Shanghai fuel oil opened lower in early trading on September 20, with the main contract of 1301 closing at 4930 yuan/ton, down 60 yuan. Crude oil suffered heavy losses overnight as crude oil inventories surpassed expectations and Saudi Arabia or China is acting to depress oil prices. In the domestic market, the price of refined oil has been raised, which has increased the refining profits of local refineries. Technically, Shanghai fuel oil is still under pressure from the early gaps. It is expected that Shanghai's future fuel oil prices will remain in the range of oscillation.
The New York Mercantile Exchange (NYMEX) crude oil ** price fell to below 92 US dollars per barrel on September 20th, dropping for the fourth consecutive day as investors worried about the global economy and high crude oil inventories in the United States, Saudi Arabia said it will take Action to reduce oil prices. As of 11:30 p.m. Beijing time, NYMEX October crude oil fell by $0.38 to US$91.63 per barrel. The contract will expire later in the day. The more active November contract fell by $0.38 to $91.95 a barrel.
Government data released on the 19th showed that US crude oil stocks soared by 8.5 million barrels last week due to import jumps, which recorded the largest weekly increase since March. According to the US Energy Information Association (EIA), domestic crude oil inventories increased by 8.53 million barrels to 36.763 million barrels in the week ended September 14, Reuters survey analysts estimated that they only increased 1 million barrels. Average daily crude oil imports surged 1.28 million barrels last week to 9.81 million barrels. The net import of crude oil reached the highest level since January.
Domestically, HSBC (HSBC) announced on Thursday that its initial September value for the “Preview of HSBC China Manufacturing Purchasing Managers Index (PMI)†rose slightly to 47.8, a two-month high. Although it fell from the last month's 41-month low of 47.6, it was still in the 11th consecutive month under the line of Ronghe. The output sub-index in September's value fell to 47.0, the lowest since November 2011.
The New York Mercantile Exchange (NYMEX) crude oil ** price fell to below 92 US dollars per barrel on September 20th, dropping for the fourth consecutive day as investors worried about the global economy and high crude oil inventories in the United States, Saudi Arabia said it will take Action to reduce oil prices. As of 11:30 p.m. Beijing time, NYMEX October crude oil fell by $0.38 to US$91.63 per barrel. The contract will expire later in the day. The more active November contract fell by $0.38 to $91.95 a barrel.
Government data released on the 19th showed that US crude oil stocks soared by 8.5 million barrels last week due to import jumps, which recorded the largest weekly increase since March. According to the US Energy Information Association (EIA), domestic crude oil inventories increased by 8.53 million barrels to 36.763 million barrels in the week ended September 14, Reuters survey analysts estimated that they only increased 1 million barrels. Average daily crude oil imports surged 1.28 million barrels last week to 9.81 million barrels. The net import of crude oil reached the highest level since January.
Domestically, HSBC (HSBC) announced on Thursday that its initial September value for the “Preview of HSBC China Manufacturing Purchasing Managers Index (PMI)†rose slightly to 47.8, a two-month high. Although it fell from the last month's 41-month low of 47.6, it was still in the 11th consecutive month under the line of Ronghe. The output sub-index in September's value fell to 47.0, the lowest since November 2011.
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