Thaioil forecasts oil price trend between November 26 and 30, 2018


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November 27, 2018
By Thaioil Plc.


Crude oil price volatility The news of the production cuts. Among the oversupply markets

Thai Ole Expands Gross Intermediate Prices West Texas This Week $ 49 to $ 54 per barrel. Crude Oil Brent Crude US $ 55 – US $ 60 per barrel

Crude oil price trend (November 26-30, 61)

Crude oil prices are expected to fluctuate. News of cooperation between OPEC and non-OPEC producers will reduce production. Including reducing Iran's crude oil exports. As a result of the US boycott We also need to track the amount of US crude. The downward trend Demand for US crude However, the market is still worried about oversupply. After the supply of crude oil continued to increase. Demand is also fueled by high oil prices. And the world economy is slower than expected.

Important factors that should affect oil prices this week.:

  • Look out for cooperation between OPEC and non-OPEC producers, whether to cut production. The source said both OPEC and non-OPEC producers talked about reducing their production capacity to 62 million barrels per day. Compared with October production, 61. The agreement to reduce production capacity will be considered at a meeting on December 6, 61. Saudi Arabia signaled that it should reduce its production capacity to balance the crude oil market. Because the market is facing a situation of oversupply. The United Arab Emirates said the OPEC group is likely to cut production. And the United Arab Emirates will cooperate with the OPEC decision.
  • Iran's crude oil export volume on November 61 is expected to decline. Although the United States. It will allow 8 countries to import crude oil from Iran. In the last two weeks, no oil was exported from Iran. The plan to buy crude oil was made before the announcement of the resignation. Some countries have plans to resume Iran's oil imports, such as South Korea and Japan, and plans to resume import of crude oil from Iran since January. 62 onwards
  • US crude oil inventories expect to start declining. After most of the US refineries return from seasonal shutdowns. As a result, the demand for crude oil for refined raw materials has increased. Last week it increased to 7 million barrels per day. It is expected to reach an average of 11.66 million barrels per day in December. 61
  • The market is still worried about oversupply. The US, Russia and Saudi Arabia have increased their production capacity to offset Iran's lack of supply, but the United States has announced an exemption for eight countries to import crude oil from Iran, which is above the analyst's expectations. As a result, Iran's crude oil supply lost less than expected, while world oil demand was growing less than expected. This is due to high oil prices. In addition to lower-than-expected economic growth, the IMF reduced its projection for world economic growth from 3.9 percent to 7 percent at 61. Excess capacity is a reflection of the volume of oil. OECD oil stocks rose in September. 61, which is a consecutive increase of 4 months.
  • Looking at this week's economic data, we see 3Q61 GDP in US consumer spending. Unemployment rate in the euro area And the euro area consumer price index

Summarize the oil price situation in the last week (19-23 November, 61)

Crude oil to West Texas last week fell $ 6.04 to $ 50.42 a barrel, while Brent crude fell $ 7.96 to $ 58.80 a barrel. Dubai crude closed at $ 61 a barrel after falling on the Dow Jones industrial average. Investors are disappointed with the performance of listed companies and concerns about rising production costs. The Federal Reserve (Fed) is likely to raise interest rates. The market is still worried about oversupply because of the US. Continuing to increase capacity. World oil demand is expected to be under pressure from the war between the United States and China next year, and crude oil prices are under pressure from US crude reserves. However, crude oil prices were driven by OPEC and non-OPEC producers meeting to discuss capacity reductions.


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