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Market Daily Info

  1. Market review: WT crude oil fell sharply in the short-term before the U.S. market, hitting a minimum of US$105.09/barrel, then quickly rebounded, recovering all the losses in the day, and finally closed up 2.32% at US$111.63/barrel; Brent crude oil closed up 1.93% , at $111.33 per barrel.
  2. The U.S. House of Representatives passed a bill on Thursday to ban (oil companies) from selling gasoline at “excessive” prices, but the bill is not expected to gain Republican support in the Senate.
  3. U.S. President Joe Biden and Saudi Crown Prince bin Salman could meet for the first time as early as next month, according to CNN. The White House responded that it could not confirm. U.S. National Security Adviser Sullivan said he discussed oil production with Saudi Arabia’s deputy defense minister.
  4. Russian Deputy Prime Minister Novak said that about half of Gazprom’s 54 gas buyers opened accounts with Gazprom to pay for supplies in rubles. The final list of payments and refusals to pay for Russian gas under the new rules will be released in May.
  5. A report recently released by the Russian Ministry of Economic Development shows that in 2022, Russia’s oil production is expected to drop by 9.3% to 475.3 million tons compared with the previous year; natural gas production will drop by 5.6% to 720.9 billion cubic meters.
  6. The E1A natural gas report shows that as of the week of May 13, the total U.S. natural gas inventory was 1,732 billion cubic feet, an increase of 89 billion cubic feet from the previous week, a year-on-year decrease of 17.1%, and a decrease of 310 billion cubic feet from the five-year average. , a decrease of 15.2%.
  7. On the 19th local time, Italian Prime Minister Draghi said in a Senate report on the situation in Russia and Ukraine that the country is expected to get rid of its dependence on Russian natural gas in the second half of 2024, and the initial effect will be seen as early as the end of this year.
  8. Qatar Petroleum sold July Shaheen crude at a premium of US$5.8-6.4 per barrel to the average price in Oman and Dubai, the highest price in two months, sources said. According to market news, the Dubai Financial Market will start trading Oman oil futures on June 1.
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