【Fujitomi】Tokyo oil market stalls after yen appreciation and bearish inventory data

(Tokyo crude oil and petroleum products)
On the 6th, Tokyo crude oil and petroleum products fell as the yen strengthened and foreign crude prices declined. As of 11:00, crude oil futures for September were down 270 yen at 36,670 yen, gasoline futures for October were down 130 yen at 50,010 yen, and kerosene futures for October were down 160 yen at 48,230 yen.
The noteworthy U.S. EIA inventory statistics, contrary to market expectations, were bearish, and the yen strengthened toward the end of the night session, leading the Tokyo market to retreat. With the yen's appreciation accelerating further, most prices fell by about 1,000 yen from the night highs. As U.S. oil production rose for six consecutive weeks, the supply-demand environment surrounding the oil market remains unfavorable, making further declines in overseas crude price seem unavoidable. The Tokyo oil market's stance for selling on the rebound remains prudent, and going forward, the 37,000 yen level acts as a resistance, with a watchful eye on slipping below 36,000 yen.
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