The hottest overnight crude oil prices fell sharpl

Overnight crude oil prices fell sharply, oil bears fell for three reasons

overnight U.S. crude oil prices continued to fall sharply, with the main 610 contract breaking through $64 to close at $63.76/barrel, the lowest since April

since hitting a new high of $78.4 in July, the price of crude oil has fallen all the way, with a cumulative decline of nearly $15/barrel, or 19%. American strength usually refers to the ability of materials to resist elastic deformation, plastic deformation and fracture under the action of external forces, and the price of gasoline has fallen by 30%. At present, the improvement of the relationship between supply and demand has become the main driving force to promote the rapid development of polyurea spraying technology in China

first, the growth rate of global demand has slowed down. In a report released on Tuesday, the international energy agency lowered its global oil demand forecasts for this year and next year. Among them, the average demand was reduced by 100000 barrels to 84.7 million barrels per day in 2006 and 160000 barrels to 86.2 million barrels per day in 2007, mainly in the North American market. At the same time, the Asian market also reduced oil consumption due to the mild and rainy weather this summer

secondly, the growth of supply is still faster than that of demand. At the just concluded ministerial meeting of OPEC on high efficiency, Member States still agreed to maintain the production ceiling of 28million barrels per day without adjustment. The actual output of OPEC has been higher than 30million barrels/day this year. According to the latest statistics of the International Energy Agency, the global oil production in August decreased by 400000 barrels per day to 85.8 million barrels per day compared with the previous month, but it was still higher than the demand. The situation in the Middle East, which people were worried about, did not have much impact on production

third, good inventory and the development of energy substitution have also reduced the pressure on supply. Without the impact of hurricanes, the production of refineries in the United States has increased steadily this year, which makes the country's gasoline inventory at the highest level in five years during the driving season, and the gasoline price has fallen rapidly with the end of the season. At the same time, the high oil price makes it more logical for the U.S. government to promote the use of ethanol gasoline, which also gives the U.S. government more weight on the issue of energy supply security

affected by the sharp fall in international crude oil prices, Shanghai fuel oil futures continued to dip to the bottom yesterday. The main 611 contract jumped sharply and opened low, reaching a new low of 2888 in the session, and then rebounded broadly to close at 2946 yuan/ton, down 67 yuan. Transactions were active throughout the day, with a total turnover of more than 140000 hands, and positions decreased by 1130 to 39984 hands. With the increase of contract margin in November, the position began to transfer to the next month, with 612 contracts increasing 7962 to 36510 positions

the domestic fuel oil spot market is still very depressed. The sluggish sales of residual oil and asphalt have caused many refineries to stop production due to the expansion of storage, and panic selling has occurred. At present, the price of domestic fuel oil is lower than 3000 yuan/ton, and the residue of some small refineries has been reported at 2500 yuan/ton. The price of domestic 70# asphalt can only be delivered at the price below 3000 yuan

despite difficulties in sales, imported fuel oil is still pouring into the Chinese market. Just this Friday, a supertanker carrying 250000 tons of Venezuelan fuel oil will arrive at Huangpu port in Guangzhou for transshipment. The current price is 3150 yuan/ton, but it is expected that it can only digest half at most, and the remaining half will be transported to Zhoushan for processing. To make matters worse, another supertanker of the same tonnage will arrive in China at the end of this month, but as the major oil depots are full, the unloading port has not been determined yet. It is expected that from September to October, domestic traders will have to work hard to digest a large number of goods, and the market difficulties are still difficult in the short term. Common problems in the testing of exterior wall insulation materials have changed

generally speaking, the current domestic and foreign oil markets are still facing great pressure, and the decline in prices will continue. Until there is no further change in supply and demand, we still cannot see the end of the decline channel

note: the reprinted content is indicated with the source. The reprint is for the purpose of transmitting more information, and does not mean to agree with its views or confirm the authenticity of its content