11月13日，国内期市能化板块涨跌互现。其中，燃料油期货主力合约开盘报2675.00元/吨，今日盘中低 位震荡运行；截至午间收盘，燃料油主力最高触及2675.00元，下方探低2579.00元，跌幅达4.08%。 目前来看，燃料油行情呈现震荡下行走势，盘面表现偏弱。对于燃料油后市行情将如何运行，相关机构 观点汇总如下： 国投安信期货分析称，高硫燃料油虽受地缘局势支撑，俄罗斯10月装船量因设施遇袭有所回落，且俄乌 博弈再次面临激化的情况下供应风险仍存，但OPEC+的持续增产引发的中东高硫货源增加对此构成对 冲，中东炼化、发电需求亦进入淡季，加之市场预期2026年首批原油配额可能提前下发，或进一步削弱 配额限制带来的进料需求，高硫整体供应趋于宽松。低硫方面则因供应压力缓解而获支撑，因火情停产 部分装置的科威特阿祖尔炼厂本周能否如期恢复仍有不确定性，后期新加坡市场的低硫到货量存在减量 预期，海外柴油市场的裂解强势从转产逻辑强化低硫供应端支撑，而国内剩余低硫出口配额亦面临向成 品油出口的部分转化，需求端四季度船燃需求旺季及中美贸易战的阶段性缓和亦构成利好，低硫基本面 较三季度明显改善。前期高低硫价差做扩策略不断兑现，可 ...

Report Industry Investment Ratings - Crude oil: ★★★ (indicating a more distinct upward trend and a relatively appropriate investment opportunity) [1] - Fuel oil: Not clearly defined by star rating in a standard way in the given context, but analysis provided [1][2] - Low - sulfur fuel oil: Not clearly defined by star rating in a standard way in the given context, but analysis provided [2] - Asphalt: Not clearly defined by star rating in a standard way in the given context, but analysis provided [1][3] - Liquefied petroleum gas: ★★★ (indicating a more distinct upward trend and a relatively appropriate investment opportunity) [1] Core View of the Report - The report analyzes the market trends and investment opportunities of various energy products including crude oil, fuel oil, low - sulfur fuel oil, asphalt, and liquefied petroleum gas. It provides insights into supply, demand, price movements, and suggests corresponding investment strategies based on different product fundamentals [2][3][4] Summary by Relevant Categories Crude Oil - Overnight international oil prices rebounded, with the SC12 contract rising 1.52% intraday. There is still downside potential for oil prices this year as the oil price spread and spot premium have weakened since November and the most relaxed balance sheet quarter (Q1 next year) is yet to come. However, short - term support exists due to the resolution of the US government shutdown and geopolitical concerns. Look for short - selling opportunities after the rebound [2] Fuel Oil & Low - sulfur Fuel Oil - High - sulfur fuel oil: Although supported by geopolitical situations, the increase in Middle - East high - sulfur supplies due to OPEC+ production increases and the entry into the off - season for Middle - East refining and power generation demand, along with the possible early issuance of 2026 crude oil quotas, will lead to a looser supply [2] - Low - sulfur fuel oil: Supply pressure has eased. There is uncertainty about the resumption of the Kuwait Azur refinery, and there are expectations of reduced low - sulfur arrivals in the Singapore market. The strong overseas diesel crack spreads support low - sulfur supply, and demand is also favorable. Consider gradually taking profits on the previous strategy of widening the high - low sulfur spread [2] Asphalt - The rebound in crude oil today drove asphalt to stop falling, with the 2601 contract rising 0.86%. The poor shipment volume not only disproves the "14th Five - Year Plan" end - of - term construction demand expectation but also signals that demand is lower than the same period last year. The slowdown in commercial inventory drawdown and the increase in the year - on - year difference in social inventory are negative factors for the asphalt market [3] Liquefied Petroleum Gas - The international liquefied gas market has been strong recently, with tight import supplies. The improvement in butane dehydrogenation device profitability has boosted downstream chemical enterprise operating rates, and the significant temperature drop in many places has increased combustion - end demand. With the decrease in refinery and port storage rates, LPG is expected to fluctuate strongly [4]

Report Industry Investment Ratings - Crude oil: ★★★ (indicating a clearer upward trend and relatively appropriate investment opportunities) [1] - Fuel oil: ★★★ (indicating a clearer upward trend and relatively appropriate investment opportunities) [1] - Low - sulfur fuel oil: Not provided [1] - Asphalt: ★★★ (indicating a clearer upward trend and relatively appropriate investment opportunities) [1] - Liquefied petroleum gas: ★★★ (indicating a clearer upward trend and relatively appropriate investment opportunities) [1] Core Viewpoints - The report analyzes the market conditions of crude oil, fuel oil, low - sulfur fuel oil, asphalt, and liquefied petroleum gas, providing investment suggestions based on supply - demand relationships, geopolitical factors, and price trends [2][3][4] Summary by Category Crude Oil - Overnight international oil prices rebounded, with the SC12 contract rising 1.52% intraday. There is still downward room for oil prices this year, but short - term support exists. Attention should be paid to short - selling opportunities after the rebound [2] Fuel Oil & Low - Sulfur Fuel Oil - High - sulfur fuel oil supply tends to be loose due to increased Middle - East high - sulfur sources and weakened feedstock demand. Low - sulfur fuel oil fundamentals have improved significantly compared to the third quarter. The strategy of widening the high - low sulfur spread can be gradually stopped for profit [2] Asphalt - The decline of asphalt stopped with the rebound of crude oil today, with the 2601 contract rising 0.86%. Fundamental negatives still suppress BU [3] Liquefied Petroleum Gas - The international liquefied gas market has been strong recently. With the tightening of supply - demand margins, LPG is expected to fluctuate strongly [4]