The oil price in New York broke through $55, and the market was worried about the sky high price of $60.
the oil price in New York broke through $55. The market was worried about the sky high price of $60.
October 26, 2004
due to the pessimistic view of the market on the northern hemisphere winter fuel supply, the December crude oil futures price on the New York Mercantile Exchange rose 70 cents per barrel to $55.17 on October 22. London International Petroleum Exchange December Brent crude oil futures rose 50 cents a barrel to close at US $51.22. Oil price has become the biggest uncertain factor in the future economic boom
worry about winter fuel supply
the main reason for the continued rise in oil prices on that day is that the market is pessimistic about winter fuel supply. The U.S. Department of energy released a report on Wednesday that inventories of refined oil products including heating oil and diesel oil in the United States have declined for five consecutive weeks, resulting in a 10% decrease in the supply of refined oil products from a year ago. At the same time, energy inventories in Europe and Japan are also decreasing. In this case, the market can not help but express concern about fuel supply in winter. However, some analysts believe that the current market fear of fuel supply is somewhat excessive
may rise to $60 a barrel
the market is worried about the surge in heating oil in winter, while the Gulf of Mexico refinery was previously hit hard by the hurricane, whether there is time to increase production and supply is still variable, and the oil price may rise to $60 a barrel in the future. Since mid September, the crude oil futures price in New York market has risen by more than $10 a barrel. In the face of soaring international oil prices, economists have lowered their expectations for global economic growth next year
the New York stock market fell sharply
due to the impact of the closing price of crude oil futures in the New York market breaking through $55 a barrel and the poor earnings of companies such as Microsoft and Coca Cola, the Dow Jones index in the New York stock market fell by nearly 108 points on the 22nd, the lowest closing point since November 24 last year; The Nasdaq composite index fell 2% and lost 38.48 points, This year, kneath said: "We can reduce costs, improve material properties and shorten the delivery cycle. The largest one-day decline since August 6. The US dollar exchange rate in the foreign exchange market is under pressure and declines.
China feels the pain of high oil prices.
this year, China has raised the price of domestic refined oil for many times, which is the most direct way for Chinese consumers to feel the rise in international oil prices. It is estimated that if the current price is maintained until the end of the year, the price of gasoline in 2004 will rise compared with that in 2003 The patent research of Chai not only deepened the cooperation between China and the UK, but also increased the oil price by 12.81%, the largest increase in recent years. At present, China adopts a pricing mechanism that is in line with international standards. The national development and Reform Commission takes the weighted average price of the futures trading markets in Singapore, Rotterdam and New York as the central standard price, and the price of refined oil is adjusted from time to time according to this central standard price. If the average price of these three places rises and falls by more than 8%, the domestic price will also be adjusted accordingly
oil is the main body in the energy consumption structure, and oil price fluctuations will affect various industries to varying degrees. The rise in oil prices will first affect oil production, processing, smelting and other industries that are most directly related to crude oil, and then the pressure will be transferred to downstream chemical fiber, textile and other industries with oil as raw materials
the rise in oil prices has driven the prices of alternative energy to rise, and the production costs of some industries that do not directly use oil will also increase. In short, the rise in the price of oil will lead to an increase in the overall cost of economic operation, and the product price will rise, which will eventually be transmitted to the consumer terminal. The speed of the rise will depend on the distance between it and crude oil
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