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Bulls have been expecting oil prices to rise in recent weeks. To the dollar or above, global crude oil flows have decreased by nearly 10,000 barrels per day due to wildfires in the Canadian oil sands, the almost collapse of the economy of Venezuela, a member of the Organization of the Petroleum Exporting Countries, and armed attacks on the energy industries of Libya and Nigeria.
On Wednesday, the U.S. Energy Information Administration announced that crude oil inventories fell by 10,000 barrels for the week ending March 1, significantly lower than expected. It is worth noting that crude oil inventories in Cushing, the United States, fell for the first time in four weeks. U.S. domestic production has declined for consecutive weeks and has remained below the 10,000 barrels/day mark for the week in a row. Well-known financial blog Zero Hedge commented on this, saying that it should be noted that U.S. crude oil inventories usually fall every month due to seasonal factors.
On Tuesday, the rotating chairman and Qatari Energy Minister Saada told the Associated Press that crude oil needs a floor price of US dollars to develop sustainably. The current oil price has compressed the exploration investment of most energy companies and will affect future supply.
In addition, it is estimated that the spare capacity of the Organization of the Petroleum Exporting Countries will drop to 10,000 barrels per day this year, the lowest level in years. The country's idle production capacity mainly relies on Saudi Arabia, and the country's production capacity that can come online soon is only - 10,000 barrels, unable to make up for major crude oil supply interruptions.
Iraq is one of the member countries with the fastest growing output. Although Iraq's total crude oil production has reached -10,000 barrels per day and crude oil exports have hit a record high of 10,000 barrels per day, international oil companies have recently issued a warning to Iraq. If the country's government insists on significantly reducing expenditures this year, Iraq's oil production will increase. Projects will be delayed.
The latest data released by Cambridge Energy Consulting shows that the newly discovered crude oil reserves in the world outside North America in 2019 were only 100 million barrels, a post-war low. The newly discovered oil and gas equivalents in the world outside North America in 2019 were 100 million barrels of oil equivalent, a lowest value since 2008. . What is even more surprising is that for the first time since the start of the oil industry, newly discovered conventional crude oil reserves plummeted in consecutive years. It is also worth noting that the collapse in newly discovered conventional crude oil reserves began to occur two years earlier than the decline in oil prices.
But sources and delegates said Iran's progress would do little to repair talks at next week's meeting, let alone reach an output deal, as tensions rise between Iran and Saudi Arabia. Meanwhile traders said prices were under pressure as investors locked in profits ahead of the U.S. Memorial Day weekend.
Yesterday's daily chart recorded a small positive, ending two consecutive negatives. After a period of highs and declines, oil prices once again showed a bullish situation with the help of many bullish news, rekindling the impact on the US dollar mark. By the four-hour-minute trend line, it entered a wide range of fluctuations and hit the bottom twice (. and.), and then rebounded in waves. The overall price was effectively supported by the moving average, and the oil price bulls were on the verge of breaking out. All indicators were biased towards the bulls, so the overall idea for the day was to The callback is mainly long.
Judging from the daily chart, the Bollinger Bands are running flat. The line runs to the middle and lower rails of the Bollinger Bands. In the attached picture, the D indicator crosses above the axis and the green kinetic energy column. The heavy volume technical indicator D has a trend of flat running. The author believes that From the hourly chart, we can see that the Bollinger Bands are running in a wide-open state line near the lower track of the Bollinger Bands. In the attached picture, D indicator crosses below the axis, and the green kinetic energy column increases the volume. Technical indicator D has a tendency of bonding operation. Overall, the indicator appears to be neutral at night. The operation recommendation is to focus on high selling and low slag.
, Silver: - Regular stop loss target of 1 point for short range operation
, Silver: - Regular stop loss target of 1 point for long range operation