The tight fundamentals of crude oil have not changed

On May 12th, the main SC crude oil contract opened slightly higher in early trading, and the decline narrowed, but it still fell more than 2%. Bank of China Futures stated that the current situation of tight crude oil fundamentals has not changed. The OPEC+ production policy is expected to stabilize oil prices at a relatively high level as the dominant logic, and domestic demand is expected to be the core positive driving factor. However, the international macro-level continues to pose upward pressure. The US banking crisis has eased again, but the debt ceiling issue has not yet been resolved. It is recommended to pay attention to the results of follow-up consultations and be alert to the transmission of fluctuations in the international financial market.