Group 1: Report Investment Rating - There is no information about the industry investment rating in the provided content, so this part is skipped. Group 2: Core Viewpoints - The oil price is oscillating, and there are limited short - term market contradictions in the fuel oil market [1]. - The main contract of the Shanghai Futures Exchange fuel oil futures closed up 0.6% at 2,835 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 0.31% at 3,550 yuan/ton [2]. - After continuous corrections, the crude oil price has stabilized and is currently in an oscillating state, with limited short - term directional guidance for FU and LU prices, while the medium - term expectation of a looser balance sheet potentially suppresses the energy sector [2]. - In the high - sulfur fuel oil market, the market structure continues to adjust, with crack spreads and monthly spreads oscillating weakly. The spot supply is relatively abundant, and the demand side lacks growth momentum. Although the power generation demand is boosted by the peak season, it lacks drivers beyond seasonality. In the short term, there is limited driving force, but considering the long - term trends, there is still structural support. If the crack spreads are fully adjusted and attract a significant increase in refinery demand, there may be an opportunity for the market structure to strengthen again [2]. - For low - sulfur fuel oil, the current market pressure is limited. However, as the overseas diesel shortage eases, the support for the low - sulfur fuel oil market may weaken, and the supply of components is expected to increase. In the medium term, due to the relatively abundant remaining production capacity, once the crack profit is appropriate, supply will be released. Moreover, the carbon - neutral trend in the shipping industry will gradually replace the market share of low - sulfur fuel oil, and the market outlook is not optimistic [2]. Group 3: Strategy Summary - High - sulfur fuel oil: The outlook is oscillating [3]. - Low - sulfur fuel oil: The outlook is oscillating [3]. - Cross - variety: Positions in shorting the FU crack spread (FU - Brent or FU - SC) established earlier can be appropriately stopped for profit [3]. - Cross - period: FU reverse spread positions established earlier can be gradually stopped for profit [3]. - Spot - futures: No strategy [3]. - Options: No strategy [3].

Report Summary 1) Report Industry Investment Rating - High - sulfur fuel oil: Oscillation [3] - Low - sulfur fuel oil: Oscillation [3] 2) Core Viewpoints - The main contract of SHFE fuel oil futures closed down 0.07% at 2,912 yuan/ton while the main contract of INE low - sulfur fuel oil futures closed up 0.17% at 3,563 yuan/ton [1] - Crude oil prices showed a volatile and strong trend after the OPEC meeting. Short - term fundamentals are okay with some market support, but there is pressure on the balance sheet to turn into surplus in the medium term, so there is resistance above after continuous rebounds [1] - The overall market contradiction of fuel oil is limited. High - sulfur fuel oil cracking spreads have continuously declined recently. With summer approaching, power generation demand in the Middle East and Egypt is rising, and Egypt's fuel oil imports continue to grow. However, high cracking spreads have suppressed refinery demand, and the market will face pressure after power generation demand falls [2] - Low - sulfur fuel oil has limited short - term supply pressure with low bonded port inventories. But after the domestic refinery maintenance season ends, domestic production is expected to rise, and the volume of arbitrage cargoes from the West in June is also expected to increase. In the medium term, it still faces the contradiction of being replaced in the ship - fuel demand share [2] 3) Strategy Summary - High - sulfur: Oscillation [3] - Low - sulfur: Oscillation [3] - Cross - variety: Pay attention to the opportunity of shorting FU cracking spreads (FU - SC or FU - Brent) on rallies. Short - term support is strong, so try to short at high levels [3] - Cross - period: None [3] - Spot - futures: None [3] - Options: None [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The current market structure of fuel oil remains stable, with the short - term fundamentals of high - sulfur and low - sulfur fuel oil being acceptable. However, in the medium term, the contradiction of demand share substitution and surplus production capacity has not been reversed [2]. - The price of crude oil has been fluctuating recently, and its short - term direction is unclear, providing limited guidance for FU and LU prices [2]. - For high - sulfur fuel oil, as summer approaches, the demand from power plants in the Middle East and other regions is entering a seasonal growth stage, but the substitution demand for fuel oil may decline year - on - year this year [2]. 3. Summary According to Relevant Content Market Analysis - The main contract of SHFE fuel oil futures closed up 1.29% at 3,074 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 0.25% at 3,571 yuan/ton [1]. Strategy - High - sulfur fuel oil: Short - term trend is oscillating with a slight upward bias, but there is still pressure in the medium term [3]. - Low - sulfur fuel oil: Short - term trend is oscillating with a slight upward bias, but there is still pressure in the medium term [3]. - Cross - variety: No strategy provided [3]. - Cross - period: Pay attention to the opportunity of going long the spread between FU2507 and FU2509 at low levels (positive spread) [3]. - Futures - spot: No strategy provided [3]. - Options: No strategy provided [3].

