首页 News 正文

The problem is not about consumption! God of crude oil trading: supply exceeding expectations is the trigger for the decline in oil prices

王俊杰2017
260 0 0

Despite the ongoing conflict between Palestine and Israel, international oil prices have recently significantly declined, with some attributing this to a slowdown in economic growth leading to a decline in demand.
Pierre Andurand, the head of the world's largest oil hedge fund, and renowned as the "god of crude oil trading," pointed out that better than expected oil supply was the trigger for the recent decline in crude oil prices.
Against the backdrop of a bleak economic outlook, Brent crude oil futures fell below $80 per barrel for the first time in three months this week. But Andulan stated that "travel data shows an acceleration in demand and demand growth," indicating that consumption is not the reason.
Compared to previous years, supply disruptions are much less, and production in Iran and the United States is higher than expected, "Abdulan said on social media platform X.
Andulan also pointed out that part of the reason for the better than expected crude oil supply is due to the rebound in OPEC+alliance exports from the extremely low level in August. But he added that since exports usually increase in September and October, this growth does not mean that the alliance has failed to comply with crude oil production quotas.
According to the data released by the US Energy Information Administration (EIA) last week, the US crude oil production in August hit a record high, surpassing the level before the COVID-19. Data shows that in August, the US crude oil production reached 404.6 million barrels, with an average daily production of 13.05 million barrels. This production exceeded the previous high of 13 million barrels per day set in November 2019.
A media survey in early November showed that OPEC crude oil production in October further increased by 180000 barrels per day compared to September, marking the third consecutive month of increase, with Nigeria, Angola, Iran, and Iraq experiencing the largest increase in production. Iran's production increased to 3.17 million barrels per day in October, the highest since 2018, the year when the United States re imposed sanctions on Iran.
In early November, Iran's oil minister stated that Iran's daily oil production had risen to 3.4 million barrels.
Andulan stated that while OPEC+exports have increased, China (the world's second largest oil consumer) has also used inventory, weakening the overall physical oil market. This usually prompts buyers to hesitate in anticipation of a cheaper price.
He pointed out that to achieve oil prices& Quot; Substantive structural rebound; Quot;, We need to continuously reduce inventory, similar to the daily decrease of over 1.5 million barrels in July and August.
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
您需要登录后才可以回帖 登录 | 立即注册

本版积分规则

  •   知名做空机构香橼研究(Citron Research)周四(11月21日)在社交媒体平台X上发布消息称,该公司已决定做空“比特币大户”微策略(Microstrategy)这家公司,并认为该公司已经将自己变身成为一家比特币投资基金 ...
    caffycat
    昨天 11:18
    支持
    反对
    回复
    收藏
  •   每经AI快讯,11月20日,文远知行宣布旗下自动驾驶环卫车S6与无人扫路机S1分别在新加坡滨海湾海岸大道与滨海艺术中心正式投入运营。据介绍,这是新加坡首个商业化运营的自动驾驶环卫项目。 ...
    star8699
    3 天前
    支持
    反对
    回复
    收藏
  •   上证报中国证券网讯(记者王子霖)11月20日,斗鱼发布2024年第三季度未经审计的财务报告。本季度斗鱼依托丰富的游戏内容生态,充分发挥主播资源和新业务潜力,持续为用户提供高质量的直播内容及游戏服务,进一步 ...
    goodfriendboy
    3 天前
    支持
    反对
    回复
    收藏
  •   人民网北京11月22日电 (记者栗翘楚、任妍)2024广州车展,在新能源汽车占据“半壁江山”的同时,正加速向智能网联新能源汽车全面过渡,随着“端到端”成为新宠,智能驾驶解决方案成为本届广州车展各大车企竞 ...
    3233340
    昨天 17:06
    支持
    反对
    回复
    收藏
王俊杰2017 注册会员
  • 粉丝

    0

  • 关注

    0

  • 主题

    28