5.6 Midday Market Brief on Jiangyu Hengyuan Crude Oil



After the domestic market closed, international crude oil prices suddenly plummeted:
WTI intraday once fell over 8%, now at $95.33 per barrel; Brent dropped 7.4%, breaking below $101, hitting a new low since April 27, with the daily chart breaking below the 10-day moving average, a long upper shadow breaking the high position.

Core Drivers

The US-Iran situation signals easing, Trump announced a suspension of escort operations through the Strait of Hormuz, both sides are close to reaching a ceasefire agreement, the geopolitical risk premium that previously pushed up prices quickly declined, combined with profit-taking at high levels, causing oil prices to fall sharply.

Market Highlights

• Daily chart broke down, short-term trend weakening, resistance at $100-102, support at $93-95

• Caution is needed for repeated tensions; if conflict escalates, oil prices may rebound rapidly

Follow-up Focus

1. Developments in the US-Iran situation

2. Domestic chemical product night trading correction

3. Supply and demand data and inventory changes#原油 $BTC
BTC-0.16%
View Original
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin