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EIA crude oil inventories plummet, geopolitical stimulus strengthens

2022-02-08

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Crude oil futures (CONG) settled at US$82.64 per barrel, up US$1.42 or 1.75% from the previous trading day, with a trading range of US$81.17-83.10.

Analysts from the International Derivatives Think Tank believe that from the data point of view, EIA crude oil inventories have dropped sharply in the week from January 7th in the United States, and Cushing inventories have changed from the previous accumulation to destocking. The refined oil is still in the process of accumulating, but Some relief, inventory data continued to provide strong support for oil prices; on the news, the United States said that it can limit the sale of technology to Russia's energy sector, which is not good for Russia's crude oil production and exports.

In addition, the situation in Russia and Ukraine is still fermenting, and the impact of geopolitics on oil prices this year has constituted a force that cannot be ignored. On the whole, the sharp drop in EIA crude oil inventories and the intensification of geopolitics have stimulated the rise in oil prices.

However, from the perspective of the global monthly balance sheet, the situation of crude oil this year will change from the shortage of supply in 2021 to the direction of balance. Therefore, after the sharp rise in oil prices, it is still necessary to remain moderately cautious.

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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EIA crude oil inventories plummet, geopolitical stimulus strengthens

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