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June 16th, Futures News: Following the end of the Iran war, crude oil prices have fallen sharply, lowering cost support for fuel oil. Market participants, driven by bearish sentiment, are mostly adopting a wait-and-see approach, with cautious trading focused on small, immediate needs. Market activity is subdued, and refineries are facing increased difficulties in shipping. It is expected that todays negotiations for slurry oil and wax oil will remain stable with a slight downward trend. While fuel oil prices are supported by low supply levels, the decline is relatively moderate, but sluggish trading at higher levels also carries the risk of further price reductions.SpaceX (SPCX.O) shares rose 10% in overnight trading in the US. If it maintains this gain until the US stock market opens on Tuesday, its market capitalization will surpass that of Amazon (AMZN.O).On June 16th, Bank of Japan Deputy Governor Shinichi Uchida will replace the hospitalized Governor Kazuo Ueda, responsible for explaining the Bank of Japans latest decisions and future policy direction. Investors will closely watch Uchidas remarks to gauge his views on the future path of interest rate hikes and the Bank of Japans bond-buying policy. He faces a delicate task: to project a sufficiently hawkish stance to prevent a sharp depreciation of the yen, while simultaneously considering Prime Minister Sanae Takaichis inclination towards pro-economic monetary policies. Some economists believe that if Uchida deviates from Uedas position, it could shake the entire situation. Others say that Uchidas style is more direct, differing from Uedas subtle and unbiased communication style. According to the chief economist at Daiwa Institute of Economics, Uchida is likely to draw on his experience in policy implementation to provide a very thoughtful explanation to help market participants better understand the Bank of Japans thinking, particularly regarding the normalization process.A fire broke out at an oil depot in Russias Krasnodar region due to a drone attack.Easing tensions in the Middle East have put pressure on international oil prices. A quick chart shows the pre-market conversion of domestic and international crude oil prices.

Look at $83.88 on NYMEX crude oil

Oct 26, 2021 11:03

On Thursday (October 14), international oil prices rose. The reason is that with the advent of winter, high natural gas prices may prompt people to switch to oil to meet heating needs. NYMEX crude oil looks at $83.88.

At 14:15 GMT+8, NYMEX crude oil futures rose 0.85% to US$81.12/barrel; ICE Brent crude oil futures rose 0.90% to US$83.93/barrel.


Hiroyuki Kikukawa, general manager of Nissan Securities’ research department, said: “Investors are betting that with the arrival of the winter demand season, soaring natural gas prices will encourage power generators to switch to oil.”

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report released on Wednesday that soaring natural gas prices may boost demand for petroleum products as end users switch to refined oil.

Oil prices are also supported by concerns about tight supply. Earlier, the U.S. Energy Information Administration (EIA) stated in its monthly report that the decline in U.S. crude oil production this year will exceed previous expectations, but it will rebound in 2022.

Kikukawa said: "The current tight supply in the crude oil market and the prospect of increased short-term seasonal demand support investor confidence, overwhelming the impact of higher-than-expected growth in US crude oil inventories and weak OPEC forecast demand."

According to data from the American Petroleum Institute (API), as of the week of October 8, US crude oil inventories increased by 5.213 million barrels, gasoline inventories decreased by 4.575 million barrels, and distillate inventories decreased by 2.7 million barrels. The official U.S. Energy Information Administration (EIA) weekly inventory data will be released at 23:00 GMT+8 on Thursday.

On the daily chart, U.S. oil is in an upward ((3)) wave starting from $61.74, and the upper resistance is looking at the 38.2% target of $88.66. On the hourly chart, oil prices are in an upward ((iii)) wave that started from $79.43. The upper resistance looks at the 38.2% target of $82.18 and the 61.8% target of $83.88. ((iii)) Wave is a sub-wave of five upward waves that started from $74.97.

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