India is out of control oil prices are under pressure

Baker Hughes (Baker Hughes) reported Friday that the number of active oil gas drilling rigs in the U.S. fell 1 to 438 as of the week of April 23. The number of active U.S. oil drilling rigs dropped 1 to 343 this week.

California Governor Newson (GavinNewsom) announced Friday that he would take action to phase out California's oil production, asking for research on phasing out oil cracking by 2045 stopping issuing new oil cracking permits.

India's new confirmed cases for four days a day record. According to new data released by the Indian Ministry of Health, As at 08:00 local time (10.30 Beijing time), In the last 24 hours, 349691 new cases of new coronary pneumonia in India, A total of 16960172 cases were diagnosed; 2767 new deaths, Total deaths :192311; Total cure 14085110 cases; There were 2682751 confirmed cases. The world's highest record of new cases in a single country on a single day. Meanwhile, Twenty-five deaths also set the highest number since the outbreak. Only three days, Nearly 1 million new crown cases have been diagnosed in the country.

A tanker caught fire near a port in western syria. Syrian Ministry of Oil Mineral Resources local time 24, said a tanker that day in the western province of Tartus near the Bayas port of fire after the attack.

Oil prices edged up Friday, helped by good U.S. European economic data. But new confirmed cases in India have been recorded for four consecutive days. Still pose heavy pressure on oil prices. JPX Middle East Oil Futures 2109 opened 41480 yen, up 160 yen, 0.39 percent, the previous settlement.

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Iran's nuclear talks are back in sight oil prices are falling again

First, Iran's nuclear talks are back in sight, India's epidemic is completely out of control, oil prices are falling again

This week, India's epidemic completely out of control, the number of new diagnoses continue to climb to create a global one-day new record. Japan's epidemic has also surged, raising new concerns dampening bullish confidence. U.S. President Joe Biden's administration's willingness to ease restrictions on Iran's oil, financial other industries has sparked a renewed market panic, according to people familiar with the matter. However, Libya's output unexpectedly fell to 1 million barrels per day, forming a certain support for oil prices.

As of Friday (April 23) JPX the Middle East Oil Futures Wenhua Financial Price Index opened 43100 yen at the beginning of the week closed 41640 yen on Friday, down 1590 yen, 3.68 percent, last week's settlement price. Cultural financial crude oil price index as a whole maintained in the 40960-43240 yen range.

II. Analysis of EIA data in the United States this week

Inventory: as of the week of April 16, Commercial crude oil stocks excluding strategic reserves increased by 594,000 barrels to 493 million barrels, 0.1% increase. Gasoline stocks increased by 85,000 barrels, Up to 309,000 barrels, An increase of 464,000 barrels is expected. Refined oil stocks decreased by 1.073 million barrels, Front value decreased by 2.083 million barrels, An expected reduction of 956000 barrels. Cushing's inventory is down 1.318 million barrels, The front value increased by 346000 barrels.

Import export: as of the week of April 16, commercial crude oil, excluding strategic reserves, imported 5.405 million barrels per day last week, down 447000 barrels per day the previous week. U.S. crude oil exports fell 31000 barrels a day to 2.548 million barrels a day last week. Net U.S. crude oil imports fell 416,000 barrels a day in the past week.

Equipment utilization: as of the week of April 16, the utilization rate of refinery equipment remained unchanged at 85%, with an expected increase of 0.7% to 85.7%.

Output: as of the week of April 16, U.S. crude oil production fell by 10,000 barrels a day last week to 11 million barrels a day.

III. OTHER IMPLICATIONS

Baker Hughes (BakerHughes) reported Friday that the number of active oil gas drilling rigs in the U.S. fell 1 to 438 as of the week of April 23. The number of active U.S. oil drilling rigs dropped 1 to 343 this week.

Libya's current crude oil production has fallen to less than 1 million b/d, the first in the past few months, as one of the country's main ports has been shut down due to delays in receiving funds for infrastructure repairs. Late on monday, the libyan national oil company announced that crude exports to the eastern port had suffered force majeure attributed it to the central bank's "refusal to release a budget for crude oil ". The Arabian Gulf Oil Company was forced to stop producing 280,000 barrels per day of crude oil.

According to Japan's Daily News ,19, the highly infectious mutation of the new crown virus "N501Y" confirmed patients first appeared in Yamagawa Prefecture, Japan's 47 prefectures have found variant new crown virus patients. At present, Japan has the risk of a fourth wave of new crown epidemic. Recently, the country's new crown infection data continue to climb.

