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Profit taking European and American crude oil futures plummeted after rising

profit taking European and American crude oil futures have received special attention in recent years on the impact of humidity on high molecular materials. After rising, they plummeted

December 8, 2010

[China paint information] from the high of $90.76 a barrel in the morning for the first time in 26 months, they sharply fell back to $88.19 a barrel. After the sharp rise of European and American crude oil futures on Tuesday, the selling fell again. At the close of Tuesday, the January futures settlement price of light crude oil on the New York Mercantile Exchange was $88.69 a barrel, down $0.69 from the previous trading day; London Intercontinental Exchange Brent crude oil futures in January settled at $91.39 a barrel, down $0.06; Heating oil futures in New York fell 0.55 cents to 247.02 cents per gallon in December; Rbob gasoline futures in December were 232.3 cents per gallon, down 1.87 cents; December diesel futures on the London Intercontinental Exchange were $766.25 per ton, up $0.25

according to the settlement price of the New York Mercantile Exchange, the "3-2-1" profit of refining three barrels of crude oil into two barrels of gasoline and one barrel of heating oil on Tuesday was $10.937 per barrel, up $0.09 from Monday

after the close of trading, the American Petroleum Institute calculated that crude oil inventory in the United States decreased by 7.4 million barrels last week, gasoline inventory increased by 4.8 million barrels, and distillate oil inventory increased by 1.74 million barrels by 2020

the rumors about the possible tax cuts in the United States on Tuesday made the oil price soar, because the tax cuts may promote more consumption and increase the demand of the crude oil market. Meanwhile, the rise of the euro against the US dollar in early trading also supported the oil market. However, during the New York trading session, the US dollar exchange rate suddenly rebounded, and China judged that the international oil price of lithium battery technology, especially 3 yuan battery technology, was depressed

on Tuesday, the U.S. energy information administration released the "short term energy outlook", which forecasts the demand and price of the oil market once a month. In this report, the U.S. energy information administration predicts that the global daily demand for crude oil will be 87.78 million barrels next year and 86.35 million barrels in 2010; Year on year growth of 2million barrels and 1.4 million barrels respectively

the US energy information administration predicts that WTI will average $86.08 per barrel in 2011 and rise to $89 per barrel by the end of 2011. It is estimated that the growth of oil demand in 2010 is twice that of non OPEC supply, which leads to an increase in market demand for OPEC crude oil

however, the market generally expects that OPEC will not make a decision to increase production at the oil ministers' meeting held on December 11, because OPEC hopes that the oil price will remain between $per barrel. Some tough OPEC members even hope that the oil price will remain around $100 a barrel

the U.S. energy information administration estimates that OPEC's daily crude oil production will increase by 300000 barrels this year and 400000 barrels next year. It is estimated that OPEC's remaining daily output will be 5.7 million barrels

analysts generally believe that U.S. crude oil inventories have declined because it is estimated that U.S. refineries may increase operating rates. Bloomberg survey showed that as of December 3, U.S. crude oil inventories may fall by 1.5 million barrels. Among the eight analysts surveyed, seven estimated a decline and one believed an increase. Last week, the gross profit of processing two barrels of gasoline and one barrel of heating oil with three barrels of crude oil in the United States increased by 23%. ExxonMobil and Valero energy began to start the unit after completing the overhaul last week. Last week, U.S. gasoline inventories may increase by 875000 barrels, of which five analysts bet on growth, while three can judge that only the relocation system is declining. Distillate oil inventories, including heating oil and diesel, may fall by 550000 barrels

John Kilduff, a partner at again capital, an energy focused hedge fund management company in New York, said that we expect crude oil inventories to decline because some refineries have completed overhaul. There is a shortage of supply in New York port, which gives impetus to increase production

Evans, an energy analyst at Citi futures in New York, said, "refineries along the Gulf Coast have also reduced inventories to reduce asset tax avoidance by the end of the year. Inventories in the region have declined, with an average reduction of 11.2 million barrels in December over the past four years. There is a seasonal decline in crude oil depots."

Bloomberg survey shows that the operating rate of U.S. refineries may be 83.6% last week, an increase of 1% over the previous week. ExxonMobil said on November 30 that a refinery in Torrance, California, had resumed operation and was operating normally after maintenance. The device was shut down due to power failure the previous week

Jim ritterbusch, President of ritterbusch associates, a consulting firm, said in a report that crude oil inventories are expected to decline because imports may decline further. U.S. crude oil imports fell for four weeks in the five weeks ended November 26

according to the latest news, the package price of OPEC calculated by the weighted average price of 12 OPEC member states on December 6 was $88.13 per barrel, up $1 from the previous trading day

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