑴ (PB) and other industrial production technologies like lipow said: "the rising Cushing inventory will continue to put pressure on oil prices, and the rise in inventory in the Gulf of Mexico region will also put pressure on oil prices."

the report released by the U.S. Department of energy on Wednesday showed that the inventory in Cushing, Oklahoma, where WTI was delivered last week rose by 1.7% to 34.9%, the highest level since records began in 2004. Inventories in the Gulf of Mexico region rose 2% to 185.1 million barrels, the highest since August 2007. The region is the largest concentration of oil fields and refineries in the United States

according to the latest news, the package price of OPEC calculated by the weighted average price of 12 member countries of OPEC on February 12 was $41.79 per barrel, down $0.51 from the previous trading day

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