燃料油日报：原油端弱势震荡，高低硫价差继续回升-20251111

Report Summary 1. Investment Rating No specific industry investment rating is provided in the report. 2. Core View - Crude oil prices have been weakly oscillating recently, exerting some pressure on the unilateral prices of FU and LU. The high - sulfur fuel oil is in an adjustment phase, with the cracking spread, monthly spread, and spot premium declining, but there are still structural supporting factors. Attention should be paid to the change path of Russian supply under the dual influence of drone attacks and sanctions. For low - sulfur fuel oil, as the production of Azur and Dangote refineries decreases, the supply pressure eases marginally, and the market structure is slightly repaired. However, the low - sulfur oil market still lacks a continuous upward - driving force, especially facing resistance on the demand side [2]. 3. Strategy - High - sulfur fuel oil: Short - term neutral, medium - term bearish [3]. - Low - sulfur fuel oil: Short - term neutral, medium - term bearish [3]. - Cross - variety: Go long on the LU2601 - FU2601 spread on dips [3]. - Cross - term: No strategy [3]. - Futures - spot: No strategy [3]. - Options: No strategy [3]. 4. Market Data - The main contract of Shanghai Futures Exchange fuel oil futures closed up 0.04% at 2,693 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 0.71% at 3,280 yuan/ton [1]. - There are various charts showing prices, spreads, and trading volumes of Singapore high - sulfur and low - sulfur fuel oils, as well as fuel oil futures in China, with units including US dollars/ton and yuan/ton, and trading volume in lots [4].