Report Industry Investment Ratings - Crude oil: ★★★ (indicating a clearer upward trend and a relatively appropriate investment opportunity) [4] - Fuel oil: ★★★ (indicating a clearer upward trend and a relatively appropriate investment opportunity) [4] - Low-sulfur fuel oil: ★☆☆ (indicating a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability in the market) [4] - Asphalt: ★★★ (indicating a clearer upward trend and a relatively appropriate investment opportunity) [4] - Liquefied petroleum gas: ☆☆☆ (indicating a relatively balanced short-term bullish/bearish trend, with poor market operability and suggesting a wait-and-see approach) [4] Core Viewpoints - Geopolitical factors are having a significant impact on the energy market, and the key window period for geopolitical games may occur around the National Day holidays, affecting the supply and price trends of various energy products [2] - For different energy products, their price trends are affected by a combination of geopolitical factors, supply and demand conditions, and seasonal factors, with each having its own characteristics and short - to medium - term outlooks [2][3] Summary by Categories Crude Oil - Overnight international oil prices rebounded sharply, with the SC11 contract rising 1.72% during the day. There are potential impacts on oil prices from the geopolitical situations in Russia - Ukraine and Iran - nuclear issues. The short - term upward risk of oil prices remains, and hedging short positions in crude oil - related futures should be combined with call options [2] Fuel Oil & Low - Sulfur Fuel Oil - The fuel oil market continued to rise, driven by geopolitical factors affecting the cost side and supply tightening expectations. However, in the medium term, with the arrival of the off - season and supply easing, a bearish view is maintained. The current supply - demand contradiction of low - sulfur fuel oil is not prominent, and its price is still suppressed, but the overall fuel oil market may be affected by the development of the geopolitical situation [2] Asphalt - The terminal in the northern region has pre - holiday rush - work demand, while the typhoon affects the demand in the southern region. The inventory has slightly accumulated, and the supply - demand tight - balance pattern continues, providing support for the price of asphalt [3] Liquefied Petroleum Gas - LPG oscillated strongly at a low level today. The supply decreased due to factors such as increased refinery self - use and the impact of typhoons on imports. With the arrival of the gas consumption peak season, the overall consumption is expected to increase, and the bottom of the LPG price may have emerged [3]
国投期货能源日报-20250925
Guo Tou Qi Huo·2025-09-25 11:43