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Oscillation [2] - Low - sulfur fuel oil: Oscillation [2] - Cross - variety: None [2] - Cross - period: Pay attention to the opportunity of going long the spread of FU2507 - 2509 at low prices (positive spread) [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core Viewpoints of the Report - The market structure of low - sulfur fuel oil has strengthened, but potential pressures still exist. The main contract of Shanghai Futures Exchange fuel oil futures rose 0.46% to 3026 yuan/ton, and the main contract of INE low - sulfur fuel oil futures rose 1.94% to 3529 yuan/ton [1] - Crude oil prices continue to fluctuate, with many short - term uncertainties and an unclear trend, providing limited guidance for downstream FU and LU prices [1] - For fuel oil fundamentals, the previous tightness in the spot market has eased, and refinery and bunker fuel demand face negative factors. However, with the approaching summer, the terminal demand of power plants in the Middle East and Egypt will increase seasonally. Due to the shortage of natural gas, Egypt, Iran, and Iraq are expected to use more high - sulfur fuel oil to replace natural gas, bringing additional consumption increments [1] - In April, there were significant signs of increased imports of high - sulfur fuel oil in Egypt and Saudi Arabia, and more consumption increments are expected in the next few months [1] - The market structure of low - sulfur fuel oil shows marginal improvement, with spot premiums, monthly spreads, and crack spreads rebounding, and the supply of arbitrage cargoes from the Western region tightening marginally. However, the remaining production capacity is still relatively abundant, and the production of refineries in Kuwait and Nigeria has recently increased [1] - The trend of low - sulfur fuel oil demand being replaced has not reversed, and it may face further pressure after the entry into force of the Mediterranean ECA in May. If the tariff conflict continues, global trade demand faces a downward risk, which will be negative for fuel oil demand, and low - sulfur fuel oil will be more sensitive [1] Group 3: Summary of Figures - The report includes figures on 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, fuel oil FU futures main contract closing price, fuel oil FU futures index closing price, fuel oil FU futures near - month contract closing price, fuel oil FU near - month contract spread, fuel oil FU futures main contract trading volume and open interest, fuel oil FU futures total trading volume and open interest, low - sulfur fuel oil LU futures main contract closing price, low - sulfur fuel oil LU futures index closing price, low - sulfur fuel oil LU futures near - month contract price, low - sulfur fuel oil LU futures near - month spread, low - sulfur fuel oil LU futures main contract trading volume and open interest, and low - sulfur fuel oil LU futures total trading volume and open interest [3]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - The short - term contradiction in the fuel oil market is limited, and it is waiting for new catalysts. Recently, the crude oil price has been strong, with Brent rising to around $75 per barrel, enhancing the cost - side support for fuel oil, and both FU and LU have fluctuated upwards [1]. - The high - sulfur fuel oil market structure is still in the adjustment stage, with the marginal weakening of the spot premium, but there are still supporting factors. The current tight heavy oil contradiction will suppress the growth of high - sulfur fuel oil supply. In addition, with the approaching of summer, the power demand in the Middle East, Egypt and other places will have a seasonal increase, and due to the natural gas shortage, Egypt, Iran and Iraq are expected to use more high - sulfur fuel oil to replace natural gas, bringing additional consumption increments [1]. - The low - sulfur fuel oil market structure is stable in the short term and may fluctuate in the direction of crude oil. In the medium term, its market share will continue to be squeezed by desulfurization towers and clean energy, and may face further pressure after the Mediterranean ECA takes effect in May [1]. 3. Strategy Summary - **High - sulfur fuel oil**: It will fluctuate, with short - term adjustment and support at the bottom [2]. - **Low - sulfur fuel oil**: It will fluctuate, and a medium - term bearish view is taken [2]. - **Cross - variety**: No strategy is provided [2]. - **Cross - period**: Pay attention to the opportunity of going long on the spread of FU2507 - 2509 at low prices [2]. - **Futures - spot**: No strategy is provided [2]. - **Options**: No strategy is provided [2]. 4. Chart Information The report provides multiple charts related to fuel oil, including Singapore high - sulfur 380 fuel oil spot price, Singapore low - sulfur fuel oil spot price, Singapore high - sulfur and low - sulfur fuel oil swap near - month contracts, near - month spreads, and the closing prices, trading volumes and open interests of fuel oil FU and low - sulfur fuel oil LU futures contracts [3][4][6]. The data sources for these charts are mainly Flush, Steel Union and Huatai Futures Research Institute [5][8][9].