燃料油日报：科威特发货仍未恢复，高低硫价差再度回升-20251203

1. Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Low - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The main contract of SHFE fuel oil futures closed down 0.2% at 2,469 yuan/ton, while the main contract of INE low - sulfur fuel oil futures closed up 0.63% at 3,035 yuan/ton [1] - Crude oil prices rebounded slightly from the low level, but the medium - term expectation of oversupply in the oil market is gradually materializing. If the Russia - Ukraine peace agreement is successfully reached, the geopolitical premium may further subside, and the cost side will put some pressure on the unilateral price of fuel oil [1] - In terms of the fundamentals of fuel oil itself, the overall market contradictions are limited currently. The market structure of high - sulfur fuel oil is in the adjustment stage, with the support from the incremental demand on the refinery side. For low - sulfur fuel oil, the overall market supply is still relatively abundant, but there are local reductions. The extended maintenance time of the Azur refinery and zero shipping volume from Kuwait since November provide short - term support for the low - sulfur fuel oil market, and the high - low sulfur basis has risen again, but the expected space is limited [1] 3. Summary of Relevant Figures Singapore Fuel Oil Spot and Swap Contracts - Figure 1 shows the spot price of Singapore high - sulfur 380 fuel oil in dollars/ton [3][12] - Figure 2 shows the spot price of Singapore low - sulfur fuel oil in dollars/ton [3][12] - Figure 3 shows the near - month contract of Singapore high - sulfur fuel oil swap in dollars/ton [3][4] - Figure 4 shows the near - month contract of Singapore low - sulfur fuel oil swap in dollars/ton [3][4] Singapore Fuel Oil Near - Month Spreads - Figure 5 shows the near - month spread of Singapore high - sulfur fuel oil in dollars/ton [3][7] - Figure 6 shows the near - month spread of Singapore low - sulfur fuel oil in dollars/ton [3][7] Fuel Oil FU Futures - Figure 7 shows the closing price of the main contract of fuel oil FU futures in yuan/ton [3][13] - Figure 8 shows the closing price of the fuel oil FU futures index in yuan/ton [3][13] - Figure 9 shows the closing price of the near - month contract of fuel oil FU futures in yuan/ton [3][20] - Figure 10 shows the near - month spread of the fuel oil FU contract in yuan/ton [3][20] - Figure 11 shows the trading volume and open interest of the main contract of fuel oil FU futures in lots [3][21] - Figure 12 shows the total trading volume and open interest of fuel oil FU futures in lots [3][21] Low - Sulfur Fuel Oil LU Futures - Figure 13 shows the closing price of the main contract of low - sulfur fuel oil LU futures in yuan/ton [3][27] - Figure 14 shows the closing price of the low - sulfur fuel oil LU futures index in yuan/ton [3][27] - Figure 15 shows the price of the near - month contract of low - sulfur fuel oil LU futures in yuan/ton [3][24] - Figure 16 shows the near - month spread of low - sulfur fuel oil LU futures in yuan/ton [3][24] - Figure 17 shows the trading volume and open interest of the main contract of low - sulfur fuel oil LU futures in lots [3][25] - Figure 18 shows the total trading volume and open interest of low - sulfur fuel oil LU futures in lots [3][25]