PP Link Securities Co., Ltd
  • Derivatives Broker
  • About DB
    • Who We Are?
    • Our Services
    • Our Products
  • Market Overview
    • Daily Analysis
    • Market Notice
    • Economic Calendar
    • Market Price
  • Platform
    • MT5
  • Client Support
    • Account Opening
    • Deposit and Withdrawal
    • Disclaimer
  • More
    • FAQ
    • Careers
    • Contact Us
  • Our Licenses
    • SECURITIES BROKER
    • FINANCIAL ADVISORY
    • DERIVATIVE BROKER
  • English
    • 简体中文
    • ភាសាខ្មែរ
PP Link Securities Co., Ltd
  • Derivatives Broker
  • About DB
    • Who We Are?
    • Our Services
    • Our Products
  • Market Overview
    • Daily Analysis
    • Market Notice
    • Economic Calendar
    • Market Price
  • Platform
    • MT5
  • Client Support
    • Account Opening
    • Deposit and Withdrawal
    • Disclaimer
  • More
    • FAQ
    • Careers
    • Contact Us
  • Our Licenses
    • SECURITIES BROKER
    • FINANCIAL ADVISORY
    • DERIVATIVE BROKER
  • English
    • 简体中文
    • ភាសាខ្មែរ
Home -> Derivatives Broker -> Daily Analysis -> Crude Price declined in early October
  • 19-10-2022

Crude Price declined in early October

Oil price falls as the prospect of additional supplies from U.S strategic reserves assuaged market concerns of a tight market heading into Northern Hemisphere winter and the impact of China’s zero-Covid policy is on display in the downward slopes of its air travel, LNG imports, and crude inventories, energy as well as the prospect of additional supplies from strategic reserves assuaged market concerns of a tight market heading into Northern Hemisphere winter.

On Tuesday, West Texas Intermediate fell 3% to settle below $83 per barrel. As a way to lower fuel prices, the US is releasing more crude from its strategic reserves. crude prices declined in response to expectations that the Biden administration wants energy prices trending in the right direction, U.S will continue to release strategic oil reserves aggressively.

The US is moving toward a release of another 10 million to 15 million barrels of oil from the nation’s emergency stockpile, according to people familiar with the matter. Separately, the Biden administration is still weighing limits on exports of fuel as well.

Crude’s choppy trading in October has seen the market caught between two divergent factors. Despite OPEC+ output cuts beginning next month, key market indicators, such as time spreads, indicate tightening before OPEC+ output cuts begin. However, bearish drivers such as weak Chinese demand and aggressive monetary policy continue to drag on the market.

There are also looming sanctions against Russia by the European Union, and some Indian refiners are halting spot purchases of the country’s crude.

Prices have fallen by about a third since early June, erasing all the gains made after Russia’s late-February invasion of Ukraine. EU sanctions on Moscow’s oil trading are set to take effect from December, prompting traders and refiners to book storage tanks in anticipation of a supply crunch.

Technical analysis indicates that oil is in the bearish trend since early October. Trend trading scenario, oil investors might place sell orders at $83.5 putting stop-loss at 86 and taking profit at $80 a barrel.

每日分析

23-03-2023

Today’s Outlook

06-03-2023

The influence of the market

02-03-2023

Today’s Outlook

27-02-2023

US interest rate position remains strong

20-02-2023

US Interest Rates This Year

13-02-2023

Gold prices today

  • About Us
  • Company News
  • FAQ
  • Careers
  • Contact Us
  • Our Licenses

© 2023 PP Link Securities Co., Ltd.

Designed by Angkor Design