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The American Petroleum Institute released data on Wednesday (June 2), Beijing time, showing that U.S. crude oil inventories increased by 10,000 barrels in the week of May. After the data was released, oil prices fell in the short term.
Specific data shows that U.S. crude oil inventories increased by 10,000 barrels in the week of March 2019 to . 10,000 barrels, the previous value increased. 0,000 barrels. U.S. refined oil inventories increased by 0.000 barrels in the week of March 3rd, and are expected to decrease by 10,000 barrels. The previous value increased by 0.000 barrels. U.S. gasoline inventories increased by 0.000 barrels in the week of March 3, 2019, and were expected to decrease by 10,000 barrels. The value increased by 10,000 barrels. After the data was released, oil prices fell in the short-term, and U.S. crude oil fell in the short-term by .USD, falling below USD/barrel and now trading at .USD/barrel, an increase of .%.
Analysis: Following last week’s sharp increase in crude oil inventories, which is expected to increase gasoline demand, this week’s crude oil inventories have increased significantly more than expected, causing the price of U.S. oil and cloth to fall in the short term, with Brent oil falling below the USD/barrel mark in the short term. Weekly crude oil inventories rose for consecutive weeks.
Fan Linyu’s warm reminder: Please note that it is a US non-governmental organization, and its inventory data does not represent the views of the US Government Department of Energy’s Energy Information (). Focus on tonight: U.S. commercial crude oil inventory data will be released for the week of October 1st, and as the market refocused on the implementation rate of production cuts, oil prices rose slightly on Tuesday, but the increase in U.S. production still limited the upside of oil prices. Last week, U.S. oil continued to surge by 10,000 barrels, and U.S. oil prices fell below the U.S. dollar. If tonight's data is consistent, U.S. crude oil inventories will hit a new record high.
Technical Analysis of Crude Oil
Judging from the four-hour trend chart, oil prices fell briefly overnight and fell below the middle track of the Bollinger Bands. Oil prices once broke the US dollar, but then quickly rebounded, supported by the middle track, and are currently trading Bet on the dollar. The support below is around the US dollar, and the resistance above is around the US dollar. From an indicator point of view, the line price is suppressed by the Bollinger Band upper track, but supported by the middle track, and the indicator in the attached picture runs downward. Taken together, oil prices are expected to fluctuate within a narrow range during the day, and it is recommended to sell high and buy low within the range of -.
Crude oil. Operation strategy
, Go short near the U.S. dollar, target the U.S. dollar line, stop loss above the U.S. dollar
, go long near the U.S. dollar, target the U.S. dollar, stop loss Below .USD.
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