美湾高硫燃料油市场走弱，高低硫价差反弹

Group 1: Investment Ratings - 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] Group 2: Core Views - The market of high - sulfur fuel oil in the US Gulf has weakened, and the price spread between high - and low - sulfur fuel oils has rebounded. The main contract of SHFE fuel oil futures closed down 1.32% at 2,461 yuan/ton, while the main contract of INE low - sulfur fuel oil futures closed up 0.93% at 3,026 yuan/ton [1] - With the escalating situation in Iran, the short - term oil price trend is volatile and bullish, but it is greatly affected by news, and the market may fluctuate repeatedly. The fundamentals of fuel oil have both long and short factors, with limited overall contradictions [2] - The large inflow of heavy oil from Venezuela to the US has increased the production of high - sulfur fuel oil in US Gulf refineries, leading to a significant decline in crack spreads, a wider price spread between the East and West regions of fuel oil, and potential growth in cargo inflows. The Singapore and domestic markets may face potential resistance. After the decline in crack spreads, refinery demand is expected to be boosted, providing support to the market. If the conflict in the Iranian region escalates, high - sulfur fuel oil supply may face a downward risk [2] - For low - sulfur fuel oil, the overall contradictions are currently limited. With the changes in the refinery operations in Nigeria and Kuwait, local supply may increase, and market pressure may rise. In the long run, the contradictions of large surplus capacity and the replacement of the ship - fuel demand share will continue to be a resistance factor, but the high premium of gasoline and diesel will continue to divert low - sulfur oil components, providing some support to the market [2] Group 3: Figures and Data - Figures related to Singapore fuel oil: 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 [4] - Figures related to fuel oil FU futures: Main contract closing price, index closing price, near - month contract closing price, near - month contract spread, main contract trading volume and open interest, total trading volume and open interest [4] - Figures related to low - sulfur fuel oil LU futures: Main contract closing price, index closing price, near - month contract price, near - month spread, main contract trading volume and open interest, total trading volume and open interest [4]