Yesterday, crude oil trading volume fell, the center of gravity continued to move up slightly. The U.S. is expected to launch a new crown aid program after the EIA report showed that crude oil inventories fell more than expected last week. From November 9 to 25, due to vaccine optimism, crude oil was expected to rise rapidly, and the rising slope slowed down in the later period. In the past 20 days, it only rose about 4% by US $2. Similar to the rapid rise in May this year, the crude oil demand from June to August was expected to be better, but the increase slowed down, until a sharp correction appeared in early September. On the whole, crude oil is the cheapest of all the assets of inflation. Next year, with the demand driven by the superposition of replenishment cycle and investment cycle, the focus of oil price will move up, and it is a relatively better strategy to buy whenever there is a sharp correction. 1. Crude oil inventories fell more than expected. Yesterday, EIA crude oil inventory decreased by 3.13 million barrels, refined oil inventory increased by 160000 barrels, and gasoline inventory increased by 1.02 million barrels. The cumulative range of product oil storage was lower than expected, and crude oil production decreased, which was better than yesterday’s API data. Last week, the net import of US crude oil increased sharply and the net import of crude oil decreased by 1.848 million barrels / day in this period, which was the main reason for crude oil going to storage and the operating rate of refineries decreased. 2. US congressional leaders are understood to be close to reaching an agreement on a bail-out bill of less than $900 billion.

Industry news: 1. Affected by the epidemic, U.S. oil demand has fallen by about 13% so far this year; retail sales data released on Wednesday showed that US retail sales fell for the second consecutive month in November due to the surge in the number of cases; global demand has been poor, and the biggest rebound in demand is China; the International Energy Agency (IEA) warned on Tuesday that it will take some time to reverse the epidemic Global oil demand has plummeted; the IEA has cut its oil demand forecast by 50000 B / d this year and 170000 B / D next year, on the grounds that fewer and fewer people travel by air, leading to reduced use of aviation fuel.

2. EIA report: the commercial crude oil inventory excluding strategic reserves decreased by 3.135 million barrels to 510.1 million barrels, a decrease of 0.6%. Last week, the domestic crude oil production in the United States decreased by 100000 barrels to 11 million barrels / day. In addition to the import of commercial crude oil from strategic reserves last week, 5.424 million barrels / day decreased, 1.055 million barrels / day compared with the previous week U.S. crude oil exports increased by 793000 B / D to 2.627 million B / d last week, while U.S. gasoline inventory increased for 5 consecutive weeks and refined oil inventory for 3 consecutive weeks.