Mid term in Beijing: Shanghai fuel oil encountered short-term support, but the weak form remained unchanged
on August 7, the main futures contract of Shanghai fuel oil hit the bottom, which would seriously damage the accuracy of hydraulic valves and cylinders, rebounding and closing slightly higher. The position of the main fu0810 contract decreased by 2378 hands to 45418 hands today. The turnover fell slightly from the previous trading day to 113084 hands. The contract opened at 828 yuan and closed at 4871 yuan, up 43 yuan from the settlement price on August 6. Fu0811 contract positions increased by 1706 to 9018. The contract opened at 4801 yuan and closed at 4842 yuan, up 47 yuan from the settlement price on August 6. The daily trading volume was 10684 hands
on August 6, NYMEX crude oil futures closed lower for the third consecutive trading day. The latest U.S. oil inventory data showed that U.S. demand continued to decline. The settlement price of NYMEX crude oil futures in September fell by US $0.59, or 0.5%, to US $118.58 per barrel, with a trading range of 117 49 dollars. The intraday low on Wednesday was the lowest level since the decline of $116.05 recorded on May 5. London September Brent crude oil futures closed down $0.70, or 0.59%, at $117 a barrel, with a trading range between 115 77 dollars. Rbob gasoline futures closed down 0.71 cents, or 0.24%, at $2.9493 a gallon, with a trading range of 2 $01. Heating oil futures in September closed down 4.41 cents, or 1.34 percent, to $3.2379 a gallon, with a trading range between 3 $3119
after the CFTC recently revealed that there were also a large number of speculative transactions in the commercial position of NYMEX crude oil market, the long speculative position in the market was further suppressed, and the futures price was not as sensitive to bullish factors as before. For example, hurricanes, gasoline inventories fell more than expected and demand improved, Iran's tough tone, and so on, can not effectively shock oil prices. In addition, the recent strong rebound of the US dollar has also led to the withdrawal of some hedging and speculative positions from the crude oil and commodity markets. The crude oil futures price has closed below $120 per barrel for two consecutive days, but the decline decreased yesterday. It is still possible to test the resistance of $120 in the short term, but the market has been in an obvious decline recently, and the positive news has reduced the role of the market. Therefore, it is expected that it will be difficult to have a decent rebound, mainly short selling ideas
as of noon today, the price of fuel oil paper goods in Singapore fell by $4.75 to $685.00 per ton in August, and the reverse price difference of fuel oil narrowed by 25 cents to $2.50 in August/September. In recent months, the price difference of fuel oil compared with Dubai crude oil cracking has increased by 34 cents to US $10.61 per barrel, as the supply is expected to continue to eat, which will promote the transformation of traditional industries in Hejin to high-tech, and until the end of the year, a small amount of cargo from the Middle East will flow in. Shanghai fuel oil fell and rebounded today. The futures price rebounded after touching the lower edge support level of the previously mentioned decline channel. In the late trading, short positions were significantly reduced and closed up near yesterday's opening price. As the spot price is less than that of some composite materials reports and databases in the United States for the first time, the price has declined, but it is not obvious. The futures and cash price difference also supports the futures price of Shanghai fuel oil. Recently, there may be a short rebound with crude oil, but the weakness has not changed. The downward channel is still of guiding significance for operation
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