PTT reveals the trend of crude oil prices 11-15 July


July 11, 2022 – 18:46

PTT reveals the trend of crude oil prices this week, indicating investors are worried about the recession. While the market expects the Fed to raise the policy rate another 0.75% in the 25-26 July meeting, 65

PTT Public Company Limited reports the oil market situation for the week of 4-8 July 65 and the trend 11-15 July 65 that the price of crude oil ICE Brent and NYMEX WTI closed up more than 2% after the market. US workers has increased employment reflecting that the economy may not be a recession as previously worried

by the US Department of Labor Nonfarm payrolls reported in June 65, up 372,000 from the previous month. increased more than analysts expected while the unemployment rate (Unemployment Rate) remained stable at 3.6% for the fourth month in a row and the lowest since Feb. 63, however, employment increased. reflecting the recovery of economic activity in the country And markets expect the US Federal Reserve (Fed) to raise its policy interest rate by 0.75% at its meeting on 25-26 July 65 from the current level of 1.5% – 1.75%.

However, the situation of the COVID-19 epidemic in China has not been resolved. Pressure on domestic oil demand. On July 10, 65, Chinese authorities reported a case of COVID-19, Omicron BA.5.2.1, in Shanghai, the vice chairman of the Shanghai Health Commission. Zhao Dandan warned that the city of Shanghai is at high risk of spreading more widely.

and may hinder the control of the spread according to the policy of Zero-Covid-19 infected people (Zero-COVID), therefore announced that COVID-19 testing is available to the public on 12-14 July 65 in order to As of July 9, 65, the National Health Commission reported 61 new cases of COVID-19 in Shanghai, nine of whom were symptomatic and not. 52 showed symptoms, an increase of 59 from the previous day, of which 11 were symptomatic and 48 were asymptomatic.

Positive factors affecting crude oil prices

Kazakhstan President Kassym-Jomart Tokayev has announced plans to replace crude oil through the Caspian Pipeline Consortium (CPC) if shipments are to be halted following a Russian court order to suspend operations for 30 days due to oil detections. However, on July 7, 65, Kazakhstan’s Energy Minister Bolat Akchulakov announced that the crude oil transfer through the CPC pipeline was at a normal level of 1.2 million barrels per barrel. day (Kazakhstan crude oil production in Mar. 65 was about 1.55 million barrels per day.)

– Germany’s Federal Office for Economic Affairs and Export Control (BAFA) reported that crude oil imports in the period Jan.-Apr. 65 increased 14.6% from the previous year. to 208.91 million barrels (1.74 million barrels per day).

Factors affecting crude oil price negatively

Investors are worried about a recession, or the country’s second-quarter decline in GDP, with the Bloomberg Poll projecting a 38% chance the United States will face a recession. economic recession within the next 12 months Markets expect the US Federal Reserve (Fed) to raise its policy interest rate by 0.75% at its meeting on 25-26 July 20 from the current level of 1.5% – 1.75%.

– EIA reports US commercial crude reserves The week ending July 1, 20, was up 8.2 million barrels from the previous week to 423.8 million barrels, the highest in two months.

– China’s National Bureau of Statistics reports the Consumer Price Index (CPI), which indicates inflation in June 65 was +2.5% from the previous year. The highest since July 63 due to the increase in pork prices.

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