Essence International: U.S. crude oil inventories increased more than expected. Pay attention to PetroChina (00857), CNOOC (00883), etc.
Zhitong Finance APP learned that Essence International released a research report saying that the U.S. Energy Information Administration (EIA) announced crude oil inventory conditions for the week of April 12. Crude oil inventories increased by 2.7 million barrels, far exceeding market expectations for a growth of 1.4 million barrels. Following the sharp increase in crude oil inventories last week, this week's inventory increase still exceeded market expectations by nearly double, squeezing the upside potential for oil prices. Tensions between Iran and Israel in the Middle East have suddenly intensified, and the risk of war expansion has increased. Current geopolitical risks continue to expand, and geopolitical tensions provide major support for current oil prices. Investors are recommended to pay attention to relevant oil targets. Companies to follow: PetroChina (00857), China National Offshore Oil Corporation (00883), Exxon Mobil (XOM.US), Chevron (CVX.US).
The main points of Anxin International are as follows:
International major crude oil prices fell sharply
On April 18, Brent crude oil main June futures closed at $87.29, down $2.73 from the previous trading day and $3.19 from the previous week. The trading range during the week was $87.14.73-92.18. WTI crude oil main continuous May futures closed at US$82.69, down US$2.67 from the previous trading day and US$3.52 from the previous week. The trading range during the week was 82.55-87.67 US dollars.
U.S. crude oil inventories rise by 2.7 million barrels more than expected, oil prices under pressure
In the week of April 12, U.S. strategic crude oil inventories were 364.9 million barrels, an increase of 0.7 million barrels from the previous week. U.S. commercial crude oil inventories (excluding strategic crude oil) were 1,237.6 million barrels, an increase of 10.1 million barrels from the previous week, of which U.S. commercial crude oil inventories were 460 million barrels, an increase of 2.7 million barrels from the previous week, lower than the five-year average The level is about 1%; motor gasoline inventories are 227.4 million barrels, a decrease of 1.2 million barrels from the previous week, and about 4% lower than the five-year average; distillate fuel oil inventories are 115 million barrels, a decrease of 2.8 million barrels from the previous week. barrels, about 7% below the five-year average. Crude oil inventories increased by 2.7 million barrels, far exceeding market expectations of a 1.4 million barrel increase. Following last week's surge in crude oil inventories, this week's inventory increase is still nearly double market expectations, and the upside potential for oil prices may be squeezed by inventory growth.
U.S. refinery operating rate is 88.1%, demand for refined oil remains basically flat
As of April 12, the average crude oil input into refineries was 15.88 million barrels per day, a year-on-year decrease of 0.2%, and the refinery operating rate rose to 88.4%, a decrease of 0.2% from the previous week. The four-week average demand for petroleum products was 19.8 million barrels, a year-on-year decrease of 0.2%; of which, the four-week average demand for motor gasoline was approximately 8.8 million barrels, basically the same as last week, a year-on-year decrease of 1.9%; the four-week average demand for distillate fuel oil was 3.5 million barrels. million barrels, a month-on-month decrease of approximately 0.1 million barrels and a year-on-year decrease of 0.8%.
The geopolitical situation is changing, and the current oil price is mainly supported
After Iran launched an unprecedented large number of missiles and drones against Israel last weekend, Israel's response was more restrained than expected before Friday (19th), and it has not yet taken any actions that will further intensify the regional situation. The United States has also temporarily No major sanctions were imposed on Iran's oil exports; the restraint efforts of all parties have gradually eased the market's concerns about the intensification of tensions in the Middle East. Brent oil prices fell by more than 3% in the week before Friday. However, on Friday morning, Israel launched an attack on Iran, regional tensions suddenly intensified, and the risk of war expansion increased. Brent and WTI crude oil prices rose by more than 3%, basically recovering the losses in the first half of the week. Current geopolitical risks continue to expand, and geopolitical tensions provide major support for current oil prices. Investors are recommended to pay attention to relevant oil targets.
Risk warning: geopolitical risks, global economic recession risks, oil price fluctuation risks, US dollar interest rate hikes.