石油市場目前非常關注熊市信號，原油價格反映出對經濟放緩、美國經濟放緩或衰退以及歐洲經濟衰退的擔憂  

全球海上石油貿易正在放緩，運費率正在回歸到更為正常的水平  

惠譽國際評級認為歐元區和英國目前預計將在今年晚些時候進入衰退，而美國將在2023年中期遭遇溫和衰退

據油價網9月18日報道，自6月初的近期高點以來，油價迄今每桶已經下跌大約30美元，當時美聯儲和其他國家央行還沒有開始大舉加息，以對抗失控的通脹。緊縮的貨幣政策預計將減緩經濟增長，而一些金融市場指標表明，市場預計會出現衰退，這可能會減緩全球石油需求增長。 

最受關注的主要預測機構——石油輸出國組織（歐佩克）、美國能源信息署和國際能源署——繼續預計，今明兩年全球石油需求都會增長，2023年的需求將超過疫情暴發前的水平。 

然而，石油市場目前非常關注熊市信號，油價反映出人們對經濟放緩、歐洲主要經濟體衰退以及美國經濟放緩或衰退的擔憂。

最近的幾項金融和貿易指標都顯示全球經濟放緩，市場將其視為未來幾個月經濟衰退預期升溫的信號。 

路透社高級市場分析師約翰·坎普指出，盡管美國就業市場穩定，經濟活動水平仍然很高，但從股票期貨來看，金融市場顯示，未來6個月經濟周期出現大幅下滑或陷入衰退的可能性更高。  

此外，石油期貨的未平倉權益也在下降，因為許多投資者由于高波動性而逃離市場，從而加劇流動性下降帶來的波動性。

在最近的一項評估中，指標顯示全球海上石油貿易增長放緩，這一跡象表明經濟放緩正在進行，主要市場的衰退可能很快成為現實，威脅到全球石油需求。 

全球海事和航運業研究和咨詢服務提供商表示，本周德魯里世界集裝箱指數自去年4月以來首次跌破每個40英尺長集裝箱運費5000美元，這是運費率“回歸理智”的強烈信號。本周綜合指數下跌8%，連續第29周下跌，與去年同期相比已下跌52%。 

惠譽國際評級近日表示，歐元區和英國目前預計將在今年晚些時候進入衰退，而美國將在2023年中期遭遇溫和衰退，并將今年全球GDP增長預期下調至2.4%，比6月份的預測下調0.5個百分點。 目前預計2023年全球經濟增長率僅為1.7%，下降1個百分點。

惠譽國際評級首席經濟學家布萊恩·庫爾頓表示：“近幾個月來，全球經濟經歷了一場完美風暴，歐洲的天然氣危機、加息速度急劇加快，以及房地產市場進一步下滑?！?/p>

石油市場也對持續上調利率帶來的經濟放緩感到擔憂。克利夫蘭聯邦儲備銀行行長洛雷塔·梅斯特8月末表示，美聯儲在抑制通脹方面還有更多工作要做，關鍵利率需要在2023年初升至4%以上，并保持在這一水平。在連續兩次加息75個基點（0.75%）后，美聯儲目前的目標政策利率在2.25%-2.5%之間。 

然而，歐佩克仍對全球經濟增長持樂觀態度，在最新的《月度石油市場報告》(MOMR)中稱，今年的全球經濟增長將保持在3.1%的強勁水平，明年將繼續保持3.1%。這一預測表明，盡管市場擔心經濟衰退，但歐佩克預計全球石油需求將保持健康增長。

國際能源署將今年全球石油日需求增長預期下調11萬桶，至200萬桶。 

據石油經紀公司PVM oil Associates稱，短期內的石油供應和需求一樣不確定?！邦A測石油平衡的不確定因素可能是石油等式的供應端，但在預測未來石油需求方面顯然也缺乏共識。這使得預測幾乎是不可能的，在不久的將來沒有任何確定性?！盤VM oil Associates如是說。 

李峻 編譯自 油價網

原文如下：

Fears Of Economic Slowdown Cap Crude Prices

·     The oil market is currently very much focused on the bearish signals, with prices reflecting fears of slowdown , a slowdown or recession in the U.S., and a recession in Europe.

·     Global maritime trade is slowing down and freight rates are returning to more normal levels.

·     Fitch: The Eurozone and UK are now expected to enter recession later this year, while the U.S. will suffer a mild recession in mid-2023.

Oil prices have declined by around $30 a barrel since the recent peak in early June before the Fed and other central banks started aggressive interest rate hikes to fight runaway inflation.  The tightening monetary policy is expected to slow economic growth, while several financial market indicators suggest that the markets expect recessions, which could slow global oil demand growth. 

The most closely watched major forecasters – OPEC, EIA, and the International Energy Agency (IEA) – continue to expect growth in global oil demand both this year and next, with demand outpacing pre-COVID levels in 2023.

Yet, the oil market is currently very much focused on the bearish signals, with prices reflecting fears of an economic slowdown, a recession in Europe’s major economies, and a slowdown or recession in the United States. 

Several recent financial and trade indicators point to a slowdown, and the market is taking that as a cue for rising expectations of a recession at some point over the next few months. 

Despite a solid job market in the U.S. and still a high level of economic activity, the financial markets – as seen in equity futures – point to higher chances of a major decline in the economic cycle, or a recession, over the next six months, Reuters’s senior market analyst John Kemp notes. 

Then there is the falling open interest in oil futures as many investors have fled the market due to high volatility, thus exacerbating that volatility as liquidity drops. 

In one of the most recent assessments, indicators point to a global maritime trade growth slowdown, in a sign that the economic slowdown is underway and a recession in major markets could soon materialize, threatening oil demand. 

This week, the Drewry World Container Index fell below $5,000 per 40ft-foot container for the first time since April 2021—a strong signal of a “return to sanity” for freight rates, the provider of research and consulting services to the global maritime and shipping industry said. The composite index fell by 8% this week, the 29th consecutive weekly decrease, and has dropped by 52% when compared with the same week last year.

The Eurozone and UK are now expected to enter recession later this year, while the U.S. will suffer a mild recession in mid-2023, Fitch Ratings said this week, revising down its world GDP growth forecast to 2.4% in 2022, down by 0.5 percentage points from the June forecast. Global economic growth is now expected at just 1.7% in 2023, a cut of 1 percentage point. 

“We’ve had something of a perfect storm for the global economy in recent months, with the gas crisis in Europe, a sharp acceleration in interest rate hikes and a deepening property slump,” said Brian Coulton, Chief Economist at Fitch. 

The oil market is also apprehensive of the slowdown expected from continued interest rate hikes. The Fed has more work to do in taming inflation, and the key interest rate needs to move up to above 4% by early 2023 and stay there, Cleveland Federal Reserve Bank President Loretta Mester said at the end of last month. The Fed’s current target policy rate is in the 2.25%-2.5% range, after two consecutive hikes of 75 basis points, or 0.75%.  

OPEC, however, remains upbeat on global economic growth, saying in its latest Monthly Oil Market Report (MOMR) that growth is set to remain robust at 3.1% this year and another 3.1% next year, in a forecast suggesting that the cartel expects healthy oil demand growth despite market fears of recession. 

The IEA cut its global oil demand growth estimate by 110,000 bpd to 2 million bpd for 2022.  

Supply in the short term is as uncertain as demand is, according to oil broker PVM Oil Associates.

“The wild card in predicting oil balance might be the supply side of the oil equation but there is a tangible lack of consensus in foreseeing future oil demand, too. This makes forecasting close to impossible and no certainty is anticipated in the near future,” PVM said.