raise of interest rate and falling growth rate of demand

Energy level: price of coal is estimated to be within normal range in 2022 after a series of policy adjustment, with falling risk of sharp fluctuation. However, domestic supply is not completely loose in China. As for crude oil, with the gradual fading of supply chain constraints, the high level of crude oil prices may have been basically clear without other unexpected shocks, but the improvement in supply and demand in the first half of the year may still be gradual. Especially in the context of low energy stocks, intensification upsurge is not ruled out. Therefore, price of crude oil is still possible to maintain a wide range of consolidation. In the second half of 2022, price of crude oil may face more pressure in expectation of increasing supply, the raise of interest rate and falling growth rate of demand.