SITUATION: Shanghai International Energy Trading Center SC1908 opened at 433.5 yuan/barrel, with a maximum of 445 yuan/barrel, a minimum of 432.3 yuan/barrel and a closing price of 439.5 yuan/barrel, up 13.8 yuan/barrel from the previous trading day, an increase of 3.24%. Volume fell to 444.5 million hands, while position decreased by 3,798 to 46,746 hands.

Macroscopic information: 1. On Friday (June 21), the Central Bank of China announced that the intermediate price of RMB against the US dollar was 6.8472, up 333 basis points from the previous trading day.

Industry chain information: 1. Iranian Revolutionary Guard shot down an American UAV in Iranian airspace, which intensified tensions between the United States and Iran. U.S. President Trump called Iran’s shooting down of U.S. military UAVs “a very big mistake”. Iran responded that the UAV was spying in Iranian airspace. 2. Saudi Arabia’s Foreign Minister said Thursday (June 20) that Iran has created a serious situation and threatened the global oil supply with its aggression. Saudi Arabia added that it would then consult with its allies; both the United States and Saudi Arabia accused Iran of having attacked oil tankers near the Strait of Hormuz, but Tehran denied involvement.

Spot price: Oman crude oil spot price on June 20 was 62.59 US dollars per barrel, up 1.4 US dollars per barrel from the previous day (RMB exchange rate on that day was 430.7 RMB yuan per barrel); Shengli crude oil spot price was 56.24 US dollars per barrel, up 1.17 US dollars per barrel from the previous day.

Warehouse receipt inventory: The number of warehouses designated by Shanghai International Energy Exchange Center for delivery is 3066,000 barrels, which is unchanged from the previous trading day.

Summary of viewpoints: International crude oil futures prices have risen sharply, Asian market continues to rise, Brent crude oil futures prices are at 64.9 US dollars per barrel, WTI crude oil futures prices are at 57.3 US dollars per barrel, Brent crude oil and WTI crude oil prices are at about 7.6 US dollars per barrel, Shanghai crude oil futures prices have risen sharply, about 0.7 US dollars per barrel than Brent crude oil. The Federal Reserve maintained interest rates unchanged and the tone of its policy statement shifted to the pigeon; China and the United States are expected to resume trade negotiations, ease trade concerns and revive risk sentiment to boost the atmosphere of the oil market; Saudi Arabia said that OPEC and other non-OPEC oil-producing countries should extend their production reduction agreements, and OPEC is close to reaching agreement on extending their production reduction agreements; the OPEC meeting was set to be held in early July, and Russia has not yet made a statement on extending production reduction. State. EIA data showed that U.S. crude oil inventories fell more than expected last week, with U.S. crude oil production falling by 100,000 barrels to 12.2 million barrels per day; tensions between the United States and Iran intensified, Iran shot down a U.S. military UAV, the market was worried about the risk of military conflict, and geopolitical tensions warmed up the atmosphere of the oil market. Technically, the contract of SC1908 has risen sharply, with the average of 5 days at the futures station and the regional pressure of 445-450 above, and the futures price of short-term Shanghai crude oil shows a volatile upward trend. Operationally, we recommend 425-450 yuan/barrel interval trading.