News summary
Crude oil closed down slightly overnightcrashbandicoot52022, WTI Newspaper 80crashbandicoot5202206 US dollars/barrel, Brent quoted US$83.71 per barrel. The Federal Reserve's interest rate cut expectations remain neutral, and the IEA and EIA have lowered their oil demand growth forecasts in 2024. The OPEC+ production reduction policy is about to expire, and the market is concerned about the positions of Saudi Arabia and other oil-producing countries. Fuel oil fluctuates with crude oil, and the price difference between high and low sulfur may widen.
Newsletter text
[The crude oil market is slightly turbulent, and the balance between supply and demand is facing a test]
[The overnight crude oil market showed a slight decline, and the main contract of the intra-market SC rose against the trend.] Overnight crude oil prices showed slight fluctuations in the market, but the main contract of domestic crude oil futures rose against the trend and closed up 0.96%.
[WTI and Brent both fell on the external market, and the market is cautious about the Federal Reserve's interest rate cut.] The international crude oil market also showed a downward trend, with WTI and Brent crude oil futures prices falling respectively. At the same time, Fed officials remained cautious about discussions of interest rate cuts, and market expectations for interest rate cuts were suppressed.
[Both the IEA and EIA lowered their forecasts for oil demand growth in 2024, and the supply side is significantly affected by OPEC+] Both the IEA and EIA have lowered their forecasts for oil demand growth in 2024, disagreeing with OPEC's position on the demand outlook. The EIA particularly emphasized that the OPEC+ production reduction policy is a key constraint on the current global oil supply, paying particular attention to the policy trends of core oil producing countries such as Saudi Arabia and Russia.
[Kazakhstan's news about increasing production has been clarified. The approaching OPEC+ meeting will trigger market fluctuations] The news about Kazakhstan's application for increasing production has been clarified as false, and as the OPEC+ meeting approaches, it is expected to lead to further discussions on production reduction policies and short-term fluctuations in oil prices.
[The fuel oil market follows the fluctuations of crude oil prices, and the price difference between high and low sulfur may widen]
[Fuel oil prices are affected by the crude oil market, and the price difference between high and low sulfur fuel oils may widen] The fuel oil market is affected by fluctuations in crude oil prices, and the price gap between high and low sulfur fuel oils is expected to widen in the short term.
[The supply of high-sulfur fuel oil is gradually recovering, and the low-sulfur fuel oil market is fully supplied] With the resumption of production of Russian refineries, the supply of high-sulfur fuel oil is expected to continue to increase, while the low-sulfur fuel oil market remains sufficient due to KPC's bidding. supply.
