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PVC foam board - the recent rebound in oil prices lacks the full support of fundamental factors

Release Time :

2023-02-15 14:56

In the early morning of April 1, the main crude oil futures contract in the New York market closed higher for the first time in nearly three trading days. Oil prices fell in early trading. The US real estate data released this morning exacerbated investors' concerns about the economic situation. In addition, market analysts generally expect that crude oil inventories to be released tomorrow will further increase. In the afternoon, as the gains in US stocks increased, oil prices turned from falling to rising. Some analysts point to a recent rally in stocks that has contributed in part to the rebound in oil prices. By the time oil markets closed (an hour and a half before U.S. stocks closed), the S&P 500 had risen more than 8% in March. However, the index is still down more than 10% so far in the first quarter.

As of 2:30 p.m. EDT on Tuesday (2:30 a.m. Beijing time on Wednesday), the May crude oil contract on the New York Mercantile Exchange rose 1.25 cents to close at $49.66, an increase of 2.6%. The highest intraday value of the contract was $50, and the lowest was $47.77. The Dow was up about 200 points at the close of the oil market. The May contract fell 7.6% yesterday. Despite falling for the past two consecutive days, oil prices are still up about 11% throughout March. In addition, oil prices also increased by about 11% throughout the first quarter. Home prices in the 20 largest U.S. cities fell 19% in the 12 months through January, S&P said, a record year-over-year decline. According to survey data released by energy information provider Platts, analysts estimate that U.S. crude oil inventories, excluding the Strategic Petroleum Reserve, will increase by 3.2 million barrels last week from the previous month. Some analysts pointed out that the recent rebound in oil prices is not fully supported by fundamental factors. Global oil demand is expected to decline year-on-year for the second consecutive year this year, while U.S. oil inventories have increased to the highest level in decades.

Last week, the U.S. Energy Information Administration (EIA) reported that in the week ended March 20, U.S. crude oil inventories rose to 356.6 million barrels, the highest in nearly 16 years. The United States is the world's largest oil consumer. James Williams, an analyst at WTRG Economics, said that based on the current supply and demand fundamentals, oil prices should fall below $35 a barrel. The big increase in oil prices is justified."

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