Fuel oil supply tightened further Futures continued to rebound

At the close of trading on December 27, the main domestic futures contract rose
almost across the board.
Among them, the main contract of fuel oil futures opened at 2708 yuan / ton, today's intraday high volatility operation, as of press time, the main fuel oil main force touched 2791 yuan, below 2694 yuan, up 2.
40%.

At present, the fuel oil market shows a volatile upward trend, and the disk performance is strong
.
As for how the fuel oil market will work, the views of relevant institutions are summarized as follows:

Huatai Futures pointed out that from the perspective of fuel oil fundamentals, the reduction of Russian crude oil production will reduce the supply of medium and heavy sour crude oil, and European refiners have begun to shift to lighter, low-sulfur raw materials, which will make the supply of high-sulfur fuel oil decline marginally and the supply of low-sulfur fuel oil increase
.
Finally, the EU embargo on Russian refined oil products will come into effect in February next year, if Russian refiners are forced to reduce the operating load, then the supply of fuel oil will be further tightened, superimposed on the alternative logic of the demand side, the future can pay attention to the opportunity of the market structure of high-sulfur fuel oil to strengthen, and the short-term FU plate may still be under certain warehouse pressure
pressure.

Hengli Futures said that the European cracking Singapore cracking bottomed out and rebounded steadily, high sulfur in the fourth quarter has a peak season is not strong, Singapore accumulation, Europe and the Middle East destocking, short-term high sulfur bottom shock mainly
.
The Baltic Dry Index held steady, BDTI retreated, HI-5 held steady and 5GO weakened
.
Short-term low sulfur follows the strength of crude oil, and foreign demand is weak under high prices, and supply increases
.

Founder medium-term futures analysis said that from the cost side, affected by a variety of positive factors, crude oil prices continued to rebound, the strongest driving force is the impact of the US snowstorm, many enterprises in the US Gulf area have been closed due to severe cold, refining capacity loss of 1.
5 million barrels / day, North Dakota crude oil production decreased by 300,000 to 350,000 barrels per day, event-driven, it is expected that the price of gasoline and diesel and low-sulfur fuel oil in the future market will continue to run strongly, and high-sulfur fuel oil will be repaired with valuation.
Prices may follow crude oil or be weaker than crude oil
.
In short, from the absolute price point of view, the price of low and high sulfur fuel oil is expected to continue to rebound driven by the cost side, focusing on the pressure level of high sulfur 3000 yuan / ton and low sulfur 4500 yuan / ton pressure level
.