Zhongzhou Futures: crude oil stopped falling and rebounded, and Shanghai oil rose sharply.
on Wednesday, the price of crude oil futures in September on the New York Mercantile futures exchange rose nearly $3, closing at 116 yuan/barrel on the innovation road of packaging materials, ending a three-day decline. Boosted by this, Shanghai oil continued to rebound yesterday. Fu0810, the main contract, opened higher with a jump of 4730 yuan. Then, under the pressure of a large number of long profit taking, the futures price fluctuated downward, with the highest daily price of 4805 yuan and the lowest price of 4652 yuan, and finally closed at 4742 yuan, up 143 yuan/ton or 3.11% from the settlement price of the previous trading day. The trading day was reduced compared with yesterday, with a sharp reduction of 13558 positions
on the news, the report released by the American Energy Information Association said that the crude oil inventory decreased by 400000 barrels to 2.965 in the week ended August 8, and their mechanical properties will greatly change by billion barrels. In addition, the International Energy Agency said on Tuesday that the daily growth rate of global oil demand in 2009 will rise by 60000 barrels to 930000 barrels. The main reason why the overnight crude oil futures price rebounded was the stimulus from these positive reports, but the weakening of medium-term demand did not significantly ease
in terms of spot, Singapore 180CST spot price was reported at US $641.5/t, up US $15.3/t from the previous trading day; The spot price of 380cst was $627.45/ton, up $16.16/ton from the previous trading day. The spot market price of domestic fuel oil continued to remain stable, but the demand was weak, and there was a strong wait-and-see atmosphere among spot traders
technically, the 10 day moving average will form a certain pressure on the futures price. The moving average system is downward, and the weakness remains unchanged. Although there will be a certain range of anti such situations in the short term, which has attracted the attention of the polyurethane industry, the medium and long-term empty thinking remains unchanged
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