-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
- Cosmetic Ingredient
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
Last night (December 29), oil prices fell first and then rose, and finally recovered most of the decline to maintain weak shocks
.
In the short term, our bullish view remains unchanged
.
And under the pattern of low inventory and low supply, the two oil products have the opportunity to rise to $90 per barrel
before the Chinese Lunar New Year.
Last night's EIA crude oil inventory data slightly increased more than expected, but gasoline inventory data fell sharply, confirming that the impact of extremely cold weather on North American refineries is greater than the impact on crude oil production, and should not be over-interpreted
.
We have pointed out in various reports at the end of the third quarter that the gradual slowdown in interest rate hikes will drive the market trading perspective back to supply and demand
in the fourth quarter.
In this case, the crude oil market, which is still on the tight side, will find it difficult to trend down
until demand continues to contract sharply.
After the negative release of stagnant demand in the Asia-Pacific region in the middle and early part of the fourth quarter, the reopening of potential replenishment demand such as Asia-Pacific and US SPR repurchase means the end
of the above-mentioned phased bearishness.
From the seasonal perspective of downstream oil products, the delivery demand for gasoline and diesel will also slowly recover in the next half year, and EIA gasoline meter demand has also increased
sharply this week.
In addition, considering that Russian oil nominal exports have fallen significantly since December, further tightening of supply is at least below oil prices to support, unless unexpected systemic risks
arise.
In terms of market risk appetite, considering that the slowdown in the Fed's interest rate hike is the general trend, we believe that because the impact of changes in market risk appetite on oil prices will continue to weaken in the future, the market will continue to focus on easy supply and demand
.
