盘面震荡运行，市场短期趋势不明朗

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Neutral [2] - Low - sulfur fuel oil: Neutral [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core View of the Report - The market is oscillating, and the short - term trend is unclear. The main contract of SHFE fuel oil futures closed down 0.5% at 2794 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed down 1.22% at 3248 yuan/ton [1] - The recent fluctuations in the energy sector are greatly affected by the Iran situation, which is still unclear. A new round of negotiations may be held this week, and short - term caution is required [2] - From the perspective of the fundamentals of the varieties themselves, the market structure of high - sulfur fuel oil has been running strongly recently. The downstream marine fuel demand is good, the spot in the Asia - Pacific region is marginally tightening, the spot premium and the monthly spread are relatively strong, and the registered warehouse receipts of FU futures have decreased. There is an expected increase in the demand for high - sulfur fuel oil, but the increase in Russian shipments this month may form resistance. Excluding the influence of geopolitical factors, the high - sulfur fuel oil market does not have the power to continue to strengthen [2] - For low - sulfur fuel oil, the current fundamental contradiction is not obvious. There is an increase in supply in some areas such as Kuwait, but the overall pressure is relatively limited, and it mainly fluctuates with the crude oil end in the short term [2][3] Group 3: Chart Information - The report provides multiple charts including Singapore high - sulfur 380 fuel oil spot price, Singapore low - sulfur fuel oil spot price, Singapore high - sulfur fuel oil swap near - month contract, etc., with different units such as US dollars/ton and yuan/ton [4]