SunSirs: Demand for Refined Oil Products has Risen Recently

https://www.chemnet.com   May 25,2023 SunSirs

　　The latest price of SC crude oil (May 24): 523.6 RMB/barrel, the market outlook is bullish.

　　Analysis points: Overnight crude oil futures rose significantly. The settlement price of the main contract of WTI crude oil futures in the United States was 72.91 US dollars per barrel, an increase of 0.86 US dollars or 1.2%. The settlement price of the main contract of Brent crude oil futures was 76.84 US dollars per barrel, an increase of 0.85 US dollars or 1.1%. On Tuesday, the domestic crude oil market followed suit, and the main SC crude oil contract settled at 523.6 RMB/barrel, an increase of 1.65%. U.S. gasoline consumption is booming. Superimposed on the continued suspension of exports from the Kurdish region of Iraq and the positive support of oil-producing countries OEPC+ to tighten supply, oil prices have been boosted.

　　Market outlook forecast: The U.S. debt problem remains unresolved. The oil market is still under macro pressure in the near future, but the supply and demand side is relatively positive. First, the North American driving season is approaching, and the demand for refined oil is rising. In addition, OPEC+ production tightens expectations. It will consolidate upward and regain lost ground.

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