NYMEX crude oil scrambles around $74.91
On Thursday (July 20), international oil prices strengthened slightly, but investors remained cautious due to a lower-than-expected decline in U.S. crude oil inventories. Some agencies said the outlook for demand for fuels and petrochemicals was mixed. NYMEX crude oil scrambled around $74.91.
At 16:08 Beijing time, NYMEX crude oil futures rose 0.29% to $75.51 a barrel; ICE Brent crude futures rose 0.25% to $79.66 a barrel.
The latest data from the U.S. Energy Information Administration (EIA) showed that U.S. crude oil inventories fell by 708,000 barrels last week, much lower than the expected 2.44 million barrels. Investors took profits, and oil prices fell last trading day.
Andrew Lipow, president of Lipow Oil Associates in Houston, said: “Now that the strategic petroleum reserve (SPR) sell-off is over, inventories will depend on refinery operations and imports. Given the increase in refinery runs, utilization rates are also higher than the same period last year. , we think … the refineries will be able to meet demand.”
Crude oil prices may struggle to find a clear direction amid a mixed outlook for global demand in the coming weeks, Citi analysts said in a note. Demand was “mixed, with strong demand for gasoline and jet fuel, but weak demand for petrochemicals and diesel”.
The Citi analyst added that Brent crude oil prices had been hovering between $72 and $78 in May and June on the back of Saudi production cuts and geopolitical risks, before breaking out into the higher range by July.
On the daily line, NYMEX crude oil is trading around $74.91, which is the 23.6% Fibonacci retracement of the upward range from $67.05 to $77.33. The possibility of oil prices returning below $74.91 and further testing the 38.2% Fibonacci retracement level of $73.41 in the above-mentioned range cannot be ruled out. If the oil price stands above $74.91, it may start an upward wave III trend from $73.78.
2023-07-20 08:09:00
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