OPEC cartel members 9The implementation rate of production reduction in the month is102%Yes5The highest since the month

[paragraph]
​Young heart filled with tears, I am the golden carp
After crude oil broke through overnight and returned to the volatile range, there is still no significant movement in the market. At this time, I believe many investors are wondering whether they can continue to be bearish on crude oil. So what I want to tell you is, yes. With necessary risk control in trading, there is nothing to worry about, only the unknown can bring fear.


Today's fundamental analysis:
Iraqi Oil Minister Jabbar: OPEC+Production Reduction poses a Challenge to Iraq's Oil Industry
2021Oil prices will be more attractive in the second quarter of this year, with OPEC+The reduction in production has led to a slowdown in exploration projects, and Iraq's crude oil production target remains at70010000 barrels/It is expected that the Iraqi National Oil Company will2022Starting to dominate the upstream industry in the first quarter of this year, it is expected to5reach6The annual production will reach70010000 barrels/The Kurdish region of Iraq has not contributed to the reduction of oil production, and the oil market will become more balanced in the second quarter of next year. Iraq needs to obtain foreign investment to meet the challenges.


【APICrude oil inventory unexpectedly increased, but refined oil inventory significantly decreased
American Petroleum Institute(API)According to published data, as of10month16Day and WeekAPIIncrease in crude oil inventory58.4Ten thousand barrels, expected decrease24Ten thousand barrels; Reduced gasoline inventory162.2Ten thousand barrels; Reduced inventory of refined oil598.3Ten thousand barrels.
American Petroleum Institute(API)The released data shows that last week, US crude oil inventories unexpectedly increased, gasoline inventories fell less than expected, and refined oil warehouse inventories fell much more than expected.
APIAnnouncement, as of10month16Last week, US crude oil inventories increased58.410000 barrels to4.906Billion barrels; Increase in inventory of Cushing crude oil117.4Ten thousand barrels.
APIAnnounced a decrease in gasoline inventory last week162.2Ten thousand barrels; Refined oil inventory decreased last week598.3Ten thousand barrels.APIData also shows that US crude oil imports increased last week710000 barrels/day


Russian Energy Minister Novak: OPEC+Will be on12Continue the discussion in the month. We agree to continue to fully implement the agreement. The current oil price is appropriate. OPEC cartel members 9The implementation rate of production reduction in the month is102%Yes5The highest level since the beginning of the month. Joint Ministerial Supervisory Committee（JMMC）Point out that the level of crude oil inventory continues to decline


Saudi Energy Minister Abdullah-Aziz: Over the past month, the information in the oil market has been mixed
There is uncertainty in the energy market. OPEC+The level of compliance can be satisfactory. There is still some work to be done on the issue of compensation for production reduction agreements. The compensation for production reduction will be completed before the end of the year. OPEC+We must take proactive action and take proactive measures. Countries with excess oil production have promised to10Month to12Compensate for production reduction during the month. OPEC must nip negative trends in the bud. Acknowledging the useful role of oil derivatives, but speculation has no place in the oil market


Have you drawn any useful information from today's fundamentals? Obviously, by the time you receive the information, the fluctuations in crude oil prices will be over, so let's take a look at today's technical analysis of the crude oil market.

[align=center][img]http://mpimg.cnfol.com/ueditor/202010/21/1603281817110625.jpg[/img][/align]
From the perspective of crude oil technology, the last time the transaction did not break out of the fluctuation range, so we can still adopt interval fluctuation trading. The reason is simple. Overnight crude oil was affected by data and broke through in the short term41.5At the checkpoint, there was no physical breach within four hours, so we still consider that the oscillation range is valid and valid. Therefore, there is no need to change any transaction layout in the transaction, as seen in41.3-41.5You can still continue to short, targeting the bottom of the oscillation range39.2That's it.


In fact, trading is nothing more than finding high probability events that may occur in the market, and anticipating such events in advance to achieve our profit goals, especially in the crude oil market, where key trading prices can indeed bring significant returns.


Author: Jinshi Dali
Deadline:2020/10/21
The above views are for reference only and do not serve as a basis for firm trading. The article is written by Jinshi Dali, and if reprinting is required, one must obtain their consent or indicate the source. If my article is reprinted without my consent, legal responsibility will be pursued in accordance with the law.