International oil price plummeted
2022-11-15 11:08:49
Due to factors such as a sharp rise in US commercial gasoline inventories and other concerns about energy demand, international oil prices fell sharply on the 11th, and oil prices in the New York market fell to US$78.
According to a report released by the US Department of Energy on the same day, in the week ending August 6, US gasoline commercial inventories increased by 400,000 barrels to 223.4 million barrels, and total inventory reached a new high in the past year; finished products including heating oil and diesel Oil inventories increased significantly by 3.5 million barrels, an increase that greatly exceeded market expectations.
Although the Department of Energy's report showed that crude oil commercial inventories fell more than market expectations during the same period, investors believe that gasoline and refined oil inventories are still rising sharply during the summer driving season in the US, indicating that energy demand is still weak.
The monthly report released by the International Energy Agency on the 11th slightly raised expectations for global energy demand this year and next, but warned that once global economic growth slows, energy consumption will immediately fall back sharply. Concerns about investors' slowdown in the economic recovery led to a sharp dip in the New York stock market that day, which damped the confidence of investors in the oil market and increased the downward pressure on oil prices.
Affected by the above factors, the price of light crude oil for September delivery on the New York Mercantile Exchange fell 2.23 US dollars to close at 78.02 US dollars per barrel, a decrease of 2.8%. The North Sea Brent crude oil futures for September delivery in London fell 1.96 US dollars to close at 77.64 US dollars per barrel, a decrease of 2.5%.
According to a report released by the US Department of Energy on the same day, in the week ending August 6, US gasoline commercial inventories increased by 400,000 barrels to 223.4 million barrels, and total inventory reached a new high in the past year; finished products including heating oil and diesel Oil inventories increased significantly by 3.5 million barrels, an increase that greatly exceeded market expectations.
Although the Department of Energy's report showed that crude oil commercial inventories fell more than market expectations during the same period, investors believe that gasoline and refined oil inventories are still rising sharply during the summer driving season in the US, indicating that energy demand is still weak.
The monthly report released by the International Energy Agency on the 11th slightly raised expectations for global energy demand this year and next, but warned that once global economic growth slows, energy consumption will immediately fall back sharply. Concerns about investors' slowdown in the economic recovery led to a sharp dip in the New York stock market that day, which damped the confidence of investors in the oil market and increased the downward pressure on oil prices.
Affected by the above factors, the price of light crude oil for September delivery on the New York Mercantile Exchange fell 2.23 US dollars to close at 78.02 US dollars per barrel, a decrease of 2.8%. The North Sea Brent crude oil futures for September delivery in London fell 1.96 US dollars to close at 77.64 US dollars per barrel, a decrease of 2.5%.
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