Everbright Futures: Rising costs meet tightening supply, PX short-term strength hard to retreat

At 9 a.m. Beijing time today, U.S. President Donald Trump delivered his first nationwide televised address in the United States since the outbreak of the Israel-U.S.-Iran conflict. In his speech, he said the recent rise in gasoline prices is only a temporary phenomenon, and that U.S. oil production will soon increase significantly. He also said that his core strategic goals are close to being achieved, but that over the next two to three weeks he will still launch “heavy strikes” against Iran. If no agreement is reached, he will directly strike Iran’s energy facilities. Notably, this speech did not repeat the “withdraw troops within two to three weeks” wording he had emphasized previously; instead, it sent signals of further escalation in strikes. After the speech ended, Iran quickly “responded” with missile launches. As a result, international oil prices surged sharply. As of the time of writing, WTI crude oil’s biggest intraday gain reached 8.34%, while Brent crude oil’s biggest intraday gain reached 9.17%. The domestic energy and chemical sector rose collectively, with crude oil-related commodities leading the gains. (Everbright Futures)