For the Quarter Ending June 2023

North America

The overall crude oil market in the US contracted during the second quarter due to volatile market sentiment and changing demand. Despite the announcement of production cuts by OPEC+ countries, crude oil prices increased by 3.38% during the first two weeks of April. However, a tight labor market and raised FD rate hampered demand and caused overall prices to decrease after witnessing multiple fluctuations, with a significant drop of 11.3% observed from April to June. Rising concerns over recession in the US have negatively impacted oil prices.

Asia

During the second quarter, the overall crude oil trend remained volatile in the Chinese market due to sluggish economic growth in China and the US. Prices showcased an overall increment during April, despite high inventories by OPEC+ countries, but the production cut led to price trends being low throughout May in China. Moreover, slow economic growth and deepening concerns of recession in the US have affected the demand fundamentals of crude oil in China. The demand in the Chinese market remained low due to the spread of Covid-19 infection amid dullness in market activity. A recent interest rate cut announced by China boosted demand for crude oil in June.

Get Real Time Prices of Crude Oil: https://www.chemanalyst.com/Pricing-data/crude-oil-1093

Europe

During the second quarter, the overall crude oil in the European market remained bearish compared to the previous quarter. Economic uncertainties and high inflation influenced the prices to continuously fluctuate and settle at USD 76.37 per tonne for Brent Crude oil at the end of May. The demand for crude oil remained low, contributing to oil prices' downfall. However, market prices of crude oil have rebounded globally during June after an insurrection by Russian mercenaries, causing geopolitical tension and political instability to hamper crude oil's overall pricing trend.

MEA

During the second quarter, the overall price trend of crude oil fluctuated due to several announcements made by Saudi Arabia, one of the largest exporters of crude oil globally. Crude oil production went down to around 9 mbpd in the quarter ending June compared with 10.5 mbpd in April, after Saudi Arabia announced to cut down crude oil production by 50000 barrels per day, followed by other OPEC+ members. Throughout the second quarter, the global economic recovery led to weaker demand for oil, which affected the prices to be volatile.


About Us:

ChemAnalyst is an online platform offering a comprehensive range of market analysis and pricing services, as well as up-to-date news and deals from the chemical and petrochemical industry, globally.

Being awarded ‘The Product Innovator of the Year, 2023’, ChemAnalyst is an indispensable tool for navigating the risks of today's ever-changing chemicals market.

The platform helps companies strategize and formulate their chemical procurement by tracking real time prices of more than 400 chemicals in more than 25 countries.

ChemAnalyst also provides market analysis for more than 1000 chemical commodities covering multifaceted parameters including Production, Demand, Supply, Plant Operating Rate, Imports, Exports, and much more. The users will not only be able to analyse historical data but will also get to inspect detailed forecasts for upto 10 years. With access to local field teams, the company provides high-quality, reliable market analysis data for more than 40 countries.