According to CCTV, on April 19, local time, the Permanent Representative of Russia to the Vienna International Organization, Ulyanov, said it was satisfactory to review the meeting of the Board on the Comprehensive Nuclear-Test-Ban Treaty in the past two weeks that the negotiations had entered the stage of drafting the proposal. While the solution is still far complete, concrete steps to achieve the goals are being agreed.

The OPEC representative said that the OPEC + was discussing reducing the size of the 28 April meeting; it was considering holding only the Joint Ministerial Oversight Committee (JMMC) next week rather than the full ministerial meeting.

A bill passed by the u.s. house of representatives' judicial committee would allow opec to face antitrust lawsuits for cutting production to drive up oil prices, the panic index VIX rise more than 10 percent. However, it is uncertain whether the bill will be considered by all members of Parliament. For more than 20 years, a similar anti-OPEC bill has failed to pass as oil prices rise.

Market news that OPEC its allies are discussing scaling down next week's full ministerial meeting suggests that OPEC may still insist on a gradual resumption of oil production. Two sources said OPEC cut production in March implementation rate of 113, the same as in February.

Iranian President Rouhani revealed that Iran's nuclear agreement negotiations completed 60-70%. A spokesman for the U.S. Department of State said the talks on Iran's nuclear deal, held in Vienna, had made positive progress, but the road was long. According to the Saudi news agency, the Saudi side reiterated its call for Iran to participate in ongoing negotiations to avoid intensifying the conflict escalating regional tensions.

Early API released new weekly inventory data: as of April 16, API crude oil inventories increased by 436,000 barrels, Front value reduced by 3.608 million barrels, An expected decrease of 2.86 million barrels. Gasoline stocks decreased by 1.617 million barrels, Up to 5.565 million barrels, An increase of 650000 barrels is expected. Refined oil inventories increased by 655,000 barrels, The previous value was reduced by 3.06 million barrels, An expected reduction of 898,000 barrels. Cushing stock was reduced by 1.286 million barrels, The front value increased by 917000 barrels.

The United States proposed the lifting of sanctions, Iran's nuclear agreement negotiations made progress. U.S. officials say talks on the Iran-Iraq nuclear deal have made some progress. If an agreement is reached sanctions can be lifted quickly, the United States can counter Iran's actions in the Middle East without sanctions. Market sources say the biden administration is considering easing restrictions on iran's oil finance industries could ease sanctions on iranian steel, aluminium cars.

Deputy Prime Minister of Russia: OPEC + may confirm adjust its plan. Russia's deputy prime minister, Novak, said the global oil market has so far been balanced, the Joint Ministerial Supervisory Committee (JMMC) OPEC + April meeting is still under plan, OPEC may confirm adjust its plan. At the same time, he said that the United States against OPEC legislation will pose a threat to OPEC +.

Iran's oil exports are still increasing. Iranian oil exports are still increasing, with a total of about 500,000 barrels a day so far, market sources said. Analysts say Iran's oil exports may return to their 2020 lows as negotiations on a nuclear deal resume.

Japan's government decided on the 22nd, in addition to Tokyo, Osaka Prefecture Hyogo Prefecture, Kyoto Prefecture will also be included in the release of the new crown emergency declaration list. The government will be 23 response headquarters meeting decided to issue a declaration. About the release period, to late April to mid-May about 3 weeks to discuss. Government sources said that "short-term concentration to stop the flow of people during the Golden Week holiday is the key ".

OPEC + meeting next week will be as planned. Market sources said that, under a draft agenda, the OPEC + would adhere to its original announced plan to hold a full ministerial meeting a joint ministerial oversight committee (JMMC) meeting on 28 April at a time to be determined.

IV. Future prejudgment

Economic data for the Asia-Pacific region, North America Europe, dominated by China, have recently confirmed a strong recovery. At the same time OPEC+ control of oil production, oil prices to form a strong support. But India's epidemic out of control, Japan other places of epidemic prevention situation deteriorated. Meanwhile, U.S. President Joe Biden's administration has offered to ease restrictions on Iran's oil, financial other industries, which will help narrow the negotiations. The upward pressure on oil prices is heavy. Focus on next week's OPEC+ meeting, U.S.-Iran nuclear agreement negotiations the development of the Indian epidemic.

The information in the report is derived public information, I do guarantee the accuracy completeness of this information, nor the information suggestions contained therein. I have sought to be objective impartial in the content of the report, but the views suggestions in this paper are for reference only. Customers should carefully consider their own needs. I am responsible for any direct indirect loss arising the use of this report its contents.

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Source: China Energy Network