Report Investment Ratings - Crude oil: ★★★ (indicating a clearer long - trend and a relatively appropriate investment opportunity) [1] - Fuel oil: Not clearly defined in a comparable way - Low - sulfur fuel oil: Not clearly defined in a comparable way - Asphalt: ★★★ (indicating a clearer long - trend and a relatively appropriate investment opportunity) [1] - Liquefied petroleum gas: ★☆☆ (indicating a bullish/bearish bias with a driving force for price movement but poor operability on the trading floor) [1] Core Views - The overall international oil prices declined around the National Day holiday. The subsequent market will focus on the pressure of loose supply - demand, and the strategy of combining high - level short positions in SC with out - of - the - money call options should be opportunistically and temporarily closed for profit [2] - The fuel oil market will follow the trend of crude oil. High - sulfur fuel oil will be affected by geopolitical factors, while low - sulfur fuel oil will face continuous pressure from loose supply - demand [3] - The supply - demand of asphalt remains in a tight balance. With the weakening of the cost side, asphalt is expected to be under limited pressure and its crack spread has upward potential [4] - The short - term LPG is under pressure due to the lack of positive support, and attention should be paid to the improvement of combustion demand after the temperature drops [5] Summary by Directory Crude Oil - International oil prices rebounded after OPEC+ did not significantly increase production as expected. The SC11 contract dropped 1.98% on the first trading day after the holiday. US crude oil inventories increased by 3715000 barrels last week, but the relatively strong refined oil apparent demand in the past four weeks supported the oil price [2] Fuel Oil & Low - sulfur Fuel Oil - The fuel oil market opened lower following the cost side. High - sulfur fuel oil is relatively resistant to decline due to geopolitical risks, but may face supply pressure in the medium term. Low - sulfur fuel oil has sufficient overseas supply, weak demand, and the pressure of loose supply - demand remains unchanged [3] Asphalt - The overall commercial inventory decreased compared with that before the holiday. The planned production in October increased by 350000 tons year - on - year and decreased by 400 tons month - on - month. The supply - demand is in a tight balance, and the asphalt is expected to be under limited pressure [4] Liquefied Petroleum Gas - The price of Saudi CP in October was much lower than expected, and the import cost decreased. The market sentiment is cautious, and the short - term LPG is under pressure [5]
国投期货能源日报-20251009
Guo Tou Qi Huo·2025-10-09 14:43