During the Asian early trading session, the Intercontinental Exchange (ICE) Brent crude oil futures prices remained relatively stable, with the market focused on Iran's oil export situation.
As of 12:00 PM Beijing time, the price of ICE Brent crude oil contracts was $73.21 per barrel, an increase of $2 from the settlement price on December 17, while the contract price for the day dropped by $72 compared to the previous trading day.
The price of the main crude oil contract on the New York Mercantile Exchange (Nymex) is $70.12 per barrel, a decrease of $4 from the settlement price on December 17, while the contract price for the day dropped by $63 compared to the previous trading day.
The National Iranian Oil Company (NIOC) has refuted reports of a decline in Iranian exports. NIOC General Manager Hamid Bovard stated, "Iran's oil sales and export situation are as favorable today as they have been in the past," but did not provide specific data.
Comments from the NIOC General Manager seem to be a response to recent market analysis firms emphasizing the weakened flow of Iranian oil to China—the largest destination for Iranian oil.
It is widely expected that when Donald Trump is re-elected as president in 2025, he will strengthen sanctions against Iran. However, analysts believe that due to Tehran's establishment of a network to circumvent sanctions, Trump may find it difficult to succeed this time.
Additionally, according to shipping plans, Guyana's crude oil export volume in the first two months of next year will exceed 600,000 barrels per day. The country plans to export 674,000 barrels per day through 21 shipments in January and 607,000 barrels per day through 17 shipments in February.
Guyana's average loading volume this year has been 567,000 barrels per day, reaching a peak of 659,000 barrels per day in September, according to oil analytics firm Vortexa. About 65% of exports go to Europe, 23% to Panama, and the rest to Brazil and the United States.
Kazakhstan has further lowered its oil production forecast for 2024 to 87.8 million tons (1.82 million barrels per day), down from the forecast of 88.4 million tons given in November. Due to planned and unplanned maintenance at oilfields, the country's initial crude oil and condensate production target was 90.55 million tons (1.88 million barrels per day).
The U.S. Federal Open Market Committee (FOMC) meeting enters its second day. Investors generally expect that after a total of 75 basis points cut in 2024, policymakers will again cut rates by 25 basis points. The Federal Reserve has indicated that it may implement rate cuts more cautiously next year, indicating that it has more work to do to bring inflation down to the 2% target.
(The above content comes from the latest views of the independent international energy and commodity price assessment agency Argus)
Article reposted from: Jinshi Data