Sino-Singapore Jingwei client, April 8th, international oil prices fell sharply. Reuters reported on the 8th that China's crude oil supply and the weakening of fuel demand caused by the new crown virus pandemic reported that investors have also affected major global production. Oil nations will soon agree that the expectation of production cuts together will become more cautious.
Wind data shows that WTI May crude oil futures fell 2.45 US dollars, a decrease of 9.39%, quoted 23.63 US dollars / barrel; Brent June crude oil futures prices fell 1.18 US dollars, or 3.57%, to 31.87 US dollars / barrel.
Oil prices accelerated before the weekly US crude oil inventory report was released. Analysts expect the report to show that US crude oil inventories increased by 9.3 million barrels last week, and refined oil inventories will increase significantly.
The report quoted Bob Yawger, head of energy futures at Mizuho Bank, as saying, "I can't think of any bullish ways or scenarios", "this will be a huge increase in crude oil inventories."
The source said that the world's major crude oil suppliers including Saudi Arabia and Russia plan to meet on Thursday to discuss production cuts, but several energy ministers said that they would do so only if the United States also joined the ranks of production cuts.
Gene McGillian, vice president of market research at Tradition Energy, pointed out that "this implies that the market hopes to be more certain about whether Russia and Saudi Arabia will reach an agreement to restrict supply."
The US Department of Energy pointed out on Tuesday that new monthly forecasts show that crude oil production has been declining without government intervention.
The report pointed out that a source of the Organization of Petroleum Exporting Countries (OPEC) said on the same day that the final output reductions negotiated by OPEC and OPEC + on Thursday will depend on the number of other oil-producing countries like the United States, Canada and Brazil willing to reduce production.
However, US President Trump said on Monday that OPEC did not urge him to consider asking US producers to reduce production to support oil prices. Trump also said that due to falling prices, US oil production has decreased.
The American Energy Information Association (EIA) said on Tuesday that with the global market affected by the new coronavirus epidemic, it is expected that the US crude oil output will be reduced by 470,000 barrels this year, and demand will be reduced by about 1.3 million barrels. The report said that in the second quarter of 2020, the US automobile gasoline consumption will reach the lowest level in 20 years. (Sino-Singapore Jingwei app)