燃料油日报：盘面维持震荡，市场短期矛盾有限-20251113

Group 1: Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 0.67% at 2,693 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 1.44% at 3,311 yuan/ton [1] - Crude oil prices maintained a weak and volatile trend, exerting some pressure on the FU and LU market [2] Group 2: Fundamental Analysis - The current fuel oil market is in a stage where the strength difference between high-sulfur and low-sulfur fuel oils is converging. The market structure of high-sulfur fuel oil has weakened marginally, while the supply pressure of low-sulfur fuel oil has eased [2] - The market is experiencing marginal changes rather than new trends. After the adjustment of the high-sulfur oil crack spread, it will attract incremental demand from refineries, while low-sulfur fuel oil faces potential downward pressure on bunker fuel demand [2] - The rebound space of the high-low sulfur spread should not be overly optimistic [2] Group 3: Strategy - High-sulfur fuel oil: Neutral in the short term and bearish in the medium term [3] - Low-sulfur fuel oil: Neutral in the short term and bearish in the medium term [3] - Cross-variety: Go long on the LU2601 - FU2601 spread on dips [3] - Cross-period: No strategy [3] - Spot-futures: No strategy [3] - Options: No strategy [3] Group 4: Figures - Figures include Singapore high-sulfur 380 fuel oil spot price, Singapore low-sulfur fuel oil spot price, Singapore high-sulfur fuel oil swap near-month contract, etc. [4]