SunSirs: China Domestic SC Crude Oil Futures had a Significant Increase on June 2nd

https://www.chemnet.com   Jun 05,2023 SunSirs

Closing price: 518.3 RMB/barrel

Analysis: Overnight crude oil futures saw a significant increase. US WTI crude oil futures surged 3%. On Friday, the domestic crude oil market followed suit, with the main contract for SC crude oil closing at 518.3 RMB/barrel, up 3.47%. Due to macro positive factors, the US House of Representatives passed a temporary suspension of the US government debt ceiling bill on Thursday, leading to a rebound in market risk appetite; In addition, the market is waiting for guidance from the upcoming meeting results of OPEC, an oil producing country. The oil market bottomed out and rebounded in the short term.

Prediction: Macro risks have not been lifted in the short term, and there are still some variables in the future of the oil market. However, the arrival of the US driving season will increase gasoline demand, and the expected good transfer on the demand side will cause strong volatility in the oil market.

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