The hottest international crude oil continued to f

2022-08-08
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International crude oil continued to fall, domestic fuel fell with the trend

(D1 + D2)> 13:00, size deviation and appearance quality were unqualified. Market focus:

international crude oil continued to fall, domestic fuel fell with the trend

due to the rise of the US dollar against the euro, the increase was the highest level in more than seven years, reducing the attractiveness of the market to hedge inflation risks with crude oil futures, As a result, crude oil futures prices on the New York Mercantile Exchange closed sharply lower on Friday. The closing price of crude oil futures in September on the New York Mercantile Exchange fell $4.82, or 4%, to $115.20 a barrel. The price of September Brent crude oil futures on the London ICE Futures Exchange closed down $4.53 to $113.33 per barrel

international crude oil price trend chart. (source: Southwest futures)

looking back at the market this week, the activity range of crude oil futures price in September on the New York Mercantile Exchange this week vibrated back and forth between yuan. In addition to the fact that the Turkish oil pipeline needs to be closed due to the explosion on Thursday, which causes market participants to be worried about supply, resulting in a slight rebound in international oil prices, the remaining four days are dominated by declines below. Crude oil futures in September on the New York Mercantile Exchange fell 7.9% this week. Compared with the record high of $147.27 per barrel hit on July 11, the crude oil futures price on the New York Mercantile Exchange has fallen by more than $32, or more than 20%. Under normal circumstances, a 20% decline is regarded as the beginning of a bear market. This round of decline in international oil prices is inseparable from the decline in demand caused by the slowdown in global economic growth. According to the American Petroleum Institute, in the first half of the year, U.S. oil consumption fell by 3% compared with the same period last year, and the decline in U.S. gasoline demand reached the largest in 17 years. OPEC once again lowered its global oil demand forecast for 2008, the fourth time this year. The organization of petroleum exporting countries said that oil consumption would slow down in 2009. In addition, the role of oil substitutes, energy conservation and consumption reduction, new energy and other technologies will gradually be brought into play. Therefore, the inhibitory effect on oil demand will become more and more obvious

another reason is the rebound effect of the US dollar. After the Bank of England and the European Central Bank announced that interest rates would remain unchanged, the US dollar exchange rate against the euro quickly reversed its decline and rose sharply. European Central Bank President Trichet said at the press conference that economic growth in the European Union region will weaken further in the second half of the year, and the time of high inflation may be extended. In addition, Trichet's speech about the possible continued slowdown of economic growth in the second half of the year made the market worried that the global economic downturn would lead to a decline in worldwide crude oil demand

affected by the sharp fall in international crude oil, the price of fuel oil paper cargo in Singapore fell by US $5.50 to US $677.25 per ton in August in Asia on Friday, and the reverse price of fuel oil remained stable at US $2.75 in the US aircraft crash in August/September. 0810 fuel oil, the main contract on the Shanghai Stock Exchange, was also affected by it on Friday, closing low at the settlement price of 5120 yuan, down 107 yuan or 2.05% from the previous day. This week, the fuel 0810 contract price has been fluctuating in the range of yuan. In five trading days, except for a slight rise on Thursday, the other four days were low, and the price of this week fell by 2.6% compared with last week. Although domestic fuel oil is a small oil product in the downstream products of crude oil, its price fluctuation trend is similar to that of international oil price. Therefore, in the future, international oil price is still the most important factor affecting domestic fuel oil price. As the current international oil price trend is not obvious when the 1.5 load exceeds 2% and 5% of the maximum value, the US dollar is a sensitive range of crude oil price. In addition, it is not recommended to continue to catch up with domestic fuel under the condition of serious international and domestic fuel inversion

note: the contents of this transfer to Jinan new era Gold Testing Instrument Co., Ltd., a large laboratory machine manufacturer in Jinan, are all marked with the source. The purpose of the transfer is to convey more information, which does not mean to agree with its views or confirm the authenticity of its contents

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