7month 9~10day, international oil prices closed lower, and the fuel market signals tighter supply
7month 9day and 10day international oil prices closed lower in succession. Expectations of improved passage through the Strait of Hormuz and concerns over an economic slowdown drove prices down, while in the fuel market signals of supply shortages were observed, creating a divergence between the crude oil and refined product markets.
International oil prices 7month 9day and 10day closed lower for two consecutive days. The two-day close is summed up as the result of both expectations of improved passage through the strait and anxiety over economic indicators.
7month 9day's close saw concerns over the economy weigh more heavily than supply risks, sending oil prices down by 2%. At the same time, market participants were paying closer attention to demand indicators.
7month 10day's close cited expectations that passage through the Strait of Hormuz would become smoother as the background for the drop in oil prices.
Meanwhile, the fuel market showed different signals. Signs of tighter supply were observed in fuel-related indicators such as gasoline and diesel.
According to reports, crude oil prices were relatively quiet, but signs of inventory shortages and margin pressure were detected in the refining and fuel sectors. As a result, the movement of the crude oil and refined product markets appeared to diverge.
In summary, 7month 9~10day close, crude oil fell, but in the fuel market, signs of tighter supply were observed. Changes in related indicators and plant operating rates are cited as variables that will determine the direction of prices going forward.
Sources: Reuters
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