Latest price of SC crude oil (5-8): 507.8 RMB/barrel, bullish in the future
Analysis point: International crude oil futures rose strongly last Friday. The settlement price of the main contract for WTI crude oil futures in the United States was $71.34 per barrel, an increase of $2.78 or 4.1%. The settlement price of the Brent crude oil futures main contract was $75.30 per barrel, an increase of $2.80 or 3.9%. On Monday, the domestic crude oil market rose with the settlement of the main contract for SC crude oil reaching 507.8 RMB/barrel, an increase of 3.80%. After the release of macro bearish sentiment, on the one hand, there is a demand for technical recovery in oil prices. More importantly, the positive US employment data has eased market concerns about the economy falling into recession, and investors also generally believe that the Federal Reserve will suspend interest rate hikes in June. The oil market has received a boost.
Future forecast: There will still be macro pressure on the oil market in the near future, but the supply and demand side will support the recovery of oil prices from previous losses. One example is that the North American driving season is approaching, and the demand for refined oil products is rising, combined with the expected growth momentum of Chinese demand remains unchanged; Furthermore, the current refinery maintenance season will lead to a decrease in finished oil storage, and the supply-demand contradiction will maintain a strong trend in oil prices.