SunSirs: On May 24th, the Domestic SC Crude Oil Futures Market Rose

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

　　Price: 523.6 RMB/barrel

　　Analysis review

　　Overnight crude oil futures rose significantly. The settlement price of the main contract for 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 Brent crude oil futures main contract was 76.84 US dollars per barrel, an increase of 0.85 US dollars or 1.1%. On Tuesday, the domestic crude oil market rose with the settlement of the main contract for SC crude oil at 523.6 RMB/barrel, an increase of 1.65%. The performance of gasoline consumption in the United States was strong. Combined with the continued interruption of exports from the Kurdish region of Iraq and the positive support of tight supply from oil producing countries such as OEPC+, oil prices had been boosted.

　　Market outlook

　　The debt problem of the United States remains unresolved. Recently, the oil market still has pressure from the macro side, but the supply and demand side is relatively good. First, the North American driving season is coming, and the demand for refined oil products is rising. Second, OPEC+ production is expected to tighten. It is expected that oil prices will likely consolidate to rise and recover lost land.

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