阿祖尔炼厂装置重启或推迟

1. Report Industry Investment Rating - High - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Low - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Cross - product: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The night session of the main contract of SHFE fuel oil futures closed up 0.08%, at 2476 yuan/ton; the night session of the main contract of INE low - sulfur fuel oil futures closed up 0.7%, at 3037 yuan/ton. Crude oil prices rebounded slightly from recent lows, but the medium - term expectation of oversupply in the oil market is gradually being realized. If the Russia - Ukraine peace agreement is successfully reached, the geopolitical premium may further fade, and the cost side exerts some pressure on the unilateral price of fuel oil. The current overall market contradictions of fuel oil are limited. The market structure of high - sulfur fuel oil is in the adjustment stage, and the support below comes from the incremental demand of refineries. For low - sulfur fuel oil, the overall market supply remains relatively abundant, but the shutdown of Azul Refinery has alleviated local pressure. According to IIR, the maintenance time of two CDU units at Azul Refinery has been extended, with the restart postponed from November 29 and December 9 to December 6 and December 25. The tightening of Kuwaiti supply provides short - term support for the low - sulfur fuel oil market [1] 3. Summary by Relevant Contents Market Analysis - The night session of the main contract of SHFE fuel oil futures closed up 0.08% at 2476 yuan/ton, and the night session of the main contract of INE low - sulfur fuel oil futures closed up 0.7% at 3037 yuan/ton [1] - Crude oil prices rebounded slightly from recent lows. If the Russia - Ukraine peace agreement is reached, the geopolitical premium may fade, and the cost side may suppress the unilateral price of fuel oil [1] - The overall market contradictions of fuel oil are limited. High - sulfur fuel oil's market structure is adjusting, with support from refinery demand. Low - sulfur fuel oil supply is abundant, but Azul Refinery's shutdown eases local pressure. The refinery's restart is postponed, and Kuwait's supply tightening supports the low - sulfur fuel oil market [1] Strategy - High - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Low - sulfur fuel oil: Neutral, short - term wait - and - see [2] - Cross - product, cross - period, spot - futures, and options: No strategies provided [2] Figures - There are multiple figures showing prices, spreads, and trading volumes of Singapore high - sulfur and low - sulfur fuel oils, as well as fuel oil futures in China, with their respective units and data sources from Flush, Steel Union, and Huatai Futures Research Institute [3][4]