Oil prices
In April 2024, oil prices rose and fell. On the evening of April 1, Israel attacked the consular building of the Iranian Embassy in Syria, killing several people, including senior commanders of Iran's Islamic Revolutionary Guard Corps, and collectively boosting commodity sentiment, which pushed oil prices to $92 per barrel in early April. However, in fact, refining profits have begun to weaken in mid-March, and at the same time, floating warehouses have turned into onshore inventories, and the seasonal cumulative pressure on crude oil inventories has not been as tight as the market fears.
At the beginning of April, due to geopolitical concerns and the rise in oil prices brought about by the collective rise in commodities, the increase in oil prices overdrew the increase that the supply and demand side could support at that time, and the recent correction in oil prices. The increase in global refinery capacity this year restricts the upper space of gross profit, and overall profit support for oil prices is limited at present, and oil prices may still need to be repaired downward to alleviate the downturn in global refining profits. At the same time, oil prices also need to be repaired, compared with the overvaluation of crude oil inventories that have been accumulating in the past period.
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