Jinrui Futures: the trading volume of Shanghai fuel oil rose first and then declined, hitting a recent high
after the main 811 contract of Shanghai oil opened at 4830 today, it fluctuated higher, and the highest was above the 4900 line. After noon, under the strong pressure of the air side, Shanghai oil fluctuated lower, rising first and then declining. When Shanghai fuel oil was finally dragged into the ground by sheet metal corrosion from the sky, the long solid positive line turned into a long solid negative line. The trading volume increased significantly to 255532 hands, setting a new high in the recent trading volume of fuel oil
the rise of Shanghai oil in the morning was mainly affected by the rise of overnight crude oil in the outer market. On the evening of the 25th, it is expected that a new round of Tropical Storm Gustav may attack important oil producing areas in the Gulf of Mexico and OPEC sources said that OPEC may maintain production unchanged before the September meeting, and other factors, and the international oil price rose slightly last night
Asian fuel oil spot market sentiment is still supported by tight supply. Although China's demand is still sluggish, the reduction in the supply of fuel oil arbitrage shipments from the West has led to tight supply in the Asian fuel oil market. Traders expect the tight supply situation to continue until the end of September, when more cargo supplies from the Caribbean and Europe will appear
in Huangpu fuel oil market in South China, the price closed lower following the decline in crude oil futures market last Friday, but the price decline did not attract buyers' interest. The demand for straight run fuel oil is also very low, due to the narrowing of refining profits of small refineries. Only one small refinery in Guangdong Province is still operating normally. Last Monday, importers had to resell a batch of straight run fuel oil shipments from South Korea to Singapore because of the slowing demand from small refineries
from the perspective of fundamentals, the crude oil market is expected to rebound periodically, and the resistance level is around $126. In terms of operation, Shanghai fuel oil follows the trend of multiple orders and short multiple ideas
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