Previously, the oil market experienced a bumpy period. First, the outbreak of the epidemic weakened oil demand and shattered the alliance between Saudi Arabia and Russia. Then, the epidemic spread around the world, and the deadly price war between Saudi Arabia and Russia pushed the market to the brink of disaster. Just as the epidemic subsided, the collapse of the oil market reunited competitors and made the largest production reduction on record. The recovery of the oil spot market is driving the much larger Wall Street oil futures market (traded on the London and new york stock exchanges) to soar.
However, the market is not completely out of trouble. In many countries, the first wave of epidemic is still accelerating, and some countries have to take drastic measures to avoid the second wave of epidemic. The impact of the epidemic on daily life is persistent, which can be seen from the uneven rebound of different petroleum products. As people choose to drive and avoid public transportation, gasoline prices are leading the economic rebound. Since the outbreak of the epidemic, the instant delivery price of gasoline in the wholesale market in the United States is higher than the forward contract for the first time, indicating strong demand.
Last Friday, the price of WTI crude oil futures rose to more than 40 dollars per barrel, which was just the opposite of what happened two months ago. At that time, as the oil storage tank was about to fill up, WTI crude oil futures fell to negative value in an unprecedented way, which shocked the market. On June 22nd, Beijing time 1 1:39, Brent crude oil was quoted at USD 42.46/barrel. (Source: Huitong. Com compilation/car home? Zhang Xuelian)