盘面震荡偏强运行，节前注意地缘风险

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] 2. Core Viewpoints - The fuel oil market is oscillating strongly, and geopolitical risks should be noted before the holiday [1] - The energy sector is greatly affected by the Iranian situation, and short-term caution is needed [1] - The market structure of high-sulfur fuel oil is strong, but it lacks the power to strengthen continuously [1] - The fundamental contradiction of low-sulfur fuel oil is not obvious, and it mainly follows the fluctuations of the crude oil end [1] 3. Summary by Relevant Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 1.38% at 2,860 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 2.32% at 3,357 yuan/ton [1] - The energy sector is greatly affected by the Iranian situation, and the situation is still unclear [1] - The market structure of high-sulfur fuel oil is strong, downstream ship fuel demand is good, and domestic refineries' substitution of Venezuelan oil promotes import demand, but there is no shortage expectation, and the arrival volume in Asia will increase in February [1] - The fundamental contradiction of low-sulfur fuel oil 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 follows the fluctuations of the crude oil end in the short term [1] Strategy - High-sulfur: Neutral, pay attention to the development of the Iranian situation, avoid geopolitical risks as much as possible, and operate with a light position before the holiday [2] - Low-sulfur: Neutral, pay attention to the development of the Iranian situation, avoid geopolitical risks as much as possible, and operate with a light position before the holiday [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] Figures - The report includes 18 figures, showing the spot prices, swap contracts, month-to-month spreads, closing prices, trading volumes, and open interests of Singapore high-sulfur and low-sulfur fuel oils, as well as the closing prices, trading volumes, and open interests of fuel oil FU and low-sulfur fuel oil LU futures [3]