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Due to Saudi Arabia and Russia The joint statement disappointed the market, expectations of a production freeze continued to cool, and oil prices fell. In the evening, the U.S. non-manufacturing industry performed poorly and the U.S. dollar bottomed out, and crude oil asphalt also emerged from a deep pattern. Although Iran expressed support for the production freeze, it announced an increase in production. In addition, the joint statement by Saudi Arabia and Russia continued to disappoint the market, and expectations of a production freeze continued to cool, putting oil prices under pressure.
From a supply and demand perspective, U.S. commercial crude oil inventories were expected to increase by 10,000 barrels to 100 million barrels last week. Refinery equipment utilization fell by .% to .%. Cushing crude oil inventories are expected to increase by 10,000 barrels to .100 million barrels. Gasoline inventories are expected to decrease by 10,000 barrels to . As the U.S. market is closed for Labor Day this Monday, the inventory data originally scheduled to be released on Wednesday will be postponed to Beijing time on Thursday, which may provide guidance for the direction of the oil market.
Focus on Inventories
Data released by the National Petroleum Institute last Tuesday (July 2) showed that U.S. crude oil inventories increased again by 0.0 million barrels. Although in line with expectations, it increased for the second consecutive week. At the same time, refined oil inventories increased more than expected, which extended the decline in oil prices.
Tonight, the market will usher in belated crude oil inventories. According to survey results released by foreign media on Tuesday (July 2), U.S. crude oil inventories are expected to record a decrease last week after rising for two consecutive weeks, while refined oil inventories are expected to increase, while gasoline inventories are expected to decrease.
If crude oil inventories record a decrease this week, this will support a strong rebound in oil prices. On the contrary, concerns about oversupply of crude oil will inevitably intensify, and oil prices may restart a downward trend.
Oil market analysis
In terms of oil, in recent trading days, the price has been erratic due to the impact of market news. It fluctuated all the way back to the line after early trading today, recovering the losses of the bulls overnight. At present, oil prices are caught in a short-term shock adjustment, with severe pressure from the bulls above. Although the overall trend is biased toward the bears, and the bottom is supported by... .
From the four-hour line, the band opens upward, oil prices are running above the middle track, the red kinetic energy column has increased, and the stochastic indicator has risen. In the evening, focus on the breakthrough of the upper line and the lower support line. If the position is broken, look further. On the whole, the market trend in the evening is biased towards a bullish rebound. In terms of operation, the public account Xiaoxia Lunjin recommends relying on the first-line support callback to mainly go long. In recent days, the news has repeatedly imposed strict stop losses.
Crude oil operation suggestions
Go short near the top, stop loss target.
Go long near the pullback, stop loss target.
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