Hawkinsight Crude Oil Market Daily (1.3) ｜ Geo-conflict expectations weaken International oil prices continue to be under pressure
International oil prices remain narrowly volatile during the day as trading remains quiet。
January 3 (Wednesday) Asian morning market, as trading remains cold, international oil prices in the day to maintain a narrow range of shocks。
Market Review
On Tuesday, January 2, oil prices closed lower in the first trading day of 2024 due to the weakening of geopolitical conflict expectations。Brent crude settled at 75 per barrel.$89, down 1.$15 or 1.5%; WTI crude settled at 70 per barrel.$38, down 1.$27 or 1.8%。In addition, the dollar's strength on Tuesday, coupled with a heavy setback in U.S. stocks, also further weighed on lower crude oil prices.。
As of press time, WTI's main crude oil futures prices fell 0 today.03% at 70.$36 / bbl; Brent main crude futures up 0 today.05% at 75.93 USD / barrel。
important news
Analysts believe Iranian warships are unlikely to engage U.S. warships: Andrew Lipow, president of Lipow Oil Associates, said: "With no supply disruptions, the market is correcting itself, and they believe Iranian warships are unlikely to engage U.S. warships.。Lipow added: "It is clear that the oil market would have gone higher if the shots had been fired.。"
L foreign media predict that the average price of oil distribution in 2024 will be 82.$56 / bbl: According to a foreign media survey of economists and analysts, the average price of Brent crude oil this year is 82 per barrel..$56, slightly above the 2023 average price of 82.$17, while weak global growth is expected to dampen demand。Geopolitical tensions could support oil prices。
OPEC + plans to meet: OPEC + plans to convene a Joint Ministerial Monitoring Committee (JMMC) meeting in early February, but the exact date has not yet been set。
l China's manufacturing sector shrank for the third consecutive month, as investors bet on government stimulus measures: December 31, the National Bureau of Statistics released data, December, the manufacturing purchasing managers' index (PMI) was 49.0%, down 0 from the previous month.4 percentage points, the manufacturing boom level has fallen。As a result, investor expectations of new stimulus measures from the Chinese government have risen。
Technical analysis
Rémy GAUSSENS, director of research at TRADING CENTRAL, said that on the 30-minute line, U.S. crude oil (WTI) - futures (G4) - are expected to fall restrictively during the day, with technical analysis for as long as there is still 71.25 resistance level, likely to fall to 69.55。
Trading Strategy: At 71.25 Below, Bearish, Target Price 69.55, then 69.00; alternative strategies: at 71.25 above, bullish, target price set at 71.70, then 72.20。Support level: 69.55, 69.00; resistance level: 71.70, 72.20。
This week's important schedule
Tuesday, January 2
04: 00 Eurozone December Manufacturing PMI Final Value
04: 30 UK December Manufacturing PMI
09: 45 US December Markit Manufacturing PMI Final Value
10: 00 Monthly Rate of US Construction Expenditure in November
Wednesday, January 3
10: 00 US December ISM Manufacturing PMI
10: 00 US November JOLTs Job Vacancies
16: 30 US API Crude Oil Inventory for Week to December 29
20: 45 China's December Caixin Services PMI.
Thursday 4th January
04: 00 Eurozone December Services PMI Final Value
04: 30 UK November Central Bank Mortgage Permit.
04: 30 UK December Services PMI
07: 30 U.S. December Challenger Corporate Layoffs
08: 15 U.S. ADP Employment in December
08: 30 U.S. to December 30 Initial jobless claims for the week
09: 45 US December Markit Services PMI Final Value
11: 00 US to December 29 week EIA crude oil inventories
11: 00 U.S. to December 29 Week EIA Oklahoma Cushing Crude Oil Inventories
11: 00 U.S. to December 29 Week EIA Strategic Petroleum Reserve Inventory
Friday, January 5
05: 00 Eurozone December CPI Initial Annual Rate
05: 00 Eurozone December CPI Monthly Rate
05: 00 Eurozone November PPI Monthly Rate
08: 30 U.S. Unemployment Rate in December
08: 30 US non-farm payrolls after December quarter adjustment
10: 00 US December ISM Non-Manufacturing PMI
10: 00 U.S. November Factory Orders Monthly Rate
13: 00 Total number of oil rigs for the week from the United States to January 5
* * The above schedule is US Eastern Time (UTC-05: 00) * *
·Original
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