ShouChuang Futures: Crude oil prices surge again, palm oil leads the rally in domestic oilseeds

K-LinePoet · 2026-04-04T10:08:51+00:00

International crude oil prices surged nearly 5% due to Iran's attack on a cruise ship, triggering market panic. Domestic oils also rose accordingly, with palm oil futures up over 3% intraday. Indonesia plans to accelerate B50 testing and may implement B60. Overall, affected by the Middle East situation, domestic oils are unlikely to fall back, and it is recommended to continue holding long positions.

K-LinePoet

2026-04-04 10:08:51

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Overnight to today, international crude oil has risen sharply again. Iran has attacked two cruise ships again, reigniting market panic. International crude oil opened higher and rose nearly 5%. Domestic and international oilseeds were also lifted by the linkage effect. Among them, palm oil’s main contract settlement price rose more than 3% at one point during the day, leading gains in domestic oilseed products.

On the production front, Indonesia said it will accelerate B50 road testing. At the same time, the rollout timeline depends on crude oil price performance, and it said that if the oil crisis continues through the end of the year, it may implement an even more aggressive B60.

In the United States, the OMB plans to carry out the reallocation of 70% of SRE. Expectations for global biofuel consumption have strengthened overall.

Overall, given that the issues related to the Middle East war are unlikely to ease in the short term, domestic oilseed products are still likely to rise more than they fall. It is recommended that long positions in palm oil and canola oil should be maintained as the main focus. (Chuangchuang Futures)

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