阿祖尔炼厂装置已部分重启

Report Industry Investment Rating - High-sulfur fuel oil: Short-term neutral, slightly bearish [3] - Low-sulfur fuel oil: Short-term neutral, slightly bearish [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3] Core Viewpoints - Crude oil prices continue to oscillate weakly, and the expectation of oversupply in the oil market remains unchanged. The resumption of Russian oil purchases by some buyers has led to a decrease in buying of benchmark crude oil, and the downward pressure on the unilateral prices of FU and LU from the crude oil end will persist [2] - The fundamentals of the fuel oil market are currently a mix of bullish and bearish factors, with limited overall contradictions. The high-sulfur fuel oil market is in an adjustment phase, and the crack spread has fallen significantly from its high. Although the supply is abundant and the floating storage volume is high, the refining profit margin has improved, and the import volume of high-sulfur fuel oil in China has recently rebounded, providing some support to the market [2] - The overall supply of low-sulfur fuel oil is not short. The extension of the maintenance of the Azur refinery has disrupted the supply rhythm. After November, Kuwait's shipping volume dropped to zero. However, part of the Azur refinery has restarted, and the market pressure will increase again after full recovery [2] Market Analysis - The main contract of SHFE fuel oil futures closed up 1.5% at 2,441 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 1.08% at 3,005 yuan/ton [1] Charts - The report includes 18 charts showing various prices, spreads, and trading volumes of high-sulfur and low-sulfur fuel oils in Singapore and Chinese futures markets, with data sources from Flush, Steel Union, and Huatai Futures Research Institute [4]