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Today’s attention will be paid to the Baker Hughes data from the U.S. oil industry for the week of January 2020. Earlier this week, Saudi Arabia stated that if Iran agrees to curb crude oil production, then Saudi Arabia will agree to freeze production. Oil prices rose in response. But Iran has vowed not to cut production until crude oil production increases to pre-sanctions levels. Likewise, there are growing doubts about Libya's participation in the Doha talks.
Oil prices have risen over the past two months. This is partly due to expectations that major oil-producing countries will agree to limit production to alleviate the global crude oil supply glut and support oil prices. Although Kuwait’s representative to OPEC claimed that a movable assets agreement was still possible without Iran’s consent. However, any agreement reached without the affirmation of Iran, Iraq and Libya will have a limited impact on the supply and demand balance of the crude oil market, because the new crude oil supply is mainly due to the output of these three countries. In short, there are still many loopholes in reaching an agreement to freeze production.
Data released by the U.S. Department of Labor on Thursday showed that the number of initial jobless claims in the United States fell to 0.000 in the week of March, ending three consecutive weeks of rising momentum, suggesting that the U.S. labor market is healthy, and thus providing support for the Federal Reserve (Fed) this year. Gradual interest rate hikes provide strong support. After the U.S. dollar index fluctuated and fell back to near the support area, the bulls launched a strong attack and closed with a small positive line with a long lower shadow.
Crude oil asphalt analysis:
Looking at the hourly trend, the Bollinger Bands are opening, the lines are running below the upper rail, the moving averages and crosses are running, the frame indicators are running upwards, and the red kinetic energy column is gradually weakening. The R market indicator turns upward and runs flat. From the hourly chart, the Bollinger Bands run flat, and the line runs between the middle and upper rails. The frame indicator crosses and runs above the axis. The red kinetic energy column shows signs of heavy volume. The R market indicator has Overall, the signs of a downward turning head show that the rising momentum of Chinese and Soviet alkanes is sufficient, and the operation can be high and low within the range.
, When the asphalt price touches a nearby place, place a short order, stop loss, and look at the target
. When the asphalt price hits a nearby place, place a long order, stop the loss, and look at the target
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