供应方面暂时维持充足 燃料油主力关注做空机会

News Summary Core Viewpoint - The automotive and fuel markets are experiencing mixed trends, with a slight decline in passenger vehicle sales in China, new fuel taxes in Singapore, and varied fuel sales in India, while the fuel oil market faces supply and demand challenges. Group 1: Automotive Market - In October, the wholesale sales of conventional fuel passenger vehicles in China reached 1.31 million units, representing a year-on-year decline of 3% and a month-on-month increase of 1% [1] - Cumulatively, from January to October, the wholesale sales totaled 11.7 million units, down 2% compared to the previous year [1] Group 2: Fuel Tax and Sales - Starting next year, departing airline passengers from Singapore will pay up to 41.60 SGD (31.95 USD) as a green fuel tax, aimed at reducing emissions in the aviation sector [1] - In India, fuel sales in October decreased by 0.4% year-on-year to 17.017 million tons, with diesel sales down 0.3% and gasoline sales up 7.4% [1] Group 3: Fuel Oil Market - The Asian low-sulfur fuel market is facing challenges due to ample immediate supply and sluggish downstream marine fuel activity, with the closure of the East-West arbitrage window potentially reducing European arbitrage cargoes in December [2] - The Asian high-sulfur fuel oil market is supported by stable downstream demand, but supply remains sufficient, with ongoing sanctions affecting Russian and Iranian volumes [2] - Market expectations indicate that fuel oil supply is ample, which is bearish for fuel oil prices, while sanctions on Russia and reduced trade tensions between China and the U.S. could support prices [3] - Strategies suggest focusing on short-selling opportunities in the main fuel oil contracts [3]