Concerns about weak European demand, US crude oil inventories have grown for four consecutive weeks, and international oil prices have fallen for the fourth consecutive trading day. Wednesday (March 17) New York Mercantile Exchange West Texas Light Oil April 2021 futures settlement price was 64.6 US dollars per barrel, down 0.20 US dollars from the previous trading day, or 0.3%, the trading range was 63.6-65.34 US dollars; London Intercontinental The exchange Brent crude oil futures settlement price in May 2021 was US$68 per barrel, a decrease of US$0.39 or 0.6% from the previous trading day, and the trading range was US$66.96-68.88.

The International Energy Agency said in its March Monthly Report on the Oil Market released on Wednesday that although vaccination will boost demand later this year, it is unlikely that oil prices will continue to rise dramatically. It is expected that demand will not return to pre-pandemic levels until 2023.

Worried about the possible side effects of the AstraZeneca vaccine, some European countries have stopped using the AstraZeneca new crown vaccine, Germany is seeing more and more new crown cases, Italy is implementing a nationwide Easter blockade, and France plans to implement stricter restrictions. Measures, analysts worry that the ongoing blockade measures in Europe will inhibit the recovery of the economy and demand and suppress the sentiment of the oil market.

After a two-day meeting on Wednesday, the Fed sharply raised its forecast for US economic growth and announced that it would maintain the target range of the federal funds rate between zero and 0.25%. The Fed said that as the economic situation improves, the inflation rate will rise this year, but it will not raise interest rates until 2023. Affected by this, the dollar exchange rate fell on Wednesday, suppressing the decline in oil prices.

U.S. gasoline demand and distillate demand have fallen. According to data from the US Energy Information Administration, as of the four weeks of March 12, 2021, the total demand for refined oil in the United States averaged 18.763 million barrels per day, 11.1% lower than the same period last year; the average daily demand for motor gasoline was 8.131 million barrels per day, compared with last year The same period was 13.0% lower; the four-week average daily demand for distillate was 4.059 million barrels, 1.3% lower than the same period last year; the four-week average demand for kerosene-based aviation fuel was 36.1% lower than the same period last year. In a single week of demand, the total daily oil demand in the United States averaged 18.933 million barrels, 261,000 barrels higher than the previous week; of which, the daily demand for gasoline in the United States was 8.442 million barrels, 284,000 barrels lower than the previous week; and the average daily demand for distillate was 4.028 million. Barrels, an average of 459,000 barrels lower than the previous week.
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