Crude oil remains volatile, with limited short-term upward and downward space

Crude oil remains volatile, with limited short-term upward and downward space

Fundamental Summary: On September 13, local time, OPEC maintained its forecast for strong global oil demand growth unchanged in its monthly report, expecting global oil demand to increase by 3.
1 million b/d in 2022 and 2.
7 million b/d
in 2023.
OPEC said demand in major economies was better than expected
, despite headwinds such as a sharp rise in inflation.

On September 14, the International Energy Agency (IEA) released its monthly report, slightly lowering its forecast for global oil demand growth this year by about 110,000 b/d
.
However, oil demand will continue to grow this year and next, with the IEA expecting global oil consumption to increase by 2 million b/d to 99.
7 million b/d this year and 2.
1 million b/d to 101.
8 million b/d
in 2023.

On the other hand, as inflation in the United States unexpectedly climbed in August from the previous month, intensifying the pressure on the Fed to raise interest rates vigorously, market sentiment was dragged, and international oil prices turned from rising to falling on September 13, closing slightly down nearly 1%
on the day.
On the 14th, international oil prices rebounded, fluctuating
in a narrow range near the $90 mark.

Oil market fundamentals remain supportive amid recession fears

For the demand side of the oil market, a key issue is central bank policy, and the ultra-hawkish interest rate hikes of central banks such as the Federal Reserve will weigh on demand
.

Operation suggestions: crude oil 11 contract intraday operating range of 670-647, the overall continue to maintain within the previous main contract activity range, the pressure area 670-700 line unchanged, trading to keep this pressure area does not break through, continue to rebound high and low flat short band short order participation
.