【Fujitomi】Tokyo oil market falls significantly again, pressured by a strong yen and overseas crude oil price declines

Tokyo crude oil and petroleum products
On the 6th, Tokyo crude oil and petroleum products fell sharply due to a double hit. As of 11:00, the front-month contract for crude oil: November, was 8,800 yen lower at 33,880 yen; gasoline front-month for December was 8,300 yen lower at 46,560 yen; kerosene front-month for December was 9,600 yen lower at 47,600 yen.
With the yen appreciation and a rapid drop in overseas crude oil, the Tokyo oil market is under substantial downside pressure. The rebound bought on the previous day has turned into a sharper decline, and the price rebound early in the day also contributed to the decline. The crude oil front month is below 34,000 yen, but the development is seen as aiming for the 33,000 yen level noted at the end of last week. Due to the successive severances of diplomatic relations with Qatar, the outlook for OPEC's coordinated production cuts remains unclear, and the United States' trend toward increased crude production suggests that breaking below $47 for WTI is only a waypoint. The stance remains to sell on rallies.
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