Futures: Fuel oil 2101 rose sharply on Thursday to close at 1,939 (up 53), with a total increase of more than 9,000 hands and an increase in trading volume. The uncertainty of Sino US friction still exists, the epidemic situation in some countries has recurred, and the US crude oil inventory is reduced and the market is relatively strong. The demand for high sulfur fuel oil gradually recovered, but the inventory pressure was still large. In the futures trading, the long-term funds took the initiative to increase the positions, and the short-term or continued strong 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. 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 returned to the high level before the epidemic of COVID-19. High prices are under pressure.

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