EUR/USD 1.15579
-0.259%
Gold 4501.57
-3.165%
Oil 96.968
2.893%
USD/JPY 159.297
0.997%
GBP/USD 1.33332
-0.723%
GBP/JPY 212.398
0.318%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
U.S. Agriculture Secretary Rawlings: More announcements related to increased fertilizer shipments will be released.March 22 – The Australian government stated on the 22nd that although fuel imports have been impacted by the conflict with Iran, supplies remain sufficient and there are no plans for rationing. Regarding the panic buying of gasoline in a few areas, the government urged the public to refuel rationally. Australian Climate Change and Energy Minister Chris Bowen said in a television interview that as of the 21st, the countrys reserves of petrol, diesel, and aviation fuel were sufficient for 38 days, 30 days, and 30 days respectively, and fuel supplies remained "strong."Market news: Fannie Mae and Freddie Mac have made large-scale purchases of mortgage-backed securities.March 22 - Iranian President Ayatollah Peschizian posted on social media this evening (March 22), stating that "attempts to wipe Iran off the map are a desperate trampling on the will of a nation that makes history. Threats and intimidation will only strengthen Irans unity. The Strait of Hormuz is open to everyone except those who violate Iranian territory. Iran will resolutely confront these insane threats on the battlefield."On March 22, U.S. Treasury Secretary Bessenter defended the U.S. and Israels attacks on Iranian infrastructure, claiming that "sometimes you have to escalate to de-escalate." This came shortly after Trump gave Iran 48 hours to open the Strait of Hormuz and threatened to destroy its power plants. Bessenter defended Trumps remarks, saying it was "the only language the Iranians understand." Bessenter also addressed Kharg Island, a key hub for Iranian oil production, claiming that "all options are being considered," including sending U.S. troops to control the island. Bessenter further defended the decision to ease some sanctions on Iran, claiming it was a "soft approach" to the Iranians—using their own oil to retaliate against them.

Look at $83.88 on NYMEX crude oil

Oct 26, 2021 11:03

On Thursday (October 14), international oil prices rose. The reason is that with the advent of winter, high natural gas prices may prompt people to switch to oil to meet heating needs. NYMEX crude oil looks at $83.88.

At 14:15 GMT+8, NYMEX crude oil futures rose 0.85% to US$81.12/barrel; ICE Brent crude oil futures rose 0.90% to US$83.93/barrel.


Hiroyuki Kikukawa, general manager of Nissan Securities’ research department, said: “Investors are betting that with the arrival of the winter demand season, soaring natural gas prices will encourage power generators to switch to oil.”

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report released on Wednesday that soaring natural gas prices may boost demand for petroleum products as end users switch to refined oil.

Oil prices are also supported by concerns about tight supply. Earlier, the U.S. Energy Information Administration (EIA) stated in its monthly report that the decline in U.S. crude oil production this year will exceed previous expectations, but it will rebound in 2022.

Kikukawa said: "The current tight supply in the crude oil market and the prospect of increased short-term seasonal demand support investor confidence, overwhelming the impact of higher-than-expected growth in US crude oil inventories and weak OPEC forecast demand."

According to data from the American Petroleum Institute (API), as of the week of October 8, US crude oil inventories increased by 5.213 million barrels, gasoline inventories decreased by 4.575 million barrels, and distillate inventories decreased by 2.7 million barrels. The official U.S. Energy Information Administration (EIA) weekly inventory data will be released at 23:00 GMT+8 on Thursday.

On the daily chart, U.S. oil is in an upward ((3)) wave starting from $61.74, and the upper resistance is looking at the 38.2% target of $88.66. On the hourly chart, oil prices are in an upward ((iii)) wave that started from $79.43. The upper resistance looks at the 38.2% target of $82.18 and the 61.8% target of $83.88. ((iii)) Wave is a sub-wave of five upward waves that started from $74.97.

Suggestion