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SunSirs: China Domestic SC Crude Oil Futures slightly Adjusted on November 27
November 29 2023 09:54:59SunSirs(Selena)

Last Friday, international crude oil saw a significant decline, with the settlement price of the main WTI crude oil futures contract in the United States at $75.54 per barrel, a decrease of $1.56 or 2.0%. The settlement price of Brent crude oil futures main contract was $80.48 per barrel, a decrease of 1.38 US dollars or 1.7%. On Monday (November 27th), domestic crude oil fluctuated slightly, with the settlement price of SC crude oil main contract at $579.5 per ton, a slight increase of 0.2%. On a macro level, global economic data remains weak, and it is highly likely that the Federal Reserve will maintain high interest rates in the medium term, which will put pressure on energy demand. On the supply and demand side, the OPEC+meeting of oil producing countries has been postponed, and the market is generally wait-and-see, waiting for policy guidance to be implemented. In terms of demand, the processing rate of refineries in North America remains low, while demand in Asia is uncertain and there is a trend of accumulating inventory in the market, suppressing the rise of oil prices.

Recently, both macro and supply and demand sides have been bearish, and oil prices will generally be further suppressed. The narrow market adjustment before the OPEC+ conference is the main focus.


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