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Crude Oil Prices Edge Lower as Libyan Output Returns; Chinese Demand Eyed

By Geoffrey Smith AiVIF.com -- By Geoffrey Smith AiVIF.com -- Crude oil prices edged lower in relatively quiet trade on Monday, against the backdrop of a U.S. holiday and...
Crude Oil Prices Edge Lower as Libyan Output Returns; Chinese Demand Eyed © Reuters.

By Geoffrey Smith

AiVIF.com --

By Geoffrey Smith

AiVIF.com -- Crude oil prices edged lower in relatively quiet trade on Monday, against the backdrop of a U.S. holiday and data on Friday suggesting that the market has fully priced in a rebound in demand once the current wave of Covid-19 ends in the northern hemisphere.

By 9 AM ET (1400 GMT), the benchmark U.S. crude futures contract was down 0.2% at $83.11 a barrel, while Brent, the global benchmark, was down 0.3% at $85.78 a barrel. 

U.S. gasoline futures were likewise down 0.1% at $2.4158 a gallon.

Both markers are close to seven-year highs after a vigoroury rally in the last couple of weeks which has been driven largely by fears that the world's biggest oil producers are badly placed to raise output to meet demand from a recovering global economy. The Organization of Petroleum Exporting Countries in particular is struggling to deliver on its promises to raise output due to past under-investment and poor management, while U.S. shale companies are also more inclined to concentrate on generating cash flow rather than invest in producing more.

However, there were signs over the last few days that the rally may have exhausted itself in the near term. Positioning data from the U.S. Commodity Futures Trading Commission show that the ratio of bullish long contracts to bearish short ones is now over 6 times, a level that suggests a rebalancing is due. Only a month ago, that multiple was still less than 4 times.

Additionally, at least one of the world's short-term supply problems is easing. Libya, an OPEC member that isn't bound by the current output quota agreement, has now restored its daily production to 1.2 million barrels a day, the National Oil Company said in a statement on Monday. That's an increase of 500,000 b/d from earlier in the month.

Ole Hansen, head of commodity research at Saxo Bank, said via Twitter (NYSE:TWTR) that technical factors look to be turning against Brent in the short term. A renewed failure to break through the three-year high of $86.75 a barrel, which was hit in October and again last week, "could lead to a correction back to $80," Hansen said via Twitter.

Earlier, the market had been left unmoved by figures out of China showing that industrial production had been stronger than expected in December. Attention remains focused for now on China's management of zero-Covid strategy, which faces its sternest challenge yet after the discovery of locally-transmitted Omicron variant Covid in the capital Beijing. China has typically reacted to any sign of new outbreaks with harsh, demand-sapping restrictions on mobility, and failure to control the virus now could have serious implications for the hosting of the Winter Olympics, which begin in Beijing in less than a month.

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27-05-2022 19:26:20 (UTC+7)

EUR/USD

1.0725

0.0001 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (1)

EUR/USD

1.0725

0.0001 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (1)

GBP/USD

1.2631

+0.0037 (+0.29%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (3)

USD/JPY

126.85

-0.29 (-0.23%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (2)

AUD/USD

0.7150

+0.0053 (+0.74%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

USD/CAD

1.2743

-0.0029 (-0.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

EUR/JPY

136.04

-0.29 (-0.22%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

EUR/CHF

1.0244

-0.0044 (-0.43%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Gold Futures

1,856.30

+8.70 (+0.47%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (7)

Silver Futures

22.401

+0.436 (+1.98%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (1)

Copper Futures

4.2820

+0.0230 (+0.54%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (5)

Crude Oil WTI Futures

113.09

-1.00 (-0.88%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (3)

Brent Oil Futures

113.37

-0.80 (-0.70%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (3)

Natural Gas Futures

8.491

-0.404 (-4.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

US Coffee C Futures

225.88

-0.72 (-0.32%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (3)

Sell (5)

Euro Stoxx 50

3,768.45

+28.14 (+0.75%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

S&P 500

4,057.84

+79.11 (+1.99%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

DAX

14,323.43

+92.14 (+0.65%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

FTSE 100

7,578.80

+13.88 (+0.18%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (9)

Hang Seng

20,697.36

+581.16 (+2.89%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

US Small Cap 2000

1,838.24

+39.07 (+2.17%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (5)

IBEX 35

8,903.53

+14.73 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (10)

BASF SE NA O.N.

50.815

+0.025 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (5)

Sell (3)

Bayer AG NA

65.53

-0.37 (-0.56%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (6)

Allianz SE VNA O.N.

198.68

-0.12 (-0.06%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

Adidas AG

178.00

+1.24 (+0.70%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Deutsche Lufthansa AG

6.873

+0.023 (+0.34%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (9)

Siemens AG Class N

120.94

+2.42 (+2.04%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

Deutsche Bank AG

10.354

-0.060 (-0.58%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

 EUR/USD1.0725↑ Buy
 GBP/USD1.2631↑ Buy
 USD/JPY126.85Neutral
 AUD/USD0.7150↑ Buy
 USD/CAD1.2743↑ Sell
 EUR/JPY136.04↑ Buy
 EUR/CHF1.0244↑ Sell
 Gold1,856.30↑ Sell
 Silver22.401↑ Buy
 Copper4.2820Neutral
 Crude Oil WTI113.09Neutral
 Brent Oil113.37Neutral
 Natural Gas8.491↑ Sell
 US Coffee C225.88Neutral
 Euro Stoxx 503,768.45↑ Sell
 S&P 5004,057.84↑ Sell
 DAX14,323.43↑ Sell
 FTSE 1007,578.80↑ Sell
 Hang Seng20,697.36↑ Buy
 Small Cap 20001,838.24Buy
 IBEX 358,903.53↑ Sell
 BASF50.815Neutral
 Bayer65.53↑ Sell
 Allianz198.68↑ Sell
 Adidas178.00↑ Sell
 Lufthansa6.873↑ Sell
 Siemens AG120.94↑ Sell
 Deutsche Bank AG10.354↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,830/ 6,940
(10/ 20) # 1,716
SJC HCM6,855/ 6,955
(25/ 25) # 1,731
SJC Hanoi6,855/ 6,957
(25/ 25) # 1,733
SJC Danang6,855/ 6,957
(25/ 25) # 1,733
SJC Nhatrang6,855/ 6,957
(25/ 25) # 1,733
SJC Cantho6,855/ 6,957
(25/ 25) # 1,733
Cập nhật 27-05-2022 19:26:22
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,859.86+6.940.37%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$113.11-0.3-0.26%
Brent$116.92-1.06-0.91%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.030,0023.340,00
EUR24.263,1125.622,23
GBP28.523,9629.740,84
JPY177,60188,03
KRW15,9119,38
Cập nhật lúc 18:54:46 27/05/2022
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