In the external market, U.S. crude oil opened at $88.09 per barrel, down 0.16% so far, with the highest price at $88.15 and the lowest price at $86.63; Brent crude oil opened at $94.31 per barrel, down 0.27% so far, the highest price The price was quoted at $94.35 and the lowest price was reported at $92.74.
Market news and figures
Recently, the international oil price has rebounded. With the gradual end of the maintenance season, the release of new production capacity and the supply of low-priced imported goods, the supply side will be concentrated in the port in the future. The supply pressure of polyolefin will still not be small in the future. The demand side will follow the traditional peak season. The start of construction and order volume have rebounded significantly, the market mentality has improved, and the trading has gradually become active. Under the current situation that the chemical products are still at a low valuation, there is room for price repair, but overall, the future supply and demand of polyolefins The room for improvement is still limited. Therefore, the extent of future price rebound depends on changes in the supply side and the follow-up of downstream demand.
Institutional view
Daotong Futures: International oil prices fluctuated and weakened. Powell said the Fed will continue to take measures to fight inflation. At present, oil prices are still high, and oil-producing countries are lucrative. OPEC+ decided to reduce production in October by 100,000 barrels per day. At the same time, it expressed its willingness to hold an interim meeting at any time before the October meeting to adjust production to stabilize oil prices. At present, the market’s expectations for an economic recession have not been dispelled, and leading indicators such as the economic sentiment index and employment expectations index are showing a downward trend. There is still great uncertainty on the supply side, and Iran still has 1 million to 1.6 million barrels of remaining production capacity. The operation idea is mainly based on high volatility and weak, pay attention to take profit and stop loss.
Zhongcai Futures:
Negotiations on the Iranian nuclear issue are faltering, the recovery of the US capital market and wage growth and other factors pushed up international crude oil futures prices on Monday.
The developments surrounding the Iran nuclear talks are currently a positive factor for oil prices. France, Germany and Britain said on Saturday they had “serious doubts” about Tehran’s commitment to revive the deal, as Iran insisted on ending investigations by the United Nations nuclear watchdog into uranium residues at three sites, according to reports. Iran called the joint statement “regrettable”.
In terms of inventories, the sale of OECD countries’ strategic petroleum reserves will reduce supply by more than 1 million barrels per day from November, and crude oil demand is set to rise given rising oil prices and reduced demand for power generation fuels from natural gas and coal supplies.
In the end, OPEC’s production cut deal, although only symbolic, showed its attitude to defend oil prices. This is also an important factor supporting oil prices.