A severe test is coming! The market needs a shot in the arm!

  On the issue of future oil demand prospects, EIA and OPEC have shown differences, with the most recent OPEC monthly report showing optimism about the growth of oil demand next year. But the data released by the EIA yesterday contradicts it, as the EIA believes that oil growth may slow down next year. Specifically, the report shows that the EIA has lowered its estimated growth rate for global oil demand in 2024 by 60000 barrels per day to 1.34 million barrels per day. The report also lowered the estimated increase in global oil demand for 2023 by 30000 barrels per day to 1.85 million barrels per day. Many negative news intensified the decline in the oil market.
  The market clearly indicates that the oversupply situation is deepening or worsening. If the United States continues to increase production, OPEC's ability to reduce production may not be sufficient to balance the market. At the same time, CPI data, EIA reports, and Russian maritime crude oil data jointly suppress oil prices, and international crude oil may continue to be under pressure in the short term.
  In terms of the future performance of crude oil, the current oil price has entered a new low for the year, and the cost support of the chemical market has collapsed, and it may continue to seek a bottom in the short term.
  The weak oil prices have brought severe challenges to the current market, and now the market urgently needs a strong shot! Dear chemical industry friends, we need to pay more attention to the impact of changes in production reduction measures in oil producing countries on oil prices. In addition, if there are positive news released during important economic work conferences, it is expected to temporarily improve the atmosphere of the commodity market.