盘面窄幅波动，市场矛盾暂有限

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] 2. Core View - The fuel oil market has narrow fluctuations and limited market contradictions. The cost - side support for FU and LU is weak due to insufficient rebound momentum in crude oil prices and the non - reversal of the oversupply expectation in the oil market. The fuel oil market has mixed long and short factors with limited overall driving forces [1]. - For high - sulfur fuel oil, the refining demand has marginally improved after the decline in cracking spreads and premiums. China's imports have recently increased, and attention should be paid to the situations in Russia, Ukraine, and Venezuela. Currently, the supply of high - sulfur fuel oil is still abundant [1]. - For low - sulfur fuel oil, there is an expectation of supply increase in Kuwait and Nigeria due to changes in device maintenance status. The expected low - sulfur oil shipments from Kuwait in December and January are 17,000 tons each, and the expected shipment from Nigeria in December is 80,000 tons [1]. 3. Summary by Relevant Catalogs Market Analysis - The main contract of SHFE fuel oil futures closed flat at 2,473 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed down 0.23% at 2,977 yuan/ton [1]. - Crude oil prices have insufficient rebound momentum, and the oversupply expectation in the oil market remains. The short - term oversold rebound cannot form an upward trend, resulting in weak cost - side support for FU and LU [1]. - For high - sulfur fuel oil, the cracking spreads and premiums have declined, driving marginal improvement in refinery demand. China's high - sulfur fuel oil imports have recently increased. Attention should be paid to the situations in Russia, Ukraine, and Venezuela. Currently, the supply of high - sulfur fuel oil is abundant without a shortage expectation [1]. - For low - sulfur fuel oil, there is an expectation of supply increase in Kuwait and Nigeria due to changes in device maintenance status. The expected low - sulfur oil shipments from Kuwait in December and January are 17,000 tons each, and the expected shipment from Nigeria in December is 80,000 tons. The incremental supply is currently low, and follow - up device and export dynamics should be monitored [1]. Strategy - 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]