高硫燃料油东西区价差走阔

Group 1: 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: Go long on the spread of FU2603/2605 at low levels (positive spread trading) [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core View of the Report - The main contract of SHFE fuel oil futures closed up 0.04% at 2,458 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 1.14% at 2,929 yuan/ton [1] - The escalation of the situation in Venezuela has limited direct impact on the crude oil market but is bearish in the medium - to - long - term. Oil prices are in a weak oscillation, suppressing the unilateral prices of FU and LU [1] - The fundamentals of the fuel oil market have both bullish and bearish factors, with limited overall contradictions and regional differentiation. The spread between the East and West regions of high - sulfur fuel oil has widened recently [1] - For high - sulfur fuel oil, due to the shift of heavy oil resources from Asia to the US, the supply of residual oil in the US has increased, leading to a significant decline in the crack spread of high - sulfur fuel oil in the US Gulf and a drop in the European crack spread. Meanwhile, the crack spread of high - sulfur fuel oil in Asia has shown a slightly strong oscillation. In the future, the increase in the volume of shipments from the West to Asia may form an upward resistance to the Asian market pricing [1] - For low - sulfur fuel oil, there is an expectation of supply recovery in Kuwait and Nigeria due to changes in the status of plant overhauls. However, the premium of gasoline and diesel will divert low - sulfur oil components through the RFCC unit, and the short - term market pressure is expected to be limited [1] Group 3: Figures and Data - The report includes figures on Singapore high - sulfur 380 fuel oil spot price, Singapore low - sulfur fuel oil spot price, Singapore high - sulfur fuel oil swap near - month contract, Singapore low - sulfur fuel oil swap near - month contract, Singapore high - sulfur fuel oil near - month spread, Singapore low - sulfur fuel oil near - month spread, fuel oil FU futures main contract closing price, fuel oil FU futures index closing price, fuel oil FU futures near - month contract closing price, fuel oil FU near - month contract spread, fuel oil FU futures main contract trading volume and open interest, fuel oil FU futures total trading volume and open interest, low - sulfur fuel oil LU futures main contract closing price, low - sulfur fuel oil LU futures index closing price, low - sulfur fuel oil LU futures near - month contract price, low - sulfur fuel oil LU futures near - month spread, low - sulfur fuel oil LU futures main contract trading volume and open interest, and low - sulfur fuel oil LU futures total trading volume and open interest [3]