Report Summary 1. Report Industry Investment Ratings - Crude oil: ☆☆☆ (Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities) [6] - Fuel oil: ☆☆☆ (Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities) [6] - Low - sulfur fuel oil: ☆☆☆ (Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities) [6] - Asphalt: ☆☆☆ (Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities) [6] - Liquefied petroleum gas: ☆☆☆ (Three red stars, indicating a clearer upward trend and relatively appropriate investment opportunities) [6] 2. Core Viewpoints - The international oil price continued to rebound, and the SC11 contract rose 2.33% during the day. The decline in US API crude oil inventories and the US crude oil purchase plan supported the market. In the medium - term, there is still pressure of loose supply and demand, but the downward momentum of oil prices may slow down this week. Uncertainties in international talks will bring new fluctuations [2]. - FU and LU followed the rise driven by the strong cost - end. High - sulfur fuel oil is currently supported but may face supply pressure in the medium - term. Low - sulfur fuel oil's fundamentals are weak, but its cracking spread may be supported in the fourth quarter [3]. - The asphalt main contract rose nearly 3% driven by the rebound of crude oil. The market is in a tight - balance pattern, and the inventory is slightly decreasing [4]. - The LPG main contract rose about 1.7% led by the rebound of crude oil. The supply increased slightly this week, and the fundamentals improved marginally [5]. 3. Summary by Related Catalogs Crude Oil - The international oil price continued to rebound, with the SC11 contract rising 2.33% during the day. The US API crude oil inventory decreased by 298,100 barrels last week, and the US 1 - million - barrel crude oil purchase plan supported the market. OPEC +'s production increase strategy and the decline in demand after the peak consumption season bring medium - term supply - demand pressure, but the downward momentum of oil prices may slow down this week. Uncertainties in international talks will bring new fluctuations [2]. Fuel Oil & Low - sulfur Fuel Oil - FU and LU followed the rise driven by the strong cost - end. High - sulfur fuel oil is currently supported by geopolitical factors, ship - fuel demand, and feedstock improvement, but supply may be loose in the medium - term. Low - sulfur fuel oil's fundamentals are weak, with sufficient overseas supply. Its cracking spread may be supported in the fourth quarter [3]. Asphalt - The asphalt main contract rose nearly 3% driven by the rebound of crude oil. The national weekly operating rate decreased, and the refinery production plan in November decreased. Terminal demand was affected by weather, and the inventory decreased slightly. The market is in a tight - balance pattern [4]. Liquefied Petroleum Gas - The LPG main contract rose about 1.7% led by the rebound of crude oil. The supply increased slightly this week. Chemical demand increased, while combustion demand was weak. The inventory at refineries and ports decreased, and the fundamentals improved marginally [5].
国投期货能源日报-20251022
Guo Tou Qi Huo·2025-10-22 11:19