WTI, the first bank, strengthened in the short term, and its negative correlation with the US dollar was highlighted again. From the medium-term trend, the second quarter is the off-season of world oil demand from a historical perspective, and the oil price fluctuation will not be particularly severe.
However, this year, the problem of gasoline inventory has been heated up. Although the overall oil demand in the United States is very low, the demand for gasoline is supported by low retail prices, which is still higher than the same period last year. The decline in gasoline inventories in the off-season has given room for speculation.
At the same time, the Organization of Petroleum Exporting Countries will intensify the implementation of production reduction, and may further reduce production in May, which will further tighten the supply in the oil market and stimulate the rise of oil prices.