Crude oil bulls have t...
1970-01-01 08:00Source:
All along, the world's largest crude oil importer, China's demand is one of the key factors supporting oil prices. But now, China's strategic oil reserve is almost full, this oil bulls should be vigilant.
JP Morgan analysts said in a research report June 29 in said oil prices since the previous year, China doubled to buy oil, there is now China may be close to fill its strategic oil reserves. JP Morgan believes that the strategic petroleum reserve to stop oil imports may erase about 15% of Chinese imports.
"Since the beginning of 2015, China has used the low oil prices of the machine to accelerate the establishment of strategic oil reserves." JP Morgan analyst Ying Wang said in the report, "We believe that China's oil purchases may be close to capacity limits strategic oil reserves plus "teapot" refinery utilization may fall as well as lower than expected demand from China, the global oil prices might rise in the short-term risk. "
The figure comes from Bloomberg:
Zhong Fuliang, vice president of China International United Petroleum & Chemical Company said that this year China could overtake the US as the world's largest importer of crude oil. In February, China's oil imports have surged to a record 804 million barrels / day.
Customs data show that in 2015, China's crude oil imports was 335.5 million tons, net imports reached 332.63 million tons. China's crude oil imports increased by 1 compared with 10 years ago, more than doubled, and has surpassed the US as the world's largest oil importer. China's oil market on international oil prices has an important influence.
People's Daily Overseas Edition reported that, in the face of inadequate reserves, China is accelerating to increase oil reserves. 12.43 million tons of crude oil reserves compared to published in 2014, the size of reserves of crude oil in mid-2015 increased by approximately 110% of the oil reserve base built from four to eight.
This year, crude oil prices in February from twelve lows of 86%. Around 20:10 this evening, the US oil fell to $ 49 mark. Now, WTI crude oil extended losses to 2.27%, at $ 48.75 / bbl.
Bloomberg (Bloomberg View) columnist Gary Shilling believes that despite the recent rebound in crude oil prices to $ 50 / barrel in the vicinity, but the price level can not be sustained, the future price of oil will fall to $ 10-20 / bbl.
Gary Shilling said the recent rebound in oil prices and fundamentals had nothing. Oil prices was mainly due to wildfires in Canada, as well as due to the political unrest leading to production cuts in Nigeria and Venezuela. But now the world's crude oil is still a serious surplus.
(Source: Wall Street knowledge)
JP Morgan analysts said in a research report June 29 in said oil prices since the previous year, China doubled to buy oil, there is now China may be close to fill its strategic oil reserves. JP Morgan believes that the strategic petroleum reserve to stop oil imports may erase about 15% of Chinese imports.
"Since the beginning of 2015, China has used the low oil prices of the machine to accelerate the establishment of strategic oil reserves." JP Morgan analyst Ying Wang said in the report, "We believe that China's oil purchases may be close to capacity limits strategic oil reserves plus "teapot" refinery utilization may fall as well as lower than expected demand from China, the global oil prices might rise in the short-term risk. "
The figure comes from Bloomberg:
Zhong Fuliang, vice president of China International United Petroleum & Chemical Company said that this year China could overtake the US as the world's largest importer of crude oil. In February, China's oil imports have surged to a record 804 million barrels / day.
Customs data show that in 2015, China's crude oil imports was 335.5 million tons, net imports reached 332.63 million tons. China's crude oil imports increased by 1 compared with 10 years ago, more than doubled, and has surpassed the US as the world's largest oil importer. China's oil market on international oil prices has an important influence.
People's Daily Overseas Edition reported that, in the face of inadequate reserves, China is accelerating to increase oil reserves. 12.43 million tons of crude oil reserves compared to published in 2014, the size of reserves of crude oil in mid-2015 increased by approximately 110% of the oil reserve base built from four to eight.
This year, crude oil prices in February from twelve lows of 86%. Around 20:10 this evening, the US oil fell to $ 49 mark. Now, WTI crude oil extended losses to 2.27%, at $ 48.75 / bbl.
Bloomberg (Bloomberg View) columnist Gary Shilling believes that despite the recent rebound in crude oil prices to $ 50 / barrel in the vicinity, but the price level can not be sustained, the future price of oil will fall to $ 10-20 / bbl.
Gary Shilling said the recent rebound in oil prices and fundamentals had nothing. Oil prices was mainly due to wildfires in Canada, as well as due to the political unrest leading to production cuts in Nigeria and Venezuela. But now the world's crude oil is still a serious surplus.
(Source: Wall Street knowledge)
