worldcupqualifiersphilippines| Oil Market Information on May 17, 2024

Source: oil chemical trade

Us crude oil stocks fell for the second week in a rowWorldcupqualifiersphilippinesThe key to the United StatesWorldcupqualifiersphilippinesThe inflation data have eased, raising the prospect of the Fed cutting interest rates this year, which will help boost the economy and energy demand, and international oil prices continue to rise.

As of May 16, WTI rose 0% in June 2024.Worldcupqualifiersphilippines.60 to 79Worldcupqualifiersphilippines.23 US dollars per barrel, up 0.76%; July 2024 Brent crude oil rose 0.52 US dollars per barrel, or 0.63%, to 83.27 US dollars per barrel. Chinese crude oil futures SC 2407 closed down 5.50 yuan per barrel to 605.5 yuan per barrel.

June 24-degree refined palm oil is 890-900 US dollars / ton, which is 5 US dollars / ton lower than before; 44-degree industrial palm oil in June shipping date refers to 915-925 US dollars / ton.

Daily current affairs

MPOB: Malaysia's export tax on crude palm oil remained at 8% in June 2024, but reduced the reference price in June 2024 to 3956.06 ringgit / ton from 4273.93 ringgit / ton in May 2024.

SPPOMA: from May 1 to 15, 2024, the per unit yield of Malaysian palm oil increased by 58.61%, the oil yield decreased by 0.27%, and the output increased by 56.35%.

SGS: Malaysia exported 426947 tons of palm oil from May 1 to 15, down 25.13 percent from 570222 tons in the same period last month.

USDA export sales report: in the week ended May 9, soybean export sales in the United States increased by 265700 tons in the current year, down 38% from the previous week and 31% from the previous four-week average. The market estimates a net increase of 30-550000 tons, which is lower than market expectations. Of this total, net export sales to Chinese mainland increased by-600 tons. In that week, U. S. soybean export sales increased by 25200 tons in the next year. The market estimates a net increase of 0-100000 tons. That week, U. S. soybean exports shipped 443500 tons. An increase of 46% over the previous week and 21% over the previous four-week average. Of this total, in the week when 83500 tons of Chinese mainland exports were shipped, new soybean sales in the United States in the current market year and in the next market year were 275400 tons and 35200 tons respectively.

USDA export sales report: in the week ended May 9, annual soybean meal export sales in the US market increased by 300400 tons, up 44 per cent from the previous week and 55 per cent from the previous four-week average. The market is expected to have a net increase of 10-500000 tons, in line with market expectations. In that week, U. S. soybean meal export sales increased by 31100 tons in the next year. The market estimates a net increase of 0-75000 tons. That week, U. S. soybean meal exports shipped 211200 tons. It was 10% lower than the previous week and 21% lower than the previous four-week average. That week, 327100 tons of new soybean meal were sold in the current market in the United States, and 31100 tons in the next market.

USDA export sales report: in the week ended May 9, soybean oil export sales in the US market increased by 9100 tons in the current year, down 21 per cent from the previous week and 4 per cent from the previous four-week average. The market is expected to have a net increase of 0-12000 tons, in line with market expectations. In that week, U. S. soybean oil export sales increased by 1000 tons in the next year. The market estimates a net increase of 0-10, 000 tons. That week, the United States shipped 1500 tons of soybean oil. It was 17 per cent lower than the previous week and 30 per cent lower than the previous four-week average, with new soybean oil sales of 10300 tons in the current US market year and 1000 tons in the next market year.

The Stock Exchange: Argentina's soybean production forecast for 2023 August 24 was lowered to 50.5 million tons, citing hot and dry weather in the north in March, compared with the exchange's previous forecast of 51 million tons.

On May 16, 23100 tons of soybean oil and 100 tons of palm oil were traded. The total turnover decreased by 34900 tons, or 60.06 percent, compared with the previous trading day.