Industrial Investment:EIAThe decline in crude oil inventories adds to the positive news Oil prices recorded three consecutive negative readings

Industrial Investment:EIAcrude oilInventory decline adds more benefits Oil prices recorded three consecutive negative readings
2017year7month27day
Crude oil:
Wednesday USAEIAThe unexpected decline in crude oil inventories further alleviated market concerns, and coupled with the continued heavy damage to the US dollar index, oil prices continued to gain momentum. The crude oil prices in both regions rebounded for the third consecutive trading day, but the upward trend was much smaller compared to the overnight trading. United StatesNYMEX 9Monthly crude oilfuturesrise0.16USD, increase0.33%Report48.71dollar/bucket;ICEBrent9Monthly crude oil futures increase0.51%Report50.95dollar/Bucket.
According to the US Energy Information Administration(EIA)The latest data shows that as of7month21During the current week, US crude oil inventories decreased720.8Ten thousand barrels, the fourth consecutive decline, also significantly better than market expectations262.9Ten thousand barrels. This weekAPIandEIAThe significant decrease in crude oil inventories has increased market confidence in the long-term rebalancing of the oil market. Investors should also note that US crude oil inventories, excluding strategic reserves, have plummeted in just the past month3700Ten thousand barrels, total inventory already in2016The lowest level since the beginning of the year. In addition, domestic crude oil production in the United States has decreased1.910000 barrels to94110000 barrels/After four consecutive weeks of growth, it recorded its first decline.EIAAfter the data was released, the crude oil prices in both regions accelerated and hit new highs for the day.
Some news from oil producing countries is also beneficial for oil prices.OPECDue to the further deterioration of the domestic economic situation, the crude oil production of member countries has decreased to20010000 barrels/Day. Opponents of Venezuelan President Maduro have implemented a two-day nationwide strike to force Maduro to withdraw from weekend elections. The United States is also considering imposing financial sanctions on Venezuela and suspending payments for Venezuelan oil in US dollars. The geopolitical risks in the country are favorable for oil prices. Another member country, Nigeria, saw a decline in crude oil production this week as oil spills forced Shell to close a shipping line with a volume of approximately1810000 barrels/The oil pipeline in Japan. The country ended early this weekOPECAt the meeting, it was revealed that production will be limited to18010000 barrels/Within the day.
Oil prices have rebounded for three consecutive days, and further rebound may require stronger factors to support it. Once the benefits of a decline in crude oil inventories are exhausted, the risk of a decline in oil prices will increase. Today, you can follow other news about oil producing countries.
USD Index:
Overnight maintenance by the Federal Reserve1.0-1.25%The interest rate remains unchanged, in line with market expectations. However, the policy statement fell short of market expectations of hawks, leading to a prolonged decline in the US dollar, with the lowest point reaching its lowest level since early May last year93.35, received at93.50. The statement shows that the Federal Reserve plans to scale back "relatively quickly"4.5The trillion dollar balance sheet fell short of market expectations for a "quick" contraction, and the market expects the Federal Reserve to9The process of shrinking the table begins in the month. At the same time, the Federal Reserve has intensified concerns about weak consumer price levels. The statement shows the cautious attitude of the Federal Reserve, and its expectations for future inflation and balance sheet contraction are not as optimistic. The US durable goods data will also be released tonight, and it is expected that the US6The monthly rate of durable goods orders will increase significantly3.0%;The monthly rate of core durable goods orders will increase0.4%. If the data falls short of expectations or adds fuel to the fire of the US dollar, and vice versa.
technical analysis
US crude oil:
Daily chart: Random indicators have severely overbought, beware of a decline in oil prices.
4Hour chart:49The resistance near the checkpoint is strong, and to open up the upward space, one needs to climb above that level.
Hour chart: Currently, the rebound momentum has significantly weakened and is at a high level48.610Nearby narrow oscillations.
Overview: There is a risk of a downturn. It is recommended to do so within the day48.90Short selling in nearby light positions, let's take a look first48.00Look again47.60Stop loss set at49.35upper.
Brent crude oil:
Daily chart: Multiple consecutive days of rebound, with random indicators already in oversold zone and expected to reverse the signal.
4Hourly chart: Further confirmation is needed within the day to determine if it can be effectively raised51Above the gate.
Hour chart: The rebound momentum has significantly weakened, and the strong resistance above may limit the space for further rebound.
Overview: Expected to decline. Suggest within the day51.20Long positions in first tier light positions, let's take a look first50.50Look again50.00Stop loss set at51.55upper.
Follow on Thursday:
Germany8monthGFKConsumer confidence index
Germany6Monthly actual retail sales rate/the annual rate
britain7monthCBIRetail sales difference
U.S.A6Monthly durable goods/Monthly rate of core durable goods orders
U.S.A6Monthly wholesale inventory rate
Number of initial and renewed unemployment claims in the United States last week