美国1月3日凌晨对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯，派兵强行控制委总统马杜罗夫 妇并移送出境。地缘政治风险骤然升温令投资者纷纷涌入避险资产，周一开盘现货黄金、白银、钯金、 铂金集体飙升。在创纪录的供应过剩面前，全球最大石油储量国委内瑞拉遭袭几乎未在油市激起水花， 两大国际基准油价开盘后小幅波动。截至发稿，纽约商品交易所2月交货的WTI原油期货价格日内上涨 0.28%，现报57.48美元/桶；3月交货的伦敦布伦特原油期货价格日内微涨0.15%，报60.84美元/桶。 1月5日，"三桶油"股价齐跌。中国石油（601857.SH）、中国海油（600938.SH）分别收跌3.27%和 3.78%，中国石化（600028.SH）跌幅稍小，股价下滑1.46%。港股方面，中国石油股份（00857.HK）一 度重挫逾5%、收跌3.52%，中国海洋石油（00883.HK）下跌3.29%，中国石油化工股份（00386.HK）下 跌1.91%。 委内瑞拉曾是世界上最大的石油出口国，是石油输出国组织（OPEC）的五大创始成员国之一。OPEC 数据显示，委内瑞拉拥有全球约17%的石油储量——3030亿桶，超过了OPEC的 ...

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: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The main contract of SHFE fuel oil futures closed down 0.2% at 2,469 yuan/ton, while the main contract of INE low - sulfur fuel oil futures closed up 0.63% at 3,035 yuan/ton [1] - Crude oil prices rebounded slightly from the low level, but the medium - term expectation of oversupply in the oil market is gradually materializing. If the Russia - Ukraine peace agreement is successfully reached, the geopolitical premium may further subside, and the cost side will put some pressure on the unilateral price of fuel oil [1] - In terms of the fundamentals of fuel oil itself, the overall market contradictions are limited currently. The market structure of high - sulfur fuel oil is in the adjustment stage, with the support from the incremental demand on the refinery side. For low - sulfur fuel oil, the overall market supply is still relatively abundant, but there are local reductions. The extended maintenance time of the Azur refinery and zero shipping volume from Kuwait since November provide short - term support for the low - sulfur fuel oil market, and the high - low sulfur basis has risen again, but the expected space is limited [1] 3. Summary of Relevant Figures Singapore Fuel Oil Spot and Swap Contracts - Figure 1 shows the spot price of Singapore high - sulfur 380 fuel oil in dollars/ton [3][12] - Figure 2 shows the spot price of Singapore low - sulfur fuel oil in dollars/ton [3][12] - Figure 3 shows the near - month contract of Singapore high - sulfur fuel oil swap in dollars/ton [3][4] - Figure 4 shows the near - month contract of Singapore low - sulfur fuel oil swap in dollars/ton [3][4] Singapore Fuel Oil Near - Month Spreads - Figure 5 shows the near - month spread of Singapore high - sulfur fuel oil in dollars/ton [3][7] - Figure 6 shows the near - month spread of Singapore low - sulfur fuel oil in dollars/ton [3][7] Fuel Oil FU Futures - Figure 7 shows the closing price of the main contract of fuel oil FU futures in yuan/ton [3][13] - Figure 8 shows the closing price of the fuel oil FU futures index in yuan/ton [3][13] - Figure 9 shows the closing price of the near - month contract of fuel oil FU futures in yuan/ton [3][20] - Figure 10 shows the near - month spread of the fuel oil FU contract in yuan/ton [3][20] - Figure 11 shows the trading volume and open interest of the main contract of fuel oil FU futures in lots [3][21] - Figure 12 shows the total trading volume and open interest of fuel oil FU futures in lots [3][21] Low - Sulfur Fuel Oil LU Futures - Figure 13 shows the closing price of the main contract of low - sulfur fuel oil LU futures in yuan/ton [3][27] - Figure 14 shows the closing price of the low - sulfur fuel oil LU futures index in yuan/ton [3][27] - Figure 15 shows the price of the near - month contract of low - sulfur fuel oil LU futures in yuan/ton [3][24] - Figure 16 shows the near - month spread of low - sulfur fuel oil LU futures in yuan/ton [3][24] - Figure 17 shows the trading volume and open interest of the main contract of low - sulfur fuel oil LU futures in lots [3][25] - Figure 18 shows the total trading volume and open interest of low - sulfur fuel oil LU futures in lots [3][25]