Futures: on Thursday, the high opening of fuel oil 2009 fell to 1,659 (up 3), with a total reduction of 24,000 hands and an increase in trading volume. As the friction between China and the United States escalated, the epidemic situation in some Asian and European countries recurred, and the US crude oil inventory decreased and the market fluctuated strongly. Fuel demand is gradually recovering, but inventory pressure is still high, short-term or continuous 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. Saudi Arabia's demand for fuel oil for power generation and India's refineries' fuel oil feedstock increased. Singapore's 380 price differential remained low. Economic activity gradually recovered in the second half of the year. Fuel oil demand was gradually started and stocks were gradually reduced. However, considering the current situation of the global epidemic situation and the uncertainty of Sino US relations, as well as the absolute high crude oil inventory, it would be a long time before the demand reached to the high level before the epidemic, high prices are under pressure.

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