能源日报-20250410

1. Report Industry Investment Ratings - Crude oil: ★★★ [1] - Fuel oil: ★★★ [1] - Low-sulfur fuel oil: ★★★ [1] - Asphalt: ★★★ [1] - Liquefied petroleum gas: ★★★ [1] 2. Core Views of the Report - The cost support of crude oil has been realized, but the pressure on inventory remains, and the space for a rebound after an oversold situation should not be over - expected [2] - The fuel oil series futures have risen. The FU cracking is supported, and the supply pressure of LU has increased [3] - The asphalt price follows the rebound of crude oil, and its short - term price trend is affected by crude oil [4] - The domestic LPG market has a cautious attitude, and the disk may be supported. After the stabilization of crude oil, the driving force for the disk rebound is expected to increase [5] 3. Summary According to Related Catalogs Crude Oil - Overnight international oil prices fluctuated sharply. The S805 contract rose 2.56% during the day. The cost support has been realized, and the low - point target positions in the 2018 trade - war scenario are almost reached. The U.S. EIA crude oil inventory increased by 255,300 barrels per day last week, and there is still inventory pressure after OPEC+ accelerates production increase [2] Fuel Oil & Low - Sulfur Fuel Oil - After crude oil rebounded from a low level, the fuel oil series futures rose. The FU cracking is supported by the tight global heavy - oil resources. The supply pressure of LU has increased, and there is a lack of positive factors to support its cracking [3] Asphalt - After crude oil rebounded from the bottom, BU followed the rebound. The profit of refining diluted asphalt is still poor, and the production willingness is suppressed. The high - frequency shipment volume data of asphalt has increased month - on - month, and the short - term price trend is affected by crude oil [4] LPG - The external quotation has stabilized downward. The domestic market has a cautious purchasing attitude. The disk may be supported under a relatively high discount to the spot. After the stabilization of crude oil, the driving force for the disk rebound is expected to increase [5]