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Worse than the financial crisis and the COVID-19 pandemic! Illustration: To what extent has the oil market collapsed?
① As global benchmark Brent crude oil fell below $70, oil prices have reached their lowest level since December 2021; ② In fact, what is even more alarming to market participants than the sharp decline in prices may be the popularity of the crude oil market.
Crude oil traders: The concern of oversupply in the oil market is "completely exaggerated" as never seen before.
Chinese demand is not so pessimistic, while US crude oil production has remained relatively stable this year.
US oil plunged about 5%, hitting a three-year low! OPEC lowers oil demand, Wall Street strongly bearish.
Both WTI and Brent crude oil have hit their lowest levels since December 2021, with Brent crude oil falling below $70. The current plunge in oil prices is due to ample supply in the crude oil market, concerns about demand, and rampant speculative short selling.
Did oil prices plunge due to oversupply? Senior commodity analyst: The market is "scared".
①Currie said at the annual Asia-Pacific Petroleum Conference in Singapore that the market's concerns about oversupply were "completely exaggerated," and "in terms of oil, this year's production in the USA remained stable"; ②"The key issue is that the market has seriously overestimated the extent of oil supply glut, and the record short positions reflect this... I have never seen this situation before."
Is the oil market still in a slump? OPEC lowers its global oil demand growth expectations for the next two years.
OPEC expects global oil demand to increase by 2.03 million barrels per day this year and by 1.74 million barrels per day next year, compared to last month's forecast of 2.11 million barrels per day and 1.78 million barrels per day respectively.
The gloom in the oil market deepens, and OPEC once again lowers its global demand growth forecast.
OPEC has lowered its global oil demand expectations for the next two years for the second consecutive month, highlighting the challenges it faces in balancing the market.