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' Oil prices fluctuated and basically ended flat, Canadian wildfires reduced output to support oil prices, but the U.S. dollar strengthened and rising inventories weighing on oil prices. Crude oil prices rose sharply on Thursday after wildfires raging near Canada's oil sands region reduced local crude output, which is mainly shipped to the United States. However, oil prices closed below the day's high as the dollar rebounded and Cushing crude oil inventories surged. Brent crude oil rose $.3, or $., to end at $.3 a barrel. U.S. crude oil rose $.3, or $., to end at $.3 a barrel. Although oil sands production facilities are mainly located north of the wildfire-ravaged oil city of Fort McMurray in Alberta, Canada, which is spreading southward, as many as a third of Canada's oil sands were destroyed after further evacuations were ordered. Production capacity has been cut and some major oil pipelines have been shut down. Some analysts expect the supply impact from Canada's wildfires to be underestimated. According to calculations, crude oil facilities with a daily production capacity of at least 10,000 barrels have been shut down. A report in London wrote that of the 10,000 barrels of crude oil produced in Canada every day, 30,000 barrels of crude oil are shipped to the United States. The situation is obviously serious. At the same time, tensions between rival factions in Libya have prevented a shipment of Glencore cargo from being loaded, which has also supported oil prices. A Libyan government official has reportedly warned that the country's crude output could be reduced by tens of millions if the National Oil Company, established by the eastern government and backed by the country's northern port city of Benghazi, continues to ban oil tankers. barrel/day. Some traders said the oil market may have overreacted to both incidents.
'The Canadian wildfire is scary, but its location is so far south of the actual crude production site that the likelihood of real long-term damage to local crude output is low, no matter what,' said a New York energy hedge fund partner. , Libya’s share of the crude oil market is extremely small. Crude oil futures jumped early in the session before paring gains. Oil prices gave back some gains as the dollar index rose, posting its biggest daily gain in three weeks, making dollar-denominated crude more expensive for investors holding the euro and other currencies. Traders are focusing on Friday's U.S. employment report for clues on whether the U.S. may raise interest rates in March, which would further boost the dollar. Some traders also pointed out that oil prices pared gains after market intelligence companies reported that Cushing crude oil inventories increased by 30,000 barrels in the week ended March 3. Earlier this week, the U.S. government announced that total crude oil inventories rose to more than 30 million barrels last week, setting a record high. According to shipping sources, India's crude oil imports increased year-on-year in the first quarter. As India's demand for crude oil continues to increase, the state-owned Indian Strategic Petroleum Reserves Co., Ltd. is also preparing to increase crude oil storage facilities. It initially plans to build a crude oil storage facility in the southern Indian city of Karnataka. The state has built two new oil storage facilities that can store 10,000 barrels of crude oil. At present, the company's oil storage facilities already have 100 million barrels of oil storage space, but they can only ensure daily consumption, which is far from meeting domestic crude oil demand. The outlook for oil prices. B, a senior analyst at Bernstein Research Company, pointed out that global daily crude oil demand is expected to increase by about 10,000 barrels per day this year. In addition, crude oil explorers' capital expenditure reduction has begun to affect crude oil production. It is expected that the supply of oil producers other than OPEC will decrease by about 10,000 barrels per day. , the oil market is expected to reach rebalancing in the third quarter. Currently, oil prices are rising towards the -USD range, but are unlikely to return to the US dollar level. Crude oil is expected to consolidate within a narrow range in the near future
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