SunSirs: China Domestic SC Crude Oil Futures Rose on April 24
April 25 2024 14:40:43 SunSirs (Selena)
Settlement price: 641.7 RMB/barrel (April 24th)
Analysis: On Tuesday, international crude oil surged overnight. The settlement price of the main WTI crude oil futures contract in the United States was $83.36 per barrel, up $1.46 or 1.8%. The settlement price of the Brent crude oil futures main contract was $88.42 per barrel, an increase of $1.42 or 1.6%. On Wednesday, April 24th, the domestic crude oil market rose with the settlement of the main contract for SC crude oil at 641.7 RMB/barrel, an increase of 0.74%. On a macro level, the US PMI data was lower than expected, and the US dollar weakened, providing support for interest rate cuts. On the supply side, OPEC, the oil producing country, has maintained a scale of production reduction, and combined with data from the American Petroleum Institute, crude oil inventories have unexpectedly decreased. On the demand side, there are still seasonal peak season expectations for gasoline consumption in the United States.
Prediction: In the short term, oil prices will continue to operate at high levels, mainly due to unresolved supply side risks and difficulties in cooling geopolitical conflicts. Moreover, the arrival of the peak driving season in the United States will stimulate gasoline demand. Both supply and demand will provide strong support for oil prices.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
- 2024-04-26 SunSirs: Oil Exports from Ports in Western Russia are Expected to Decrease by 1 Million Tons Month on Month in May
- 2024-04-26 SunSirs: Daily Report of China Commodity Data (April 26, 2024)
- 2024-04-19 SunSirs: US Crude Oil Inventories have Surged, Reducing Conflict Risks and Causing Crude Oil to Plummet by Over 3%
- 2024-04-11 SunSirs: US Energy Information Agency: US Crude Oil Inventories Increased beyond Expectations Last Week
- 2024-04-11 SunSirs: China Domestic SC Crude Oil Futures Closed Lower on April 10
