Industrial Investment: Stimulation Measures Improve Market Sentiment, Oil Prices rebounded sharply on Tuesday

Industrial Investment: Stimulation Measures Improve Market Sentiment, Oil Prices rebounded sharply on Tuesday
2020year3month11day
As Russia claimsOPEC+The door to cooperation has not yet closed, and the United States is about to launch stimulus measures to drive a rebound in US stocks, improving market sentiment and driving a significant rebound in international oil prices on Tuesday. However, the continued spread of the global coronavirus has led tocrude oilConcerns about demand persist, and the United StatesAPIThe increase in crude oil inventories has limited further increases in oil prices. As of the close of trading in the United StatesWTIcrude oil4monthfuturesIncome increase1.28USD, or3.91%Report34.04dollar/Bucket, highest reach35.00dollar/Bucket, lowest drop to31.76dollar/bucket;Brent crude oil5Monthly futures up4.45USD, or13.36%Report37.77dollar/Bucket, highest touch in tray38.18dollar/Bucket, lowest drop to34.97dollar/Bucket.
After a sharp drop on Monday, international oil prices experienced a technical rebound on Tuesday, recovering some of their recent losses. In addition to technical adjustments,OPECThe renewed hope of finding a way to reach an agreement has also boosted crude oil prices. Russian Minister of Energy Alexander?Novak stated that,OPEC+The door to cooperation has not closed,OPECThe demand for a greater reduction in production has led to disagreements. He added that despite the decline in oil prices, the Russian oil market remains competitive. On the other hand, Saudi Arabian Minister of Energy Abdulaziz?book?Prince Salman believed that in the5Month or6It is unwise to hold another OPEC meeting every month. He added, "In a free market, every oil producing country needs to demonstrate its competitiveness, maintain and increase its market share."
Although Russia's attitude has eased, the crude oil price war is taking a second step. Russian Energy Minister Novak said they can increase daily production in the near future50Ten thousand barrels. Meanwhile, Saudi Aramco, the national oil company of Saudi Arabia(Saudi Aramco)CEO Nasser stated in a statement on Tuesday that the oil giant will4Monthly increase of crude oil supply to daily1230Ten thousand barrels, including crude oil supplied to domestic and foreign customers. On Tuesday, Iraq's oil minister stated that the proliferation of the oil market is not in the best interest of oil producing countries and has harmed their economies. They are in contact with other OPEC member states to discuss how to prevent further oil price declines. Any oil price war aimed at gaining greater market share is not suitable for oil producing countries.
The widespread outbreak of coronavirus in the United States, the United Kingdom, and Europe has prompted policymakers to take stimulus measures and boosted market sentiment. Australia announces value24A medical plan worth billions of Australian dollars. The Japanese government plans to spend more than40Billion US dollars, responding to the epidemic. At the same time, the United States is also considering stimulus measures. US President Trump met with Republican senators on Capitol Hill on Tuesday to discuss proposals to boost the economy. The US economy has been affected by the outbreak of the coronavirus. Trump pointed out that there are two ways to alleviate the coronavirus economy: one is to waive payroll tax before the end of the year, and the other is to permanently reduce taxes.
However, the Trump administration was unable to provide any important details of President Trump's "main" economic response to the virus, and Republican leaders did not attend the briefing of the coronavirus working group, which initially raised doubts about Tuesday's shift in risk sentiment.
Meanwhile, with the latest headlines about the coronavirus, concerns about the pandemic have once again been raised. The American political news website Politician(Politico.com)To Vice President Mike of the United States?Pence's previous statement raised doubts, stating that their laboratory has sufficient testing tools and equipment to detect the coronavirus. The shortage of laboratory materials is threatening the release of coronavirus testing results and leading officials to underestimate the number of Americans carrying the virus. Robert, Director of the Center for Disease Control and Prevention?Redfield stated on Tuesday that he lacks confidence in whether US laboratories have sufficient reserves to extract genetic material from any virus in patient samples, which is a crucial step in coronavirus testing.
On the other hand, the idea of postponing the Tokyo Olympics has regained market attention, despite being rejected by Japanese diplomats the day before. It is worth mentioning that Japan's coronavirus cases have seen the largest increase in a single day. In addition, the cancellation of the Corcella Music Festival in California and the news of the UK Secretary of Health being infected with a deadly virus have also increased market risk aversion.
