Original title:[Global Finance]The US dollar weakened significantly and international oil prices rose on the 15th
Xinhua Finance, New York, February 15 (Reporter Liu Yanan) Due to the obvious weakening of the US dollar and the overall market’s pursuit of risky assets, international crude oil futures prices fell slightly in the overnight market. They turned from falling to rising in early trading on the 15th, consolidated within a narrow range in the afternoon, and closed. International oil prices rose.
As of the close of the day, the price of light crude oil futures for March delivery on the New York Mercantile Exchange rose by $1.39 to close at $78.03 per barrel, an increase of 1.81%; the price of Brent crude oil futures for April delivery rose by $1.26 that day, It closed at US$82.86 per barrel, an increase of 1.54%.
Phil Flynn, senior market analyst at Price Futures Group in the United States, said that after the United States released retail sales data for January that fell more than expected, the dollar weakened, which provided support to oil prices.
Data released by the U.S. Department of Commerce that morning showed that the retail sales of the U.S. retail and food service industry in January were US$700.3 billion, a month-on-month decrease of 0.8%, which exceeded market expectations of -0.1%. The previous month’s data increased from 0.6% month-on-month. Lowered to 0.4%. Affected by this data, the U.S. dollar index weakened significantly that day, once falling by more than 0.5%.
The International Energy Agency’s February oil market monthly report released on the 15th stated that global oil demand growth is losing momentum, with year-on-year growth decreasing from 2.8 million barrels per day in the third quarter of 2023 to 1.8 million barrels per day in the fourth quarter. It is expected that in 2024 Slowing to 1.2 million barrels per day, in line with the previous month’s forecast.
The International Energy Agency said that despite apparent weakness in demand, global oil supply fell sharply by 1.4 million barrels per day in January as Arctic cyclones affected North America and OPEC+ expanded production cuts. However, non-OPEC crude oil supply is still expected to increase by 1.6 million barrels per day in 2024, which is smaller than the 2.4 million barrels per day increase in 2023. Preliminary data showed global oil inventories fell sharply by about 60 million barrels in January. However, data from the International Energy Agency shows that oil inventories will increase slightly in the first quarter of 2024.
The International Energy Agency predicts that refinery throughput is expected to rebound from a seasonal low of 81.5 million barrels per day in February.
It is worth noting that the International Energy Agency predicts that global average daily oil supply will increase by 1.7 million barrels per day in 2024, reaching 103.8 million barrels per day, which is higher than the 1.5 million barrels per day increase predicted the previous month.
Tamas Varga, an analyst at PVM Petroleum Associates, said the drop in oil prices earlier in the day was a knee-jerk reaction to the latest report from the International Energy Agency.
Wagga believes that although the growth in oil demand this year will be significantly lower than in 2023, if OPEC keeps production low, global oil inventories are expected to decline throughout this year.
Manish Raj, chief financial officer of Velandera Energy, said that although the U.S. oil inventory data released on the 14th last week caused oil prices to fall, traders who sold excessively the day before Woke up on the 15th and wanted to replenish the position. With tensions in the Middle East at high levels and stocks overall strong, no one on Wall Street is going to get fired for buying oil.
2024-02-17 05:30:00
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