Futures: fuel oil fell to 1714 (down 11) on Thursday 2009, with a total reduction of more than 5,000 hands and an increase in trading volume. The market is more worried about the second outbreak of COVID-19. OPEC crude oil producing countries agreed to increase oil production from August, but the range is less than expected. The current range fluctuation of crude oil is close to the upper edge, focusing on the breakthrough. Singapore 380 discount changed from negative to positive, high sulfur fuel oil demand recovered, short-term or extended range volatility, 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. 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 its pre epidemic high level.

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