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Guoxin Futures: Oil prices will remain volatile in the short term

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Domestic crude oil futures prices continue to fluctuate and fall. U.S. President Trump warned Israeli Prime Minister Netanyahu that if they go to war with Iran again, they may find themselves fighting alone. Trump’s negotiation approach is aimed at stabilizing market sentiment, and tensions in the Middle East have eased moderately. U.S. Energy Secretary Wright said that the volume of ships transiting the Strait of Hormuz has “significantly increased.” The market still expects the U.S. and Iran to reach an agreement to end the Middle East conflict and reopen the Strait of Hormuz as soon as possible. Data from the American Petroleum Institute shows that last week U.S. crude oil inventories continued to decline; gasoline inventories also decreased, while distillate inventories increased. For the week ending June 5, U.S. crude oil inventories fell by 9.119 million barrels. According to the API, over the past 8 weeks, crude oil inventories have decreased by as much as 44 million barrels. To respond to global oil supply disruptions caused by the Persian Gulf conflict, the U.S. Department of Energy has released strategic petroleum reserves for the eleventh consecutive week. For the week ending June 5, 2026, U.S. strategic petroleum reserves stood at 349.2 million barrels, the lowest since August 2023; that is down 7.9 million barrels from the prior week and 3.76 billion barrels below maximum capacity. According to data from the U.S. Energy Information Administration, from late February to May 29, the total U.S. commercial crude oil and refined product inventories decreased by approximately 470 million barrels. Technically, oil prices are expected to keep trading volatile in the short term. (Guoxin Futures)
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