The oil market is likely to be in short supply in the second half of the year

On June 12th, the main contract of SC crude oil opened slightly lower, and the intraday decline expanded to more than 2%. For the market outlook, China Merchants Futures analysis pointed out that the demand side is supported by the peak season and the recovery of Chinese demand, while the increase in the supply side is offset by OPEC‘s production cuts. Therefore, the oil market is likely to be in a state of short supply in the second half of the year, and the oil price center has a higher probability of moving up. In the short term, pay attention to whether the Fed will raise interest rates on June 13. If it does not raise interest rates, oil prices may strengthen. Pay attention to whether the peak season demand can be fulfilled, you can pay attention to the EIA gasoline demand and inventory data. In terms of operation, the general direction of callback buying remains unchanged.