原油端震荡反弹，市场多空因素交织

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, leaning towards bearish [2] - Low - sulfur fuel oil: Short - term neutral, leaning towards bearish [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core View of the Report - The main contract of SHFE fuel oil futures closed up 1.91% at 2,508 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 2.18% at 3,089 yuan/ton [1] - The crude oil side continued to rebound in a volatile manner, boosting the unilateral prices of FU and LU, but the expectation of oversupply in the oil market has not reversed, and the medium - term cost side will continue to suppress the unilateral prices of fuel oil [1] - The overall market contradiction of fuel oil is limited. The market structure of high - sulfur fuel oil is in the adjustment stage, and the crack spread has dropped significantly from the high level. The market needs an increase in refinery demand to hedge the increased supply from the Middle East, and the market structure support still exists. The overall supply of low - sulfur fuel oil is relatively abundant, but there are local reductions. The short - term trend of the high - low sulfur spread is volatile and strong, but the upside space is expected to be limited [1] Group 3: Summary by Related Figures - Figures related to Singapore fuel oil: - Figure 1: Singapore high - sulfur 380 fuel oil spot price, unit: US dollars/ton [3][11] - Figure 2: Singapore low - sulfur fuel oil spot price, unit: US dollars/ton [3][11] - Figure 3: Singapore high - sulfur fuel oil swap near - month contract, unit: US dollars/ton [3][4] - Figure 4: Singapore low - sulfur fuel oil swap near - month contract, unit: US dollars/ton [3][4] - Figure 5: Singapore high - sulfur fuel oil near - month spread, unit: US dollars/ton [3][7] - Figure 6: Singapore low - sulfur fuel oil near - month spread, unit: US dollars/ton [3][7] - Figures related to fuel oil FU futures: - Figure 7: Fuel oil FU futures main contract closing price, unit: yuan/ton [3][13] - Figure 8: Fuel oil FU futures index closing price, unit: yuan/ton [3][13] - Figure 9: Fuel oil FU futures near - month contract closing price, unit: yuan/ton [3][22] - Figure 10: Fuel oil FU near - month contract spread, unit: yuan/ton [3][22] - Figure 11: Fuel oil FU futures main contract trading volume and open interest, unit: lots [3][23] - Figure 12: Fuel oil FU futures total trading volume and open interest, unit: lots [3][23] - Figures related to low - sulfur fuel oil LU futures: - Figure 13: Low - sulfur fuel oil LU futures main contract closing price, unit: yuan/ton [3][24] - Figure 14: Low - sulfur fuel oil LU futures index closing price, unit: yuan/ton [3][24] - Figure 15: Low - sulfur fuel oil LU futures near - month contract price, unit: yuan/ton [26] - Figure 16: Low - sulfur fuel oil LU futures near - month spread, unit: yuan/ton [26] - Figure 17: Low - sulfur fuel oil LU futures main contract trading volume and open interest, unit: lots [3][32] - Figure 18: Low - sulfur fuel oil LU futures total trading volume and open interest, unit: lots [3][32]