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On November 15, the domestic crude oil department fell collectively, and the main force of fuel oil futures fell sharply, and as of press time, the main contract of fuel oil fell 2.
45% to 2829.
00 yuan
.
Fundamentals, National Bureau of Statistics: Crude oil processing growth slows
.
In October, 58.
62 million tons of crude oil were processed, an increase of 0.
8% year-on-year, the growth rate was 1.
1 percentage points slower than the previous month, and the average daily processing was 1.
891 million tons
.
From January to October, processed crude oil was 555.
88 million tons, down 4.
5%
year-on-year.
Biden will speak at the G20 summit on energy security, including caps
on Russian oil prices.
Fundamentals, according to Dayue Futures, the cost side of crude oil is expected to strengthen the fuel drive; A large amount of Russian high-sulfur fuel oil is exported to the Asia-Pacific region, and Singapore's supply remains abundant; Power generation demand in the Middle East and South Asia is in the off-season, refinery feeds in Europe and the United States remain stable, and high sulfur demand weakens overall
.
Basis: Singapore high sulfur 380 fuel oil discount price of 2921 yuan / ton, FU2301 closing price of 2841 yuan / ton, basis of 80 yuan, futures discount spot; More
.
Founder medium-term futures analysis, cost: on the supply side, the OPEC+2 million barrels / day actual production reduction of 1 million barrels / day policy has begun to be implemented in November, Russian crude oil production is expected to decline, supply elasticity is still low
.
On the demand side, European economic data continued to be weak in line with expectations, global crude oil demand outlook continued to be revised downward, and crude oil prices fell
.
On the supply and demand side of fuel oil: Russia's high-sulfur fuel oil continues to affect the Asian market, supply continues to be abundant, and the increase in fuel oil imports in Singapore has led to a significant accumulation of inventories, reflecting a weak supply and demand situation
.
As an important by-product of refineries, the price correlation of low-sulfur fuel oil is high with gasoline and diesel, and as crude oil prices fall, the trend of low-sulfur fuel oil in the future market is expected to continue to fall
strongly.
