CICC: it is expected that the price hub of crude oil or the seasonal opportunity to move up steadily in European gas prices still exist.

FAP, June 14 (Xinhua)-- China International Capital Corporation reported that current energy prices may have reached a cost trough, while the main line of the market focuses on "marginal pricing in the bottoming process", or there is no need to be too pessimistic about the energy market in the second half of the year. Active adjustment on the supply side and seasonal pressure on the demand side may turn upwards. We expect the crude oil price hub to move steadily upward, and there are still seasonal opportunities for gas prices in Europe. By comparison, we are more cautious about the thermal coal market. It can also be confirmed from the mean regression attribute of energy calorific value that the current price ratio of coal and natural gas has returned to the historical normal range, while the price ratio of crude oil with coal and gas may still be in the upward channel.