燃料油日报：油价延续弱势，成本端指引偏空-20251017

Report Industry Investment Rating - High-sulfur fuel oil: Cautiously bearish, with a short-term focus on waiting and observing [3] - Low-sulfur fuel oil: Cautiously bearish, with a short-term focus on waiting and observing [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3] Core View of the Report - Crude oil prices have been weak recently due to looser fundamentals and potential tariff frictions, suppressing the overall energy sector. The fundamentals of fuel oil itself have a mix of long and short factors, with limited market drivers. High-sulfur fuel oil's supply from Iran and Russia is affected by sanctions and drone attacks, and after the end of the Middle East demand peak season, fuel oil exports have room for further growth. Low-sulfur fuel oil's current fundamentals and market structure are weaker than those of high-sulfur fuel oil, with increased supply from Africa, South America, etc., and potential risks in shipping and marine fuel demand. The pressure on the low-sulfur fuel oil market is expected to ease after the restart of the Dangote refinery's RFCC unit [2] Summary by Relevant Catalog Market Analysis - The night session of the main contract of the SHFE fuel oil futures closed down 0.82%, at 2,672 yuan/ton; the night session of the main contract of the INE low-sulfur fuel oil futures closed down 1.55%, at 3,114 yuan/ton [1] Strategy - High-sulfur fuel oil: Cautiously bearish, short-term wait-and-see [3] - Low-sulfur fuel oil: Cautiously bearish, short-term wait-and-see [3] - Cross-variety: No strategy [3] - Cross-period: No strategy [3] - Spot-futures: No strategy [3] - Options: No strategy [3] Charts - Multiple charts are provided, including those related to Singapore high-sulfur 380 fuel oil and low-sulfur fuel oil spot prices, swap near-month contracts, near-month spreads, as well as fuel oil FU and low-sulfur fuel oil LU futures' main contract closing prices, index closing prices, near-month contract prices, near-month spreads, and trading volume and open interest [4]