On Friday night, the US GDP data for tCrude oil spot markethe second quarter will be ushered in, which is also the last heavyweight data this week. Trump’s economic adviser Kudlow recently said that the performance of the US GDP data to be released on Friday will be very impressive, but he said that he did not know the specific data of US GDP.
After OPEC reached an agreement to cut production, international oil prices rose by 5%. However, the increase lasted only one day. International oil prices began to return to the downward trend on February 9th. Until Wednesday, February 2nd, WTI crude oil prices fell by 0%, down by 0.50 dollars from the previous day, and Brent crude oil fell by 0. %, down 0.05 dollars from the previous day.
The crisis caused by the killing of Khashoggi is getting worse. The market has been worried that as the oil market tightens due to US sanctions on Iran, Saudi Arabia may reduce the supply of crude oil in retaliation for possible sanctions due to the killing of Khashoggi.
Iraq’s Kirkuk Province has the largest oil field in the Middle East. Since 207, Iraq has shipped Kirkuk’s oil to Iran’s refineries, and Iran has shipped the same amount of oil to Iraq’s southern ports.
However, the market tonight is not hopeless. There will be EIA inventory data released tonight. Analysts surveyed predict that US EIA crude oil inventories are expected to decrease by 2.46 million barrels and gasoline inventories are expected to increase by 0.5 million. Barrels, refined oil inventories are expected to increase by 540,000 barrels. This data may determine the trend of oil prices tonight.
The U.S. Energy Information Administration estimates that the average daily oil production in the United States will reach 2 million barrels in 209, an increase of 90,000 barrels per day from the same period last year. It is estimated that the average daily oil pCrude oil spot marketroduction of the United States in 209 and 2020 will reach 2.4 million barrels and 200,000 barrels respectively.