Fuel oil: increased bearish strength

Last Friday (November 4), the fuel oil futures 2301 contract showed a trend
of increasing volume and rebounding sharply.
During the session, the center of gravity of the futures price steadily moved up to run above the first-line mark of 2850 yuan / ton, and closed sharply up 2.
22% to 2859 yuan / ton
.
The futures 2301 contract edged up by 8,209 contracts to 386089 lots, an increase of 2.
17%.

The data of the top 20 long and short positions on the exchange shows that the futures 2301 contract positions have shown a double increase in long and short positions
.
Among them, the bulls increased their positions by a total of 9899 lots to 222642 lots; Shorts added a total of 12,052 lots to 244179 lots
.
As the total number of short orders increased by the main short force exceeded the total number of long positions held by the main force of the long position, the net short position expanded to 21537 lots
.

Specifically, among the top 20 seats of bulls, 14 seats have increased their holdings
.
Among them, 1 company increased its holdings by more than 3,000 lots, which was a seat for CITIC Futures, a significant increase of 3,553 lots
.
In addition, there were 6 companies with an increase in holdings between 1,000 and 3,000 lots, namely Guotai Junan Futures seats, SDIC Anxin Futures seats, Founder medium-term futures seats, Huawen Futures seats, Zhonghui Futures seats and Guomao Futures seats, which increased by 1584 lots, 1790 lots, 1178 lots, 1385 lots, 1340 lots and 1711 lots
respectively.
The remaining 7 companies increased their holdings by less than 1,000 lots
.

Among the top 20 bears, 12 seats increased their short positions
.
Among them, there are 2 companies with more than 3,000 lots, CITIC Futures seats and SDIC Anxin Futures seats, which increased by 4,085 lots and 3,019 lots
respectively.
In addition, there were 3 companies with an increase in holdings between 1,000 and 3,000 lots, namely Haitong Futures, Everbright Futures and Zhonghui Futures, which increased by 2,579, 1,194 and 1,318 respectively
.
The remaining 7 companies increased their holdings by less than 1,000 lots
.

It is worth noting that 2 of the top 20 seats in the long-short leaderboard on the day carried out multi-flip operations
.
Orient Futures increased its holdings by 456 short orders while reducing its holdings of 2,288 long orders, and Huatai Futures increased its holdings by 239 short orders while reducing its holdings of 485 long orders
.
This shows that the above seats lack confidence in the continued rebound of the future futures price, and the backhand layout is short.

There are also 2 seats that perform flip multi-operation
.
Guotai Junan Futures increased its holdings by 1584 lots while reducing its holdings of 1043 short orders, and Yongan Futures increased its holdings by 2 lots while reducing its holdings of 958 short orders
.
It indicates that the above seats believe that the fuel oil 2301 contract has completed the bottom construction pattern, and the upside of the future price has been opened
.

On Friday, among the top 20 seats in the long and short ranking of fuel oil futures 2301 contracts, the total number of short orders increased by the main bears exceeded the total number of long orders held by the main bulls, resulting in the expansion of the net short position to 21537 lots
.
It indicates that the bears are further strengthened and dominant
.
It is expected that the 2301 contract of fuel oil futures will continue to rebound under some pressure
.