SunSirs: China's Domestic SC Crude Oil Futures Rebounded on October 27
October 28 2022 14:17:23 SunSirs (Selena)
Price: 678.9 RMB/barrel
Analysis: overnight international oil prices jumped 3% on Wednesday. Affected by this, SC crude oil jumped out of the stalemate for several consecutive days on October 27, and the market's bullish enthusiasm quickly rebounded. On October 27, the main contract of SC crude oil rose 1.83% to close at 678.9 RMB/barrel. Macroscopically, the US dollar has declined, and the pressure on US dollar denominated commodities has eased; In addition, the weak economic data strengthened the view that the Federal Reserve would slow down the pace of interest rate increase, and the oil market received some support. On the supply and demand side, the US oil export reached a record high, which was beneficial to the higher operating rate of US refineries.
Forecast: In the short term, the macro and supply and demand sides are favorable for the oil market, and the oil price is short-term or strong. However, the European embargo on crude oil and product oil from Russia is coming into effect soon. The oil market is uncertain due to the disturbance of such factors as geopolitics. In the medium and long term, the bad news on the demand side will continue to suppress oil prices. The increased risk of the global economy entering recession will make the oil market continue to maintain a volatile trend. The short-term rebound cannot change the long-term trend.
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