American Petroleum Institute(API)The latest data shows that as of3month6During the current week, US crude oil inventories increased640.710000 barrels to4.53Billion barrels, analysts expect an increase184.810000 barrels;Cushing inventory increase36.410000 barrels;Last week, gasoline inventory decreased309.1Ten thousand barrels, analysts expect a decrease268.610000 barrels;Reduced inventory of refined oil467.9Ten thousand barrels, analysts expect a decrease213.3Ten thousand barrels.APIThe increase in crude oil inventories far exceeded expectations, but both gasoline and refined oil inventories experienced significant declines.APIAfter the data was released, Meiyou and Buyou were under pressure for a while.
Looking into the future, investors remain vigilant about the risks posed by the coronavirus to global economic growth and its impact on oil demand. Now the market focus is shifting towards the US Energy Intelligence Agency andOPECShort term Energy Outlook Monthly Report and US Energy Intelligence Agency(EIA)Weekly crude oil inventory report, market expectation deadline3month6US crude oil will increase this week184.8Ten thousand barrels, crude oil inventories increased the previous week78.5Ten thousand barrels.
USD Index
The US dollar index opened high on Tuesday and fluctuated upwards, accelerating its rise and breaking through in the New York session96.00Psychological barrier, reaching the highest point96.544At the end of the trading day, it ultimately rose1.65%The largest increase in three years was mainly due to the Trump administration's implementation of tax cuts and other fiscal measures to help alleviate the impact of the pandemic on the economy, stimulate a significant rebound in US stocks, and boost the attractiveness of the US dollar with a rebound in US bond yields.
After the briefing by the US Coronavirus Working Group to the media, White House Economic Advisor Larry?Kudro said through a Reuters call that US President Donald?Trump may extend the payroll tax reduction until the end of this year;More details will be listed in the near future;More tax proposals will be announced in late summer or autumn.
technical analysis
American crude oil
Daily chart: Poly Plus channel declines, oil prices rise above the bottom track;14and20Daily moving average bearish;Random indicators are rising.
4Hourly chart: Poly Plus channel declines, oil prices hit the middle track;14and20Bearish moving average;Random indicators approach the overbought zone.
1Hour chart: Poly Plus channel rising, oil prices approaching the upper track development;14and20Hourly moving average bullish;Random indicators have declined.
Overview: It is expected that oil prices will decrease within the next few days33.80-36.75Within the range of fluctuations, one can try to sell high and buy low. Attention to resistance above3month11Daily high point36.30After breaking through, we will explore further2016year4month5Daily high point36.75And then2016year4month17Daily low point37.60and2016year4month17Daily high point38.55, and2016year4month11Daily low point39.20and2016year4month10Daily low point39.70;And the following supports attention3month9Daily high point34.85Falling below will lead to exploration3month11Daily low point33.85And then3month10Daily low point32.05and31.00Psychological barriers, and2016year1month22Daily low point29.50and2016year1month15Daily low point29.10。
Brent crude oil
Daily chart: Poly Plus channel diffusion, oil prices rise above the downward trajectory;14and20Daily moving average bearish;Random indicators are rising.
4Hourly chart: Poly Plus channel declines, oil prices hit the middle track;14and20Bearish moving average;Random indicator overbought area today.
1Hour chart: Poly plus channel diffusion, oil prices approaching the upper rail development;14and20Hourly moving average bullish;Random indicators have declined.
Overview: It is expected that oil prices will decrease within the next few days37.10-40.50Oscillation within the range can be attempted by throwing high and absorbing low. Attention to resistance above3month11Daily high point39.60Breakthrough will be explored40.00Psychological barriers, followed by2016year3month14Daily high point40.50and2016year8month4Daily low point41.50, and2016year7month28Daily low point42.50and2016year8month3Daily high point43.40;And the following supports attention3month10Daily high point38.20Psychological barrier, falling below will lead to further exploration3month11Daily low point37.10And then36.00Psychological barriers and2016year2month8Daily high point34.65, and3month10Daily low point33.45and2016year2month15Daily low point32.80。
Follow on Wednesday:
U.S.A2Monthly consumer price index(CPI)
U.S.AEIAMonthly Oil Market Report
OPECMonthly Oil Market Report
U.S.AEIAWeekly changes in crude oil inventory