科威特低硫燃料油发货开始恢复

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 - The crude oil price has rebounded from the low level recently, but the expectation of oversupply in the oil market has not reversed, and the downward pressure on the unilateral prices of FU and LU from the crude oil end will continue [1] - The current fuel oil market has a mix of long and short factors, and the overall contradiction is limited. The cracking spread of high-sulfur fuel oil has shown signs of stabilizing and rebounding after a sharp correction [1] - The supply of low-sulfur fuel oil in Kuwait and Nigeria is expected to increase due to changes in the maintenance status of refineries. The short-term market pressure may be limited, but the overall supply is abundant, and the valuation will be continuously suppressed [2] Summary by Related Contents Market Analysis - The main contract of SHFE fuel oil futures closed up 2.14% at 2,483 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 1.42% at 2,999 yuan/ton [1] - The improvement in processing profit has boosted the demand from downstream refineries, and fuel oil can be used as a supplement if there is a problem with the supply of diluted bitumen. The shipments from Russia and Iran decreased again in December, and drone attacks and sanctions remain constraints on supply [1] - Due to changes in the maintenance status of refineries (Azur and Dangote), the supply of low-sulfur fuel oil in Kuwait and Nigeria is expected to increase. Azur Refinery's CDU unit and desulfurization unit have restarted or are expected to restart. Kuwait is expected to ship the first batch of low-sulfur fuel oil cargo on December 27, with an expected export volume of 47,000 tons in December [2] Strategy - High-sulfur fuel oil: Short-term neutral, slightly bearish [3] - Low-sulfur fuel oil: Short-term neutral, slightly bearish [3] - No strategies are proposed for cross-variety, cross-period, spot-futures, and options [3]