燃料油日报：阿祖尔炼厂装置检修，科威特11月发货量预计下滑-20251104

Report Summary 1) Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, medium - term bearish [2] - Low - sulfur fuel oil: Short - term neutral, medium - term bearish [2] - Cross - variety: Go long on the spread of LU2601 - FU2601 at low prices [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2) Core Viewpoints - After important macro events, crude oil prices are in a volatile state, and the short - term guidance for FU and LU directions is limited. The strength - weakness pattern of high - and low - sulfur fuel oils has shown marginal changes [1]. - For high - sulfur fuel oil, the spot market has loosened, the market structure has adjusted. OPEC's production increase and the decline in power generation terminal demand will drive the growth of Middle - East exports, while the situations in Russia and Iran are uncertain [1]. - For low - sulfur fuel oil, with the restart of the RFCC unit of Dangote refinery, the local supply pressure has eased. Kuwait's November shipments are expected to decline due to the maintenance of Azur refinery's units. The low - sulfur fuel oil market structure has short - term repair conditions but lacks continuous positive drivers [1]. 3) Directory - based Summaries Market Analysis - The main contract of SHFE fuel oil futures closed up 1.42% at 2,790 yuan/ton; the main contract of INE low - sulfur fuel oil futures closed up 1.93% at 3,335 yuan/ton [1]. - Crude oil prices are volatile as the market assesses the impact of sanctions on Russian supply, with limited short - term guidance for FU and LU [1]. - High - sulfur fuel oil spot has become looser, and the market structure has adjusted. OPEC's production increase and lower power - generation demand will boost Middle - East exports, while Russia and Iran's situations are variable [1]. - Low - sulfur fuel oil supply pressure has eased locally with the restart of Dangote refinery's RFCC unit. Kuwait's November shipments are expected to fall due to Azur refinery's unit maintenance, and the market has short - term repair conditions but no continuous positive drivers [1]. Strategy - High - sulfur: Short - term neutral, medium - term bearish [2] - Low - sulfur: Short - term neutral, medium - term bearish [2] - Cross - variety: Go long on the spread of LU2601 - FU2601 at low prices [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] Figures - There are multiple figures showing prices, spreads, and trading volumes of Singapore's high - and low - sulfur fuel oil spot, swaps, and domestic fuel oil futures contracts, with their respective units (e.g., dollars/ton, yuan/ton, hands) [3]