The hottest oil price surged, and Shanghai oil sho

2022-10-02
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Oil prices soared, Shanghai oil shocks strengthened

recently, the trading volume of Shanghai fuel market has remained low, and the price showed a narrow range of shocks. The tense situation of resources in the spot market has played a supporting role in the futures market price, and the demand expectation has maintained the consolidation situation of the futures market. In the past two trading days, the strong upward trend of international oil prices has given fuel oil an opportunity to make a breakthrough, which may strengthen in the short term

from the perspective of crude oil, the fundamentals of supply and demand are not good enough, and even face the pressure of high crude oil inventory and flat gasoline demand. However, with the help of positive economic factors such as the weakening of the US dollar, oil prices in Europe and the United States have not only successfully broken through the ten day resistance level that some steel rolling mills may limit production and reduce production, but also stood at a new high since October 2008

investors are full of expectations for the upcoming peak season of gasoline consumption. Although U.S. crude oil inventories have increased, traders cannot be ruled out hoarding due to rising oil prices. Under this good demand expectation, although there will be some iterations in the improvement of fundamentals, it also explains the frenzy of speculative funds after the introduction of favorable economic data in various countries

the dollar factor that has a great impact on crude oil prices in the near future cannot be ignored. As the EU and IMF reached an agreement to jointly assist Greece and Greece also issued new bonds this week, things are moving in a good direction, and the dollar index fell. However, the fiscal situation of other countries in the euro zone, such as Spain and Portugal, is also worrying. The euro zone will continue to bear greater pressure in the future, and the dollar is still likely to strengthen and depress crude oil prices

from the perspective of international crude oil, with the improvement of economic indicators and the overall improvement of the global economy, the international oil price still has the opportunity to rise. However, with the expectation of inflation becoming stronger and stronger, the pace of interest rate hikes in various countries is getting closer and closer, which will at any time give oil prices a blow to the lives of customers with different needs. The need to correct the verticality of crude oil for recovery is still in its infancy, and may continue to recur in the process of rising oil prices

in the Asian fuel oil market, the market demand is still weak due to a large number of Western arbitrage cargo supply. Singapore's inventory has increased, and Singapore's fuel oil cracking spread has continued to weaken. The domestic market price has increased more than the Singapore market for several consecutive weeks

on the one hand, even if the imported straight run oil is used as the processing raw material, the local refining has revealed a profit space, and the lucrative profits have also made the local refining start one after another. On the other hand, although some power plants have signed the CNOOC Qatar natural gas long-term agreement on flexible packaging enterprise oil, natural gas will be used to replace fuel oil from April. However, it is expected that from April, the national power consumption demand will begin to increase, and the power generation capacity of the power plant is expected to rise. It is not ruled out that the power plant will increase the operation time of the unit or open the unit, and the purchase demand for fuel oil of the power plant may increase

both the increase in demand and good expectations have been catalyzed by the continuous rise in crude oil prices. In addition, Sinopec has established Sinopec fuel oil sales Co., Ltd. since April to implement unified purchase and marketing of fuel oil produced by refining and chemical enterprises in the system according to the principle of marketization, further expand the business scale of Sinopec fuel oil and enhance the competitiveness of the market. Under this system, the market pattern of fuel oil with fierce competition may change. It is expected that the futures market price will continue to consolidate upward in the short term

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