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    Worried demand outlook and Libya's increased production pressure, crude oil hit a new low in a week

    2019-02-08 05:07:11

    Financial sector website 

    Financial sector US stock news Beijing time on February 8th news, investors worried about the prospects of energy demand, while the dollar exchange rate rose and Libya may soon increase production news also brought pressure on the market, crude oil closed down sharply. At the same time, natural gas futures prices hit a two-year closing low as last week's inventory decline was lower than analysts' expectations.

    West Texas Light Crude Oil (WTI) futures for March delivery on the New York Mercantile Exchange fell $1.37 to close at $52.64 a barrel, down 2.5%. Based on the current month contract, WTI futures prices have fallen by 4.7% in the transactions so far this week. At the same time, the North Sea Brent crude oil futures for April delivery on the London ICE European Futures Exchange also fell $1.06 to close at $61.63 a barrel, down 1.7%.

    The US Energy Information Administration (EIA) released a report on Wednesday that US crude oil inventories increased by 1.3 million barrels in the week ended Feb. 1. In contrast, according to a survey by S&P Global Platts, analysts had expected an average increase of 3.7 million barrels of crude oil inventories this week, while the American Petroleum Institute (API) report on Tuesday showed an increase in crude oil inventories during the week. 2.5 million barrels. Crude oil inventories rose less than analysts expected, pushing oil prices to close on Wednesday.

    Following the rise on Wednesday, “oil prices have been sold off due to new risks, as the European Commission has significantly lowered its economic growth expectations for the Eurozone and its major economies in 2019 and 2020, further deepening global Anxiety of slowing growth.” An analyst at the Industrial Credit Investment Bank of India (ICICI) wrote in a research report released on Thursday.

    At the same time, traders have sold off risky assets, causing both European and US stock markets to show a downward trend. Since gold is a traditional safe haven asset, the rise in the stock market tends to push investors to sell gold.

    The Intercontinental Exchange (ICE) US dollar index, which tracks the exchange rate movements of the US dollar against the six major international currencies, rose 0.1% on Thursday and has risen 1% so far this week. According to statistics from financial information provider FactSet, the index is expected to rise for the sixth consecutive week. In general, rising dollar exchange rates will cause prices of dollar-denominated commodity futures such as gold and crude oil to fall, as the cost of buying these commodities by investors holding other currencies will become higher.

    In other energy deals on the New York Mercantile Exchange, RBOB gasoline futures for March delivery fell 2.3% to close at $1.426 a gallon; heating oil futures for March delivery fell 0.6% to close at 1.901 per gallon. US dollar; natural gas futures for March delivery fell sharply by 4.2% to close at $2.551 per million British thermal units. According to data provided by Dow Jones Market Data, on a monthly basis, this means that natural gas futures set the lowest closing price since August 11, 2016.

    The US Energy Information Administration announced in a report earlier Thursday that US natural gas inventories fell by 237 billion cubic feet (about 6.7 billion cubic meters) in the week ended Feb. 1, but this decline was lower than analysts had expected. The Standard & Poor's global Platts survey showed that analysts had expected an average of 249 billion cubic feet (about 7.1 billion cubic meters) of natural gas inventories this week.

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