燃料油日报：市场短期矛盾有限，等待新的催化-2025-04-03

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - The short - term contradiction in the fuel oil market is limited, and it is waiting for new catalysts. Recently, the crude oil price has been strong, with Brent rising to around $75 per barrel, enhancing the cost - side support for fuel oil, and both FU and LU have fluctuated upwards [1]. - The high - sulfur fuel oil market structure is still in the adjustment stage, with the marginal weakening of the spot premium, but there are still supporting factors. The current tight heavy oil contradiction will suppress the growth of high - sulfur fuel oil supply. In addition, with the approaching of summer, the power demand in the Middle East, Egypt and other places will have a seasonal increase, and due to the natural gas shortage, Egypt, Iran and Iraq are expected to use more high - sulfur fuel oil to replace natural gas, bringing additional consumption increments [1]. - The low - sulfur fuel oil market structure is stable in the short term and may fluctuate in the direction of crude oil. In the medium term, its market share will continue to be squeezed by desulfurization towers and clean energy, and may face further pressure after the Mediterranean ECA takes effect in May [1]. 3. Strategy Summary - High - sulfur fuel oil: It will fluctuate, with short - term adjustment and support at the bottom [2]. - Low - sulfur fuel oil: It will fluctuate, and a medium - term bearish view is taken [2]. - Cross - variety: No strategy is provided [2]. - Cross - period: Pay attention to the opportunity of going long on the spread of FU2507 - 2509 at low prices [2]. - Futures - spot: No strategy is provided [2]. - Options: No strategy is provided [2]. 4. Chart Information The report provides multiple charts related to fuel oil, including Singapore high - sulfur 380 fuel oil spot price, Singapore low - sulfur fuel oil spot price, Singapore high - sulfur and low - sulfur fuel oil swap near - month contracts, near - month spreads, and the closing prices, trading volumes and open interests of fuel oil FU and low - sulfur fuel oil LU futures contracts [3][4][6]. The data sources for these charts are mainly Flush, Steel Union and Huatai Futures Research Institute [5][8][9].