Investment banks that are bullish on oil prices gradually become cautious

On June 13th, the analysis of Zhongcai Futures pointed out that the sharp drop in oil prices yesterday was mainly due to the fact that the investment banks that were bullish on oil prices in the market gradually became cautious. They believed that the current supply and demand of oil had changed. Oil supplies from Russia and Iran have exceeded expectations, and overall oil supply has increased and demand recovery has slowed. The deterioration of the fundamentals led to their forecasts for oil prices being lowered again, and market investors also expressed pessimism. The news of production cuts on the supply and demand side is good for oil prices, but the supply from Russia and Iran has offset the additional production cuts by Saudi Arabia, and the cracking spreads of refined oil products in Europe and the United States are also recovering. The current market sentiment is weak. Once there are some major negative impacts on the news, oil prices will fall sharply . In addition, poor overseas economic data, increased interest rate hike bets, and increased macroeconomic recession expectations have increased the pressure on the demand side and weakened the upward drive. It remains to be seen whether oil prices can return to $80.