Institution: The price difference between the internal and external plates of crude oil will continue to run at a high level in the short term

Oil prices rebounded on Wednesday (August 17), with the WTI September contract closing up $1.
58 to $88.
11 a barrel, or 1.
83%.

The Brent October contract closed up $1.
31, or 1.
42%,
at $93.
65 a barrel.
SC2210 closed at 670.
5 yuan / barrel, up 8.
1 yuan / barrel, or 1.
22%.

EIA inventories depleted more than expected, with the actual announcement of a decrease of 7.
056 million barrels in EIA crude oil inventories in the week ended August 12, in addition, EIA gasoline inventories actually decreased by 4.
642 million barrels in the week, and EIA refined oil inventories actually increased by 766,000 barrels
in the week.

The EIA report showed that U.
S.
crude oil exports rose by 2.
890 million b/d to 5.
000 million b/d last week, a record high
.
U.
S.
SPR inventories fell by 3.
402 million barrels, or 0.
73 percent
, to 461.
2 million barrels last week.
U.
S.
domestic crude oil production fell by 100,000 barrels last week to 12.
10 million b/d
.
The four-week average supply of U.
S.
crude oil products was 20.
155 million b/d, down 3.
18%
from a year earlier.
There is still uncertainty about the progress of the U.
S.
-Iran negotiations, and a U.
S.
State Department spokesman said Iran has been making demands unrelated to the resumption of the 2015 JCPOA, including the lifting of its economic sanctions
.
There is no room for negotiation of such demands, and Iran needs to change its basic behavior
if it wants to lift sanctions.
He also pointed out that the United States agrees with the basic view of the European Union that "everything that can be negotiated in the Iran nuclear deal negotiations has been negotiated.
"
The short-term Iran issue is again over-traded
.
From the perspective of the market, the SC main contract to the October contract, due to the 9-10 spread has widened sharply, showing convergence after the main month change, while the internal and external price difference will continue to run at a high level in the short term, and the return drive has not yet been seen
.