供需宽松 渣油承压下调

Core Viewpoint - The residual oil market is experiencing downward pressure due to ample supply and insufficient downstream demand, leading to a bearish market sentiment [1] Group 1: Price Trends - As of November 11, low-sulfur residual oil prices in Shandong are at 3950 yuan/ton, down 70 yuan/ton from the previous Tuesday, a decline of 1.74% [1] - Medium-sulfur residual oil prices are at 3785 yuan/ton, down 65 yuan/ton from the previous Tuesday, a decline of 1.68% [1] Group 2: Market Dynamics - The current supply of residual oil is relatively abundant, and the profitability of coking units has improved only marginally [1] - Downstream demand growth is insufficient, leading to a slowdown in procurement speed and contributing to the downward pressure on residual oil prices [1] Group 3: Future Outlook - According to Zhaochuang Information, the sustainability of oil price increases may be limited, with expectations of a price correction and no positive factors supporting the cost side in the short term [1] - The diesel market, a major downstream product, is relatively stable in the short term, but long-term pressures remain [1] - The improvement in downstream demand for residual oil is expected to be limited, with prices likely to continue weak adjustments, although the extent of these adjustments may narrow [1]