燃料油日报：油价大跌带动盘面价格走低-20251114

Group 1: Report Industry Investment Rating - No specific industry investment rating provided in the report Group 2: Core Views of the Report - The sharp decline in oil prices drove down the prices of fuel oil futures. The main contract of SHFE fuel oil futures closed down 3.71% at 2,595 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 4.41% at 3,164 yuan/ton [1] - OPEC's latest monthly oil market report shows that the oil market will experience a slight surplus in 2026 as global supply increases, which has an important impact on the overall market expectations [1] - Since Q3, the oil supply in the Middle East, Latin America, and Russia has increased significantly, and the problem of oil inventory accumulation will become more prominent in the future [1] - Excluding the impact of geopolitical and macro events on market sentiment, the fundamentals are bearish for oil prices, which will drive down the price center of downstream fuel oil [1] - The current contradictions in the fundamentals of fuel oil itself are relatively limited. The spread between high-sulfur and low-sulfur fuel oil is in a stage of bottom rebound, but there is no strong expectation of differentiation in their strength [1] Group 3: Strategy Summary - High-sulfur fuel oil: Neutral in the short term and bearish in the medium term [2] - Low-sulfur fuel oil: Neutral in the short term and bearish in the medium term [2] - Cross-variety strategy: Go long on the spread of LU2601 - FU2601 at low levels [2] - Cross-period strategy: None [2] - Spot-futures strategy: None [2] - Options strategy: None [2] Group 4: Chart Information - Multiple charts are provided, including the spot prices, swap near-month contracts, and monthly spreads of Singapore high-sulfur 380 fuel oil and low-sulfur fuel oil, as well as the closing prices, trading volumes, and open interests of fuel oil FU and low-sulfur fuel oil LU futures contracts [3]