July 19 SC crude oil daily review of China’s domestic ine Market

Commodity: SC crude oil

ferric sulfate (Poly ferric sulphate)

Price: 427.9 yuan / ton

Analysis: on Monday, crude oil fell significantly in the internal market, with main contract 08 closing at 427.9 yuan / ton, down 2.42%. Overnight crude oil remained weak, hovering at a low level. Main reasons: at the macro level, the US Federal Reserve is wavering under high inflation, and the US CPI rose more than expected in June. The market is generally worried about the tightening of monetary policy caused by high inflation pressure. At the same time, the organization of Petroleum Exporting Countries and its allies (OPEC +) have implemented policies and reached an agreement on increasing production. The market expects that supply will increase. Under the severe trend of multi-national epidemic situation, the implementation of blockade measures to suppress fuel demand, etc.

Forecast: the business community believes that the recent crude oil market will be affected by the news, which will aggravate the shock. In the medium term, the epidemic has repeatedly reduced the demand for crude oil, and the future supply is not optimistic. Shale oil in the United States and OPEC oil producing countries are increasing production. With the passage of the North American driving season, there may be downward risks in oil prices, so it is recommended to wait and see carefully.


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