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News surface
On the evening of Thursday, Saudi Energy Minister Falih said that he would meet with African oil-producing countries next month to discuss oil market issues. The International Energy Forum will be held in Algeria on March 1, and Qatar's Oil Minister has previously stated that member states will hold discussions on the sidelines of the forum meeting.
Lih said the topics discussed included potential actions to stabilize the oil market, and that Saudi Arabia would help restore market balance if necessary. Falih specifically pointed out that oil prices should be higher than current levels and that current oil prices are unsustainable. At the same time, he also believes that global crude oil demand remains strong, non-state supply is declining rapidly, and the crude oil market is returning to balance.
The International Energy Agency's monthly report released on Thursday also said that in the third quarter, as demand from refiners surges, crude oil inventories will shrink, and the oil market is therefore expected to return to balance. In addition, compared with last month's report, this report raised the crude oil supply forecast for next year and lowered the crude oil demand forecast.
The monthly report released on Wednesday showed that Saudi crude oil production reached 10,000 barrels per day in March, a record high. In this regard, Falih said that the increase in Saudi production is due to strong demand in the summer, and it takes time to remove crude oil and refined oil inventories.
Oil Technical Analysis and Evening Operation Suggestions
In the evening, the hourly line of crude oil in the U.S. market has reversed and is running strongly. In this kind of market situation, we must go with the trend and do not blindly place orders. The daily line of crude oil closed with a big positive line, rising sharply. Due to the positive impact of OPEC's monthly report in the evening, oil prices rose sharply, basically swallowing up yesterday's decline. At present, the price pressure has fallen back. The overall trend is still dominated by bears, and the rise will not continue. If the price continues to be under pressure, then the price will definitely correct. Judging from the daily chart, asphalt prices closed negative yesterday after consecutive positives. For asphalt prices, the strong upward trend of bulls has been suppressed. Currently, the daily moving average crosses the moving average to form a golden cross passivation. Today, focus on the upper resistance level to suppress it. The bullish position will continue. In terms of operation, Ni Yiliu recommends to focus on callbacks and long positions.
Recommendations for oil operations in the evening require real-time guidance, you can follow the Gongzhong account Ni Yiliuyiliu
The market has fallen back to a nearby long order entry, stop loss a few points, the target is nearby, and hold the position.
Slightly Er rebounded to a nearby short-term short order to enter the market, stop loss a few points, and the target is nearby
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