原油价格下跌，市场驱动偏弱

1. Report Industry Investment Rating - High - sulfur fuel oil: Oscillating [3] - Low - sulfur fuel oil: Oscillating [3] 2. Core Viewpoints of the Report - Yesterday's decline in crude oil prices drove down the unilateral prices of FU and LU, and the expectation of a looser medium - term balance sheet has potential suppression on the market [2] - The high - sulfur fuel oil market has been operating weakly recently, with the market structure continuously adjusting and the crack spread significantly dropping from its peak. The spot supply is relatively abundant, and there are few bright spots on the demand side except for the peak - season procurement by power plants. However, as the price difference between the East and West regions of high - sulfur fuel oil shrinks to a low level, the supply of arbitrage cargoes may tighten, and the Asia - Pacific market is expected to receive some short - term support. Structurally favorable factors have not completely disappeared in the medium term [2] - The low - sulfur fuel oil market currently has limited positive factors. As the tight diesel situation overseas eases, the support for the low - sulfur fuel oil market may weaken, and there is an expectation of increased component supply. In the medium term, due to the relatively abundant remaining capacity of low - sulfur fuel oil, supply will be released once the crack profit is appropriate. Also, the carbon - neutral trend in the shipping industry will gradually replace the market share of low - sulfur fuel oil, and the market outlook is not optimistic [2] 3. Summary by Related Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed down 2.33% at 2,846 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed down 2.84% at 3,559 yuan/ton [1] Strategy - High - sulfur: Oscillating; Low - sulfur: Oscillating [3] - For cross - varieties, the previous short positions in the FU crack spread (FU - Brent or FU - SC) can be appropriately closed for profit [3] - For cross - periods, the previous FU reverse arbitrage positions can be gradually closed for profit [3] - For spot - futures: No strategy [3] - For options: No strategy [3]