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Abundant supply, economic data adverse pressure on international oil prices

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Despite the signs of increased demand, the abundant supply offset the impact of demand growth. Thursday, the US economic data released also suppressed the oil market sentiment.


Thursday (February 26) New York Mercantile Exchange West Texas light oil in April 2015 futures settlement price of $ 48.17 per barrel, down $ 2.82 over the previous trading day, trading range 47.8-51.22 dollars; London Intercontinental Exchange cloth Lund crude in April 2015 futures settlement price of $ 60.05 per barrel, down $ 1.58 over the previous session, trading range 59.66-62.63 dollars.


Brent crude oil futures settlement price for the same period in the same period West Texas light crude oil futures premium of $ 11.88 a barrel, the highest level in January 2014, widening than $ 1.24 on Wednesday.


US crude oil inventories rose to at least 80 years over the same period the highest level, although the US cold climate increased heating demand, but the oil trade has entered the season of spring delivery, US oil inventories will soon be seasonal growth. New York Mercantile Exchange light crude oil delivery to Kushin region crude oil near full tank, further suppress West Texas light crude oil futures market in recent months, April delivery of light sweet crude oil futures per barrel than May futures low $ 2.22 , Reflecting the current US crude oil market supply and the relative lack of demand for the status quo.


The increase in the number of claims for unemployment benefits in the United States means a reduction in demand for oil. US Department of Labor on February 26 released data show that after a seasonally adjusted, as of February 21 the week the United States initial jobless claims 313,000 people, compared with the previous week revised data increased by 3.1 million, the previous week data was revised For 28.2 million, the initial value of 283,000 people. As of February 21 around the United States the number of initial jobless claims 294,500 people, compared with the previous week revised data increased by 11,500 people, the previous week data was revised to 28.3 million, the initial value of 28.325 million. Last week did not affect the special reasons for the number of initial jobless claims. As of February 14, when the United States continued to lose the number of 240.1 million unemployed, than the previous week to reduce the correction of 21,000 people, the previous week data was revised to 242.2 million, the initial value of 242.5 million. Renewed unemployment insurance 4 weeks average number of 139.9 million, an increase of 1750 over the previous week correction value, the previous week data was revised to 239.25 million, the initial value of 2.39 million people. As of February 7 the week the United States has an insurance unemployment rate of 1.8%.


The US consumer price index (CPI), which was released on Thursday, fell 0.7% from a year earlier, down 0.1% from a year earlier, the first decline in CPI since October 2009.


Libya and Iraq to reduce production of crude oil market concerns, Brent crude oil futures decline is limited. Since February, Brent crude oil futures rose 7.06 US dollars, or 13.32%; while the same period West Texas light crude oil futures are relatively stable.


Data show that in January 2015 OPEC crude oil production 2994 million barrels, compared with December 2014 crude oil production decreased by 90,000 barrels, lower than the January crude oil production quota of 30 million barrels. The reduction in production in Libya and Iraq is unlikely to offset the increase in crude oil production in Angola, Kuwait, Nigeria, Saudi Arabia and the United Arab Emirates. Analysts believe that a slight decline in January's OPEC crude oil production is due to reduced production of crude oil in Libya and Iraq, but Iraq plans to increase crude oil exports to the highest level in February.


Estimated January Iraqi crude oil production of 310 million barrels in December 2014 has increased to 3.4 million barrels per day, because when the northern crude oil through the Turkish Jay Han port exports to resume, in January the decline in crude oil production is reduced in southern exports. The Iraqi oil sales organization plans to export 330 million barrels of crude oil per day through the southern port of the Persian Gulf in February. Libya in January crude oil production of 33 million barrels, compared with December 2014 average daily reduction of 13 million barrels. Angola's crude oil supply in January was 175 million barrels, an increase of 120,000 barrels per day in December 2014. Nissan crude oil production in 198 million barrels, compared with December 2010 average daily increase of 5 million barrels. Saudi Arabian crude oil production of 970 million barrels per day, compared with December 2014 daily output increased by 10 million barrels. The data also show that in January the Kuwaiti and Qatar crude oil production increased by 2 million barrels and 1 million barrels.


The market is waiting for the media in recent days to estimate OPEC crude oil production in February.

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