Oil prices

In the past week, the three major institutions successively published their monthly reports for June. From the monthly reports of the major agencies, we saw a relatively chaotic outlook for the market, especially judging the demand side. In addition, last week was also an important macroeconomic window. After Canada and the ECB cut interest rates in the early stages, the announcement of the Federal Reserve's interest rate meeting and a series of economic data caused obvious disturbances to the entire financial market. Oil prices have also clearly been affected in this process. However, what can ultimately determine the trend of oil prices is the improvement in the supply and demand situation in the crude oil market in the third quarter, which is currently expected by the market. Whether this can be confirmed is critical to investor confidence. Looking at the present, steady recovery in the crude oil market structure and poor cracking of refined oil products, especially the strengthening of diesel cracking, are positive factors for the market. In the future, we still need to further monitor and observe whether the supply and demand level of the crude oil market can be further improved. This is also the most critical factor affecting oil prices over the next period.