盘面延续弱势震荡，市场驱动暂有限

Group 1: Report Investment Rating - High-sulfur fuel oil short-term rating: Neutral, slightly bearish [3] - Low-sulfur fuel oil short-term rating: Neutral, slightly bearish [3] - Cross-variety rating: None [3] - Cross-period rating: None [3] - Spot-futures rating: None [3] - Options rating: None [3] Group 2: Core View - The market continues to oscillate weakly with limited drivers. The cost side will continue to suppress the unilateral price of fuel oil, and both FU and LU will operate in a weak oscillation [1]. - The overall market contradictions of fuel oil are currently limited. The high-sulfur fuel oil market structure is in an adjustment phase, and the supply is relatively abundant with a high floating storage volume, but the recent increase in imports provides some support [1]. - The supply of low-sulfur fuel oil is not short, and short-term contradictions are relatively limited. The high-low sulfur spread is expected to oscillate slightly stronger in the short term, but the upside space is limited [2]. Group 3: Market Analysis High-sulfur Fuel Oil - The main contract of SHFE fuel oil futures closed down 1.57% at 2,681 yuan/ton [1]. - The high-sulfur fuel oil market structure is in adjustment, and the cracking spread has dropped significantly from the high level. The supply is abundant, and the floating storage volume is high, with excess to be digested [1]. - As the cracking spread and premium decline, the refinery processing profit has marginally improved, and the recent import volume of high-sulfur fuel oil in China has shown an upward trend, supporting the market [1]. Low-sulfur Fuel Oil - The main contract of INE low-sulfur fuel oil futures closed down 0.67% at 2,986 yuan/ton [1]. - The overall supply is not short, and short-term contradictions are limited. The shipping volume of Kuwait has remained zero since November due to the extended maintenance of the Azur refinery, and its two CDU units are expected to restart in mid - and late - December [2]. - The RFCC unit of the Dangote refinery has been under maintenance since December 8 (planned maintenance until January 26), and the export of Nigerian low-sulfur fuel oil may increase again during the maintenance period [2]. Spread - The high-low sulfur spread is expected to oscillate slightly stronger in the short term, but the upside space is limited, and both high-sulfur and low-sulfur fuel oil lack obvious drivers [2]. Group 4: Strategy High-sulfur Fuel Oil - Short-term strategy: Neutral, slightly bearish [3] Low-sulfur Fuel Oil - Short-term strategy: Neutral, slightly bearish [3] Cross-variety - No strategy [3] Cross-period - No strategy [3] Spot-futures - No strategy [3] Options - No strategy [3] Group 5: Figures - Figures include the spot price, swap near-month contract, near-month spread, futures contract closing price, index closing price, and trading volume and open interest of Singapore high-sulfur 380 fuel oil, Singapore low-sulfur fuel oil, fuel oil FU, and low-sulfur fuel oil LU, with corresponding units and data sources [4][5][6]