Under the stimulation of multiple factors such as a reduction in crude oil production, a lower-than-expected increase in U.S. crude oil inventories, and the possibility that the U.S. government may rescue oil companies, international crude oil futures prices continued to soar on April 30.
As of the close of the day, the price of light crude oil futures delivered by the New York Mercantile Exchange in June rose by $ 3.78 to close at $ 18.84 per barrel, an increase of 25.10%; the same day In June, the price of London Brent crude oil futures delivered in June rose by 2.73 US dollars to close at 25.27 US dollars per barrel, an increase of 12.11%.
The historic reduction agreement reached by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries such as Russia in mid-April will be officially implemented from May 1. According to the agreement, the parties will reduce the average output by 9.7 million barrels per day during the first two-month production cut.
In addition, US oil giant ConocoPhillips said on April 30 that it will reduce average daily output by about 260,000 barrels from May, and further expand the scale of output reduction in June. .
Previously, the Norwegian Ministry of Petroleum and Energy announced crude oil production reduction plans for June and the second half of the year. This is the first time Norway has participated in an international coordinated production reduction as an important European oil producer .
Analysts believe that the production cut agreement reached between OPEC and non-OPEC oil-producing countries is officially implemented, and more oil-producing countries have joined the production cuts to boost the market .
In terms of inventory, data released by the US Energy Information Administration on the evening of April 29 showed that US commercial crude oil inventories last week increased by about 9 million barrels, which was significantly lower than the previous week The increase of 15.2 million barrels is also lower than the market’s expected 11.7 million barrels.
Analysis believes that in the context of successive economic restarts in some countries, if the increase in US commercial crude oil inventories continues to shrink in the next few weeks, the worst stage of the oil market may have passed .
But Austrian JBC Energy said the shock to the crude oil market is not over. Since inventories are still high, refineries are under tremendous pressure on profit margins, and crude oil demand may not increase significantly in May.
According to Bloomberg News, the US government is planning to rescue the oil and gas industry, and may announce conditions to provide loans to the oil industry recently. It is also reported that the US government is also considering providing credit support to oil companies through the Fedhold.
(The original title was “Multiple Factors Stimulate International Oil Prices to Continue to Rise”)