燃料油日报：海峡通行数量维持低位，燃料油市场结构偏强运行-20260319

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The fuel oil market structure is running strongly, with the main contract of Shanghai Futures Exchange fuel oil futures closing down 1.47% at 4,629 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closing down 0.05% at 5,493 yuan/ton [1] - The number of vessels passing through the Strait of Hormuz remains low, and the scope of attacks on energy facilities in the Middle East is expanding, leading to a significant tightening of oil supply including fuel oil in the Middle East [1] - For the high-sulfur fuel oil market, although the supply from the Middle East accounts for a relatively large proportion, the accumulated onshore and floating storage inventories can fill the gap in the short term. However, if the strait is blocked for too long, supply may not meet downstream demand [1] - For the low-sulfur fuel oil market, downstream refineries have reduced their loads due to insufficient raw materials, resulting in a decline in low-sulfur fuel oil production. In addition, the most prominent contradiction in refined oil products is middle distillates, which have some overlap with low-sulfur fuel oil blending components, indirectly tightening the supply of low-sulfur oil and increasing its valuation [1] 3. Summary by Related Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed down 1.47% at 4,629 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 0.05% at 5,493 yuan/ton [1] - The number of vessels passing through the Strait of Hormuz remains low, and the scope of attacks on energy facilities in the Middle East is expanding, leading to a significant tightening of oil supply including fuel oil in the Middle East [1] - For the high-sulfur fuel oil market, although the supply from the Middle East accounts for a relatively large proportion, the accumulated onshore and floating storage inventories can fill the gap in the short term. However, if the strait is blocked for too long, supply may not meet downstream demand [1] - For the low-sulfur fuel oil market, downstream refineries have reduced their loads due to insufficient raw materials, resulting in a decline in low-sulfur fuel oil production. In addition, the most prominent contradiction in refined oil products is middle distillates, which have some overlap with low-sulfur fuel oil blending components, indirectly tightening the supply of low-sulfur oil and increasing its valuation [1] Strategy - High-sulfur fuel oil: Short-term shock is strong, the market fluctuates greatly, and it is advisable to wait and see [2] - Low-sulfur fuel oil: Short-term shock is strong, the market fluctuates greatly, and it is advisable to wait and see [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2]