Futures: fuel oil 2009 rose on Wednesda, closing at 1703 (up 16), with a total reduction of 43,000 hands and a decrease in trading volume. As the friction between China and the United States escalated, the Chinese side took countermeasures against the closure of the US Consulate General in Houston. The epidemic situation of COVID-19 in some Asian and European countries recurred, gold and silver rose sharply, and crude oil was mainly strong and volatile. The sales volume of high sulfur 380 in Singapore rebounded, the feed demand of India and other countries increased, and the fuel demand gradually recovered, with short-term or extended range fluctuations.

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. The worst stage of crude oil demand has passed. In the second half of the year, economic activities have gradually recovered, and the inventory may be gradually reduced. However, considering the current situation of the global epidemic situation and the uncertainty of Sino US relations, as well as the fact that crude oil inventory is still at an absolute high level, it will take a long time for the demand to return to the high level before the epidemic, and high prices are under pressure.

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