Report Industry Investment Ratings - Crude oil: ★☆☆, indicating a bias towards a short - term directional movement but with limited operability on the trading floor [1] - Fuel oil: ★☆☆, suggesting a bias towards a short - term directional movement but with limited operability on the trading floor [1] - Low - sulfur fuel oil: ★☆☆, implying a bias towards a short - term directional movement but with limited operability on the trading floor [1] - Asphalt: ☆☆☆, meaning the short - term long/short trend is in a relatively balanced state and the current trading floor has poor operability, so it's advisable to wait and see [1] - Liquefied petroleum gas: ☆☆☆, indicating the short - term long/short trend is in a relatively balanced state and the current trading floor has poor operability, so it's advisable to wait and see [1] Core Views - The bearish trend in the crude oil market continues, and a strategy of shorting on rallies is recommended, with the previously recommended combination strategy of shorting crude oil and holding out - of - the - money call options to be continued [2] - The FU2601 contract of fuel oil shows a sideways consolidation pattern, and the decline in warehouse receipts provides some support for fuel oil and low - sulfur fuel oil [3] - The asphalt price has a clear support below, and the long positions laid out at the beginning of the week are advised to be held [4] - The international LPG market remains strong, and the domestic market is mainly in a sideways movement due to the support from import costs and the suppression of high - volume warehouse receipts on the futures market [5] Summary by Related Catalogs Crude Oil - Overnight international oil prices rose and then fell, with the SC10 contract up 0.58%. The market supply - demand surplus will increase marginally, and the pressure will be concentrated from the fourth quarter of this year to the first quarter of next year. The bearish trend continues, and a short - on - rallies strategy is recommended [2] Fuel Oil & Low - sulfur Fuel Oil - The FU2601 contract is in a sideways consolidation range of 2780 - 2795 yuan/ton. The LU2511 contract rose to 3400 yuan/ton and then pulled back. The continuous decline in warehouse receipts provides support for both [3] Asphalt - The asphalt price followed the crude oil to rise slightly at the end of the session. The shipment volume slowed down in the first week of September, but the impact is expected to be short - term. The overall inventory level is flat compared to the previous period, and long positions are advised to be held [4] LPG - The international LPG market is strong due to strong procurement demand in India and East Asia. The domestic market is supported by import costs, but the high - volume warehouse receipts on the futures market limit the upward momentum, and it mainly moves sideways [5]
能源日报-20250910
Guo Tou Qi Huo·2025-09-10 13:00