【Fujitomi】Tokyooil market rebounds in Tokyo trading session

(Tokyo crude oil and petroleum products)
On the 23rd, Tokyo crude oil and petroleum products rose on the back of a weaker yen and a rebound in foreign crude oil. As of 11:00, the front-month crude oil August contract was up 320 yen from the previous day to 34,890 yen, the front-month gasoline September contract was up 230 yen to 48,740 yen, and the front-month kerosene September contract was up 310 yen to 44,520 yen.
In the night session, Tokyo's oil market had temporarily fallen sharply, but with the yen’s appreciation in the morning and the rebound in overseas crude oil, it was rising since the early hours. In the night session, after the U.S. EIA inventory statistics, overseas crude oil briefly plummeted, then quickly surged, and Tokyo followed the upward trend. The price rebounded by about 1,000 yen from the low. Looking at the WTI chart, a chart with a notably long lower shadow is forming, suggesting near-term downside support. With the monitoring committee meeting on the 26th looming, this should be viewed as a favorable rebound, and trading appears to be advantageous for the short term until the weekend.
https://www.fujitomi.co.jp/?p=13902