燃料油日报：市场多空因素交织，短期方向仍不明朗-20250902

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Oscillation [2] - Low - sulfur fuel oil: Oscillation [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core Viewpoints - The current geopolitical and macro - economic situation is unclear, especially the limited progress in Russia - Ukraine peace talks. The crude oil market is facing many uncertainties in the short term, showing a range - bound trend, and the FU and LU fuel oil markets also show narrow fluctuations [1] - High - sulfur fuel oil is in a stage of market adjustment and re - balancing, with both long and short factors in the market. The export of high - sulfur fuel oil in the Middle East is increasing, while the supply from Iran and Russia is restricted. If the market continues to loosen after the peak power - generation season, it may require a further callback in crack spreads to attract incremental demand from refineries [1] - Low - sulfur fuel oil currently has limited market pressure, with low domestic production and tightened Western arbitrage supply. In the short term, the market structure is relatively stable but lacks strong driving forces. In the medium - term, it still faces the contradiction of demand share substitution and excess capacity, with support at the bottom of the valuation and significant upward resistance [1] Group 3: Summary by Related Contents Market Analysis - The main contract of SHFE fuel oil futures closed up 0.25% at 2,832 yuan/ton in daytime trading, while the main contract of INE low - sulfur fuel oil futures closed down 0.49% at 3,474 yuan/ton [1] Strategy - High - sulfur fuel oil: Oscillation [2] - Low - sulfur fuel oil: Oscillation [2] - Cross - variety: No strategy provided [2] - Cross - period: No strategy provided [2] - Spot - futures: No strategy provided [2] - Options: No strategy provided [2] Figures - Figures 1 - 18 show various price and trading volume data of Singapore and domestic fuel oil, including spot prices, swap prices, futures contract closing prices, month - to - month spreads, and trading volume and open interest [3]