Report Industry Investment Ratings - Crude oil: ★★★, indicating a clearer bullish trend with relatively appropriate investment opportunities currently [1] - Fuel oil: ★★★, indicating a clearer bullish trend with relatively appropriate investment opportunities currently [1] - Low - sulfur fuel oil: Not explicitly rated in a comparable way, but implied to follow the crude oil trend [2] - Asphalt: ☆☆★, the specific meaning of this symbol is not clear from the given content [1] - Liquefied petroleum gas (LPG): ★★★, indicating a clearer bullish trend with relatively appropriate investment opportunities currently [1] Core Viewpoints - The crude oil market maintains a volatile performance, and the improvement of Sino - US relations may help weaken the negative impact of the trade war on the economy. The OPEC+ strategy of seizing market share through rapid production increases makes it difficult for the supply - demand tightness caused by seasonality and geopolitical factors to last [2] - High - sulfur fuel oil demand is relatively weak, and the supply is expected to increase. Low - sulfur fuel oil follows the crude oil trend under the situation of weak supply and demand [2] - The supply of asphalt lacks the resilience to increase, the demand has a seasonal improvement, and the de - stocking trend is expected to continue with a low inventory level, and the upward trend of BU cracking is hard to reverse [3] - The domestic LPG price is weak, but the downward space is limited due to the reduction of supply pressure. It maintains a low - level shock under the summer supply pressure [4] Summary by Related Catalogs Crude Oil - The SC07 contract rose 0.52%. The result of the Sino - US presidential phone call was positive, and the improvement of Sino - US relations may help the economy. The OPEC+ rapid production increase strategy makes the supply - demand tightness unsustainable, and attention should be paid to the substantial improvement of Sino - US economic and trade relations [2] Fuel Oil & Low - sulfur Fuel Oil - High - sulfur fuel oil demand is weak, with low ship - bunkering and deep - processing demand. The summer power - generation demand in the Middle East and North Africa is affected by lower - than - expected temperatures. The supply from Russia to Asia increased by 42% to 2.45 million tons in May, and the OPEC+ production increase is expected to increase the supply of high - sulfur heavy raw materials. The low - sulfur fuel oil follows the crude oil trend under the situation of weak supply and demand [2] Asphalt - The discount of diluted asphalt in June is at a high level of - $6.5 per barrel, and it is estimated to be - $6 per barrel in July. The supply increase is restricted by poor refining and export profits. The demand has a seasonal improvement, and the de - stocking trend is expected to continue with a low inventory level, and the upward trend of BU cracking is hard to reverse [3] LPG - The domestic refinery price is weak. The domestic chemical demand has increased recently, and the international price is relatively stable. The supply pressure has been weakened, and the downward space is limited. It maintains a low - level shock under the summer supply pressure [4]
国投期货能源日报-20250606
Guo Tou Qi Huo·2025-06-06 12:04