freespincoinmasterhaktuts| Everbright Futures 0523 Opinion: The main crude oil contract declined slightly, paying attention to the implementation of the OPEC meeting

On Thursday, the main crude oil contract, 2407, fell 1.5 percentfreespincoinmasterhaktuts.39%, closing down to 602.5.

Although the three major institutions lowered the growth rate of global crude oil demand during the year, reflecting a shift in market expectations, the EIA inventory report showed that U.S. gasoline inventories fell by 945,000 barrels, exceeding expectations by-729,000 barrels. The approaching peak season for overseas gasoline consumption, the recovery of refined oil cracking price differences and apparent demand for refined oil in the United States may provide support for oil prices.

In addition, Russian Deputy Prime Minister Novak announced that OPEC + members will discuss the current situation of the oil market at a June meeting, while the Russian Energy Ministry said that although April production exceeded the quota, a compensation plan will be submitted. Citi Research predicts that OPEC + will maintain production cuts in the third quarter, and predicts that the average price of Brent crude oil will reach US$86/barrel in the second quarter of 2024, and gradually decline thereafter.

On the macro front, the minutes of the Federal Reserve's May monetary policy meeting showed that officials expressed concern about poor inflation data and hinted that data that would be observed for a longer period of time would be more confident that inflation would fall to the target. The overall statement was biased towards hawks and lowered the market's expectations for the Federal Reserve to cut interest rates have put pressure on commodity markets, including crude oil.

The main focus of the current crude oil market is the upcoming OPEC meeting on June 1, when it will discuss whether to extend the current production reduction agreement. Prior to this, oil prices are expected to remain volatile and weak. However, as the peak season for gasoline consumption approaches, there may be limited space below. Focus on geopolitical risks such as the Russia-Ukraine situation and the Palestinian-Israeli conflict.

sourcefreespincoinmasterhaktuts: Wind, Everbright Futures Research Institute

Written by: Shi Yueming

Qualification: F03097365

Investment consulting qualification: Z0017563

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