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SunSirs: News Impact Crude Oil Breakthrough Rise, Fuel Oil or Strong Shock

July 24 2020 10:38:31     SunSirs (Selena)

Futures: fuel oil rose at a low opening on Thursday, closing at 1,745 (up 9), with a total increase of more than 2000 hands and a decrease in trading volume. OPEC crude oil producers began to increase oil production in August, but the range was less than expected. The European Union is ready to set up a recovery fund with a total amount of 750 billion euro, and crude oil rose sharply. The demand for high sulfur fuel oil will gradually recover and fluctuate strongly in the short term or continue. Pay attention to international news, epidemic development and market sentiment changes.

Strategic analysis: OPEC and other crude oil exporting countries have agreed to reduce production to enhance the low level support of oil prices, and crude oil demand has gradually rebounded, but the growth rate has slowed down. Oil fired power generation demand in Saudi Arabia and fuel oil feed demand of Indian refineries increased in summer, while Singapore 380 price difference remained low, and fuel oil demand gradually started. OPEC has relaxed the production reduction plan, coupled with the repeated epidemic situation, which brings uncertainty risk to the economic recovery, and the high price of crude oil is under pressure. The worst stage of crude oil demand has passed, and the economic activity gradually recovers in the second half of the year, and the absolute high level of inventory or gradual removal of the stock. However, considering the current situation of the global epidemic situation and the uncertainty of Sino US relations, it will still take a long time for crude oil to return to the high level before COVID-19.


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