Falling crude prices, Brent closed at 76.01dollars per barrel.
Crude oil closed lower for several consecutive days. 7On 11the Brent futures contract closed at 76.01dollars per barrel, down 29cents, and on 7it fell by 9% on economic concerns. However, the refined products market is showing signs of supply shortages.2. However, signs of supply shortages are being observed in the refined products market.
The crude oil market has closed lower over the past few days. Investors alternated between expectations of normalizing sea transport and concerns about the economy.
7On 11the Brent futures contract closed at 76.01dollars per barrel, down 29cents from the previous day. Over the same period, on some trading days, concerns over economic indicators weighed more heavily, and there were moves of a 2% decline in a single day.
Market participants have priced in the possibility that vessel traffic through the Strait of Hormuz will improve. If concerns about transportation disruptions ease, underlying supply-demand tensions could also soften.
Meanwhile, another signal emerged in the refined products market. Observers said supply in refined products such as jet fuel and diesel was tight.
As a result, crude oil prices showed relatively stable movement, but pressure by item at the refining stage was not relieved. Investors need to watch spot crude and refined product indicators separately.
This trend is the result of both short-term supply-demand factors and macroeconomic growth concerns acting at the same time. The market can quickly change direction depending on which of the two factors proves more dominant.
Sources: Reuters,The Daily Star
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