Install the Sina Finance client to receive the most comprehensive market information the first time →[download link]
Original title: International oil prices remain stable, supply and demand are expected to continue to face a gap of 1.5 million barrels per day in the next six months
On Thursday (September 30), international oil prices remained stable. Although the unexpected increase in US crude oil inventories triggered a sell-off overnight, analysts predict that the increase in supply may still not keep up with the pace of demand recovery.
At 15:51 Beijing time, NYMEX crude oil futures rose 0.27% to $75.03 per barrel; ICE Brent crude oil futures rose 0.18% to $78.23 per barrel.
ICE Brent crude oil rose above US$80 at the beginning of the week, the first time in three years. Technically, the bulls also seem to have adjustment needs in order to find the next opportunity for breakthroughs.
Data released by the U.S. Energy Information Administration on Wednesday (September 29) showed that as of the week of September 24, U.S. crude oil inventories increased by 4.578 million barrels to 418.5 million barrels, and the market is expected to decrease by 2.15 million barrels; gasoline and distillate stocks It also increased by 384,000 barrels and 193,000 barrels respectively.
Inventories rose due to the resumption of production in the Gulf of Mexico after the recent storm. U.S. crude oil production has also returned to the level it was when Hurricane Ida hit about a month ago-last week production rose to 11.1 million barrels per day.
However, US drilling companies have previously been criticized by shareholders for excessively expanding production capacity, and the current increase in production is not large. As for other oil-producing countries, OPEC and its allies, including Russia, may maintain the agreement to increase production by 400,000 barrels per day in November next week.
Citigroup’s global market analysts said in a report: “The fundamentals still provide potential support to the market, and OPEC+’s release of production capacity still lags behind the demand recovery.” Citigroup predicts that even if the supply continues to increase, oil will continue to increase in the next six months. There will still be a gap of 1.5 million barrels per day in supply and demand.
The shareholders of Cabot Oil & Gas Corp and Cimarex Energy Co approved a proposal to merge the two companies on Wednesday to form one of the largest oil and gas companies in the United States. This is obviously different from previous mergers in most oil and gas fields, and there is not much overlap in the business of the two companies.
The merger proposal was announced in May. The combined entity will be valued at approximately $17 billion and will combine Cabot’s natural gas-rich Marcellus shale industry belt in the northeastern United States with Cimarex’s heavy oil fields in western Texas.
According to people familiar with the matter, the Abu Dhabi National Energy Corporation (TAQA.AD) has hired consultants to sell all its oil and gas production materials in Canada as part of reducing the company’s carbon footprint. IHS Markit analysts estimate that the value of these assets may be as high as 1.5 billion Canadian dollars (1.18 billion US dollars).
TAQA’s Canadian assets produced approximately 73,000 barrels of oil equivalent per day last year, accounting for more than 60% of the company’s entire oil and gas portfolio in 2020. The company said it is one of the top 15 oil producers in Canada in terms of output.
Massive information, accurate interpretation, all in Sina Finance APP
Editor in charge: Chen Xiulong
.