Report Industry Investment Ratings - Crude oil: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] - Fuel oil: Not clearly interpretable from the given symbol "ななな" - Low - sulfur fuel oil: Not clearly interpretable from the given symbol "文文文" - Asphalt: Not clearly interpretable from the given symbol "なな☆" - Liquefied petroleum gas: Not clearly interpretable from the given symbol "文文文" Report's Core View - The oil market is in a state of short - term rebound. In the absence of additional negatives, the downward momentum of oil prices this week has slowed down, and attention should be paid to the impact of geopolitical fluctuations on the resistance level of Brent at $65 per barrel [2] - Fuel oil and low - sulfur fuel oil prices mainly follow crude oil fluctuations. High - sulfur fuel oil is supported in the short - term, but supply is expected to be looser in the medium - term. Low - sulfur fuel oil has a weak fundamentals currently but demand may improve marginally in the fourth quarter [3] - The asphalt market maintains a tight balance, and the strengthening of the cost side helps to consolidate the upward trend [4] - The fundamentals of liquefied petroleum gas have improved marginally, and the strengthening of crude oil gives it a boost [4] Summary by Relevant Catalogs Crude Oil - Overnight international oil prices rebounded violently, and the SC11 contract rose 4.4%. Considering the approaching of the low point in April and the decline of net long positions in futures and options, the downward momentum of oil prices is expected to slow down this week. EIA inventories declined last week, and geopolitical risks have increased. The market is in a state of oversold rebound [2] Fuel Oil & Low - Sulfur Fuel Oil - Fuel oil prices follow the strengthening of the crude oil cost side due to multiple macro - factors. The supply - demand contradiction of fuel oil is not prominent. High - sulfur fuel oil is supported in the short - term but supply may be looser in the medium - term. Low - sulfur fuel oil has a weak fundamentals currently, but demand may improve marginally in the fourth quarter [3] Asphalt - Crude oil leads the rise of oil product futures, and BU continues the upward trend. The weekly start - up rate of asphalt nationwide declined, the production plan of refineries in November decreased significantly. The weekly shipment volume of 54 asphalt sample enterprises declined. Social inventory continued to be destocked, and factory inventory was destocked slowly. The market maintains a tight balance [4] Liquefied Petroleum Gas - Today, the rebound of crude oil led to the rise of oil product futures, and the LPG main contract rose about 2.6%. This week, the supply increased slightly. Chemical demand has increased, and the demand expectation of the combustion end is strong, but the actual demand is currently flat. Weekly refinery and port inventories declined [4]
能源日报-20251023
Guo Tou Qi Huo·2025-10-23 11:19