1. Report Industry Investment Rating - High-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Low-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] 2. Core Viewpoints of the Report - The main contract of Shanghai Futures Exchange fuel oil futures closed up 2.45% at 2,553 yuan/ton overnight, while the main contract of INE low-sulfur fuel oil futures closed down 0.06% at 3,153 yuan/ton [1] - Crude oil prices continue to oscillate weakly. Although there are short-term disturbances from geopolitical and macro factors, the medium-term expectation of oversupply in the oil market is gradually being realized, which exerts some pressure on the unilateral price of fuel oil [1] - In terms of the fundamentals of fuel oil itself, low-sulfur fuel oil has recently performed stronger than high-sulfur fuel oil, but the situation reversed again yesterday [1] - The low-sulfur fuel oil market lacks a sustainable upward driver. Part of the Azur refinery's facilities under maintenance due to malfunctions are expected to restart around November 29, and Kuwait's low-sulfur fuel oil shipments have been zero so far in November. Supply will resume after the facilities restart [1] - There are still supporting factors in the high-sulfur fuel oil market. In particular, Ukrainian drones have continuously attacked Russian refineries, leading to a decline in their operating rates. Recent fuel oil shipments have been low, and the impact of US sanctions may further materialize [1] 3. Summary by Relevant Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 2.45% at 2,553 yuan/ton overnight, and the main contract of INE low-sulfur fuel oil futures closed down 0.06% at 3,153 yuan/ton [1] - Crude oil prices are in a weak oscillation. The medium-term oversupply expectation in the oil market is pressuring fuel oil prices [1] - Low-sulfur fuel oil recently outperformed high-sulfur fuel oil, but the situation reversed. The low-sulfur market lacks a sustainable upward driver, while the high-sulfur market has supporting factors [1] Strategy - High-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Low-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - No strategies for cross-variety, cross-period, spot-futures, and options [2]

1. Report Industry Investment Rating - High-sulfur fuel oil: Cautiously bearish, with a short-term focus on waiting and observing [2] - Low-sulfur fuel oil: Cautiously bearish, with a short-term focus on waiting and observing [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 2.35% at 2,737 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 3% at 3,232 yuan/ton The recent continuous decline in crude oil prices has led to a downward trend in the energy sector, and the FU and LU contracts are operating weakly [1] - During the China-US tariff negotiation window, oil prices may be affected by various news, and volatility may increase significantly [1] - The fundamentals of fuel oil are currently acceptable, with tightened Middle East supply and improved refinery demand boosting the market However, based on the current valuation and supply-demand situation, the upward drive and space are still limited, and new variables are needed for catalysis [1] - In the case of low-sulfur fuel oil, the shutdown of the RFCC units at the Dangote and Pengerang refineries has led to an increase in local supply, with September shipments reaching 500,000 tons, which has suppressed the spot market According to the latest news from IIR, the Dangote refinery's units may restart on October 14, and if they operate smoothly, the refinery's low-sulfur fuel oil production will decline again, alleviating local supply pressure [1] - Against the backdrop of increasing tariff risks, shipping and marine fuel demand also face potential pressure Compared with high-sulfur fuel oil, the downstream demand for low-sulfur fuel oil is more concentrated and may be more sensitive [1] 3. Summary by Relevant Catalog Market Analysis - The main contract of SHFE fuel oil futures closed down 2.35% at 2,737 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 3% at 3,232 yuan/ton [1] - The recent continuous decline in crude oil prices has led to a downward trend in the energy sector, and the FU and LU contracts are operating weakly [1] - During the China-US tariff negotiation window, oil prices may be affected by various news, and volatility may increase significantly [1] - The fundamentals of fuel oil are currently acceptable, with tightened Middle East supply and improved refinery demand boosting the market However, based on the current valuation and supply-demand situation, the upward drive and space are still limited, and new variables are needed for catalysis [1] - In the case of low-sulfur fuel oil, the shutdown of the RFCC units at the Dangote and Pengerang refineries has led to an increase in local supply, with September shipments reaching 500,000 tons, which has suppressed the spot market According to the latest news from IIR, the Dangote refinery's units may restart on October 14, and if they operate smoothly, the refinery's low-sulfur fuel oil production will decline again, alleviating local supply pressure [1] - Against the backdrop of increasing tariff risks, shipping and marine fuel demand also face potential pressure Compared with high-sulfur fuel oil, the downstream demand for low-sulfur fuel oil is more concentrated and may be more sensitive [1] Strategy - High-sulfur: Cautiously bearish, with a short-term focus on waiting and observing [2] - Low-sulfur: Cautiously bearish, with a short-term focus on waiting and observing [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core View of the Report - Crude oil prices are oscillating strongly after OPEC actions. The short - term fundamentals are relatively stable with some market support, but there is pressure on the balance sheet to turn into surplus in the medium term, which will limit the rebound space [1]. - For high - sulfur fuel oil, the market structure shows signs of marginal weakening, and the crack spread has declined from an absolute high. With the approaching summer, the power - generation demand in the Middle East and Egypt is increasing, providing some support to the Asian market. However, due to the high crack spread, the refinery demand is suppressed, and there will be pressure on the market after the power - generation terminal purchases decline [1]. - For low - sulfur fuel oil, the short - term supply pressure is limited, and the market structure is stable, but it faces the contradiction of being replaced in the marine fuel demand share in the medium term and lacks the logic for continuous strength [1]. 3) Summary by Related Content Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed down 0.34% at 2,925 yuan/ton during the day session, while the main contract of INE low - sulfur fuel oil futures closed up 0.92% at 3,511 yuan/ton [1]. Strategy - High - sulfur fuel oil: The market is expected to oscillate [2]. - Low - sulfur fuel oil: The market is expected to oscillate [2]. - Cross - variety: Short the FU crack spread (FU - SC or FU - Brent). The FU market structure still has short - term support, and opportunities for high - level layout should be watched [2]. - Cross - period: No strategy is provided [2]. - Spot - futures: No strategy is provided [2]. - Options: No strategy is provided [2]. Figures - There are multiple figures showing various aspects of fuel oil and low - sulfur fuel oil, including spot prices, swap contracts, month - to - month spreads, futures contract closing prices, and trading volumes in Singapore and domestic markets, with different units such as US dollars/ton and yuan/ton [3][4][6][9][14][17][28][36]

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].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The main contract of Shanghai Futures Exchange fuel oil futures closed up 1.12% at 3,057 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 3.08% at 3,647 yuan/ton [1]. - After the first round of Sino-US trade negotiations and the improvement of macro sentiment, crude oil prices have shown a volatile and strong trend recently, boosting the overall energy sector. However, the medium-term oversupply expectation in the crude oil market has not reversed, and resistance may begin to appear after continuous rebounds [1]. - For fuel oil fundamentals, tariff cuts are beneficial to trade and shipping demand, and there is additional restocking demand within the 90-day suspension period, which is expected to drive the improvement of marine fuel oil consumption. Low-sulfur fuel oil demand is more concentrated in the marine fuel end and may be more sensitive. After the Mediterranean ECA came into effect in May, although the demand for low-sulfur fuel oil was partially replaced, refineries also reduced the supply of low-sulfur fuel oil through product adjustment. The European market performed stronger than expected, and the tightening of arbitrage cargo volume also supported the Asian market. For high-sulfur fuel oil, as summer approaches, the demand of power plants in the Middle East and other regions enters a seasonal growth stage. According to Platts data, the fuel oil inventory in Fujairah recorded 9.339 million barrels this week, a month-on-month decrease of 10.73%, which may be due to the increased procurement of nearby power plants [1]. - High-sulfur fuel oil: short-term volatile and strong, medium-term pressure still exists; Low-sulfur fuel oil: short-term volatile and strong, medium-term pressure still exists; Cross-variety: no strategy; Cross-period: pay attention to the opportunity of going long the spread of FU2507 - 2509 at low prices (positive spread); Spot-futures: no strategy; Options: no strategy [2]. 3. Summary by Relevant Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 1.12% at 3,057 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 3.08% at 3,647 yuan/ton [1]. - Crude oil prices are volatile and strong recently, but the medium-term oversupply expectation has not reversed [1]. - Tariff cuts are beneficial to fuel oil consumption, and low-sulfur fuel oil may be more sensitive. The European market for low-sulfur fuel oil is stronger than expected, and the Asian market is supported. High-sulfur fuel oil demand in the Middle East enters a seasonal growth stage, and Fujairah fuel oil inventory has decreased [1]. Strategy - High-sulfur fuel oil: short-term volatile and strong, medium-term pressure still exists [2]. - Low-sulfur fuel oil: short-term volatile and strong, medium-term pressure still exists [2]. - Cross-variety: no strategy [2]. - Cross-period: pay attention to the opportunity of going long the spread of FU2507 - 2509 at low prices (positive spread) [2]. - Spot-futures: no strategy [2]. - Options: no strategy [2]. Charts - Multiple charts show the prices, spreads, closing prices, and trading volumes of Singapore high-sulfur and low-sulfur fuel oil, as well as fuel oil FU and low-sulfur fuel oil LU futures [3].