燃料油日报：中美贸易谈判落地，高低硫价差低位反弹-20251031

1. Report Industry Investment Rating - High-sulfur fuel oil: Neutral, with a short-term focus on observation [2] - Low-sulfur fuel oil: Neutral, with a short-term focus on observation [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] 2. Core View of the Report - The landing of China-US trade negotiations has boosted the macro sentiment, but the weakening expectation of the crude oil fundamentals will continue to suppress the market. The fuel oil market has shown a pattern of "high-sulfur stronger than low-sulfur", which is now showing a marginal shift. The market structure of high-sulfur fuel oil has weakened, the local supply pressure of low-sulfur fuel oil has eased, and the price difference between high and low sulfur has rebounded slightly from the low level. The reduction of the "fentanyl tariff" by the US has temporarily dispelled concerns about the decline in trade and shipping demand, which is beneficial to both high and low sulfur fuel oils [1] 3. Summary by Relevant Catalogs Market Analysis - The night session of the main contract of the Shanghai Futures Exchange fuel oil futures closed up 0.04%, at 2,761 yuan/ton; the night session of the main contract of the INE low-sulfur fuel oil futures closed up 1.26%, at 3,287 yuan/ton. Crude oil prices are in a narrow range of fluctuations, providing limited guidance for the FU and LU disk directions [1] Strategy - High-sulfur fuel oil: Adopt a neutral strategy and mainly observe in the short term [2] - Low-sulfur fuel oil: Adopt a neutral strategy and mainly observe in the short term [2] - Cross-variety, cross-period, spot-futures, and options: No strategies are proposed [2]