JungleJackpotJourney| Everbright Futures 0514 Opinion: Limited contradiction in crude oil fundamentals and focus on the implementation of U.S. inflation data

On Tuesday, the main crude oil contract closed slightly higher at 2406.JungleJackpotJourney.0 points, an increase of 0.21%.

Judging from the market situation, the current refined oil market demand is weak, and with the upward operation rate of refineries in Europe and the United States, the refined oil supply may further increase, and the cracking price gap may further weaken, tracking the changes of EIA inventory data.

The current market is focused on the following events. First, the expectations of the Fed to cut interest rates, the successive weakening of the job market data has warmed up the market interest rate cut sentiment, but inflation remains high, watching the landing of the CPI data on Wednesday, if the inflation data is weaker than expected, the market bets on interest rate cuts may rise. Second, the progress of the geo-situation in the Middle East, although the current situation in the Middle East has escalated, but the parties are relatively restrained and pay attention to the evolution of the geo-conflict in Kazakhstan. The third is the gasoline consumption in the United States, with the summer travel season approaching, the market pays attention to the landing of consumption. Fourth, OPEC+ production reduction, the market mainstream expects the current production reduction plan may be extended to the second half of the year, pay attention to the OPEC production meeting to be held on June 1st.

Generally speaking, the current fundamental contradiction of crude oil is limited, the recent market or shock is weak, pay attention to the US inflation data and the latest EIA report landing.

Source: Wind, Everbright Futures Research Institute

Written by Shi Shiming

Qualification: F03097365

Investment consulting qualification: Z0017563

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