燃料油日报：盘面震荡运行，整体市场压力有限-20250923

1. Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, medium - term downward [2] - Low - sulfur fuel oil: Short - term neutral, medium - term downward [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The oil price is in a state of range - bound oscillation. The medium - term balance sheet shows an expected oversupply, and there are many short - term geopolitical uncertainties, providing limited guidance on the fuel oil price direction [1] - The fundamentals of high - sulfur fuel oil have improved marginally. Although the supply is still relatively abundant and the inventory is high, the pressure has eased. In the future, the Middle East fuel oil supply may increase, and the demand from shipping and refinery terminals may be needed to offset it [1] - For low - sulfur fuel oil, the local supply pressure has increased due to increased exports from the Nigerian Dangote refinery, but the current market pressure is limited. The market structure support remains, but the upward driving force is insufficient [1] 3. Summary by Related Contents Market Analysis - The main contract of SHFE fuel oil futures closed down 1.21% at 2,784 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed down 0.68% at 3,382 yuan/ton [1] - The high - sulfur fuel oil market has seen marginal improvement recently, with supply still relatively abundant and high inventory, but the pressure has eased compared to the previous period. In September, Middle East high - sulfur fuel oil exports declined significantly, but future supply may increase [1] - For low - sulfur fuel oil, the Nigerian Dangote refinery increased exports due to RFCC device shutdown, increasing local supply pressure. However, the current market pressure is limited, and the Singapore finished product supply is tight [1] Strategy - High - sulfur fuel oil: Short - term neutral, medium - term downward [2] - Low - sulfur fuel oil: Short - term neutral, medium - term downward [2] - Other strategies (cross - variety, cross - period, spot - futures, options): None [2]