Hengtai Futures Comments: The important factor for the sharp drop in crude oil last night was that the investment bank Goldman Sachs unexpectedly lowered its oil price forecast significantly, exceeding market expectations. A major supply shock in Russia pushed speculative positions to lows.
At present, oil prices have reached the low point of the year again. The lower edge of the box range was caused by the impact of the European and American banking crisis. However, only a week after Saudi Arabia announced additional production cuts, oil prices fell back to this key support again. It can be seen that the market confidence has been seriously lost.
Compared with the continued weakening of the crude oil market, the cracking of refined oil products in Europe and the United States has gradually recovered, reflecting that the current demand is not so pessimistic. However, short-term investor worries dominate oil price fluctuations. You can pay close attention to whether the bulls can organize effective resistance again and participate cautiously .
