油价小幅反弹，高硫燃料油裂差有企稳迹象

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] Report Core View - The main contract of SHFE fuel oil futures closed up 0.84% at 2415 yuan/ton, while the main contract of INE low - sulfur fuel oil futures closed down 1.22% at 2905 yuan/ton [1] - Crude oil prices rebounded after continuous decline, but the expectation of oversupply in the oil market has not reversed, and the positive progress in Russia - Ukraine peace talks is bearish for oil prices. The crude oil end will continue to suppress the unilateral prices of FU and LU [1] - For the fuel oil fundamentals, there are both bullish and bearish factors with limited overall contradictions. The high - sulfur fuel oil market structure is in the adjustment phase, and the crack spread shows signs of stabilizing after a sharp decline. The US seizure of Venezuelan oil tankers may lead to a short - term decline in its crude oil shipments. If the situation does not escalate and domestic asphalt refineries face raw material shortages, the demand for fuel oil procurement may increase, which is an indirect positive for the market [1] - For low - sulfur fuel oil, the overall market driver is limited. Due to the dynamic changes of the devices, there is room for a partial supply increase. However, the December shipments from Kuwait and Nigeria have not increased significantly, and the diversion of components by gasoline and diesel limits the short - term supply pressure [1] Summary by Related Catalogs Market Analysis - The main contract of SHFE fuel oil futures closed up 0.84% at 2415 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed down 1.22% at 2905 yuan/ton [1] - Crude oil prices rebounded after continuous decline, but the oversupply expectation remains, and the Russia - Ukraine peace talks are bearish for oil prices. The crude oil end will continue to suppress FU and LU prices [1] - High - sulfur fuel oil market structure is adjusting, crack spread shows signs of stabilizing. US seizure of Venezuelan oil tankers may affect shipments, and domestic asphalt refineries' raw material shortage may increase fuel oil demand [1] - Low - sulfur fuel oil market driver is limited, partial supply may increase, but December shipments from some countries have not risen significantly, and gasoline and diesel diversion limits supply pressure [1] Strategy - High - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Low - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Cross - variety, cross - period, spot - futures, and options: None [2]