国投期货能源日报-20251112

Report Industry Investment Ratings - Crude oil: ★★★ (indicating a clearer upward trend and relatively appropriate investment opportunities) [1] - Fuel oil: ★★★ (indicating a clearer upward trend and relatively appropriate investment opportunities) [1] - Low - sulfur fuel oil: Not provided [1] - Asphalt: ★★★ (indicating a clearer upward trend and relatively appropriate investment opportunities) [1] - Liquefied petroleum gas: ★★★ (indicating a clearer upward trend and relatively appropriate investment opportunities) [1] Core Viewpoints - The report analyzes the market conditions of crude oil, fuel oil, low - sulfur fuel oil, asphalt, and liquefied petroleum gas, providing investment suggestions based on supply - demand relationships, geopolitical factors, and price trends [2][3][4] Summary by Category Crude Oil - Overnight international oil prices rebounded, with the SC12 contract rising 1.52% intraday. There is still downward room for oil prices this year, but short - term support exists. Attention should be paid to short - selling opportunities after the rebound [2] Fuel Oil & Low - Sulfur Fuel Oil - High - sulfur fuel oil supply tends to be loose due to increased Middle - East high - sulfur sources and weakened feedstock demand. Low - sulfur fuel oil fundamentals have improved significantly compared to the third quarter. The strategy of widening the high - low sulfur spread can be gradually stopped for profit [2] Asphalt - The decline of asphalt stopped with the rebound of crude oil today, with the 2601 contract rising 0.86%. Fundamental negatives still suppress BU [3] Liquefied Petroleum Gas - The international liquefied gas market has been strong recently. With the tightening of supply - demand margins, LPG is expected to fluctuate strongly [4]