International Oil Review: U.S. Crude Oil Storage Fell Sharply To Boost, But The Election Deadlock Limited Upward, And International Oil Prices Recovered 39 Levels On Wednesday

It is expected that the sharp drop in U.S. crude oil inventories will provide a strong support for oil prices. Meanwhile, the strong PMI manufacturing data on Monday indicated that the market is recovering. Meanwhile, OPEC countries have put on the agenda to reduce production and boost confidence in the balance of supply and demand. However, at present, the vote counting in the US election is deadlocked and trump misjudged the victory, making the future market confusing. Nevertheless, the international oil price recorded three consecutive positive days on the basis of strong data on Wednesday, with us WTI crude oil December futures up $1.49, or 3.95%, to US $39.15/barrel; Brent crude oil January futures rose $1.52, or 3.83%, to $41.23/barrel.

According to data released by the American Petroleum Institute (API) at 05:30 a.m. Beijing time on Wednesday, crude oil inventories for the week ended October 30 were - 8.01 million barrels, exceeding expectations of + 1.964 million barrels. According to the U.S. Department of energy (EIA) last week, except for the U.S. strategic crude oil production of 2.29 million barrels, which exceeded the U.S. strategic oil reserves of 2.39 million barrels last week -Crude oil exports were - 1.195 million B / D to 2.265 million B / D; U.S. refined oil inventories declined for seven consecutive weeks. In the week of September 4th, the change in US crude oil inventories was the lowest. In the past four weeks, the average daily output of crude oil in the United States was 18.895 million barrels, down 10.9% from the same period last year.

The market expects the results of the U.S. general election to be released within Wednesday, but at present, the election situation is very tight, and the victory or defeat is inseparable. According to the U.S. elections project, more than 100 million votes have been cast in the U.S. general election, the largest ever, making the election complicated. Currently, trump has filed several lawsuits with the courts of Michigan and Pennsylvania. If the market is worried that it will turn into a protracted tug of war, or the so-called "controversial election", then the emergence of the inestimable risk that investors fear will make the US stock market likely to return to turbulence and decline soon, and will also make the oil market frustrated and limit the rise of oil prices.

According to the U.S. election live broadcast, as of 7 a.m., the associated press just announced that Biden had won Michigan and its 16 electoral votes. So far, Biden has 264 electoral votes in hand, just one step away from the White House (270 votes required). If Biden can stay ahead in Nevada, he will accurately get 270 electoral votes, beat trump and become the 46th president of the United States. Shortly after his speech in Wilmington this afternoon, Biden also expressed his confidence in winning Pennsylvania and its 20 electoral votes, which are still being counted.

As of 8:23 on the 5th

According to media reports, Libya's al sarir oil operating company (a joint venture between Libya's state oil company and German company Wintershall) has begun to exploit oil with an initial output of 20000 barrels per day and supply it to the oil port of Ras lanuf; the company's capacity can reach 68000 barrels / day. Earlier, market news said Libya's oil production rose to about 850000 B / D, close to Libya's target of increasing to 1 million B / D next month. Mustafa sanalla, chairman of state-owned National Oil Corp., pointed out that the target of early 2021 is 1.3 million barrels per day, which is not conducive to restoring the balance of supply and demand in the future oil market.