Huatai Futures: Recently, the unilateral prices of fuel oil, the monthly spread, and the crack spread are in an adjustment phase

Although the United States has extended the ceasefire, negotiations between the US and Iran have not yet begun, and the current situation remains uncertain, with signs of stabilization and rebound in oil prices. Recently, the unilateral prices of fuel oil, the month spread, and crack spreads have been in a state of adjustment, but supply-side conflicts have not been substantially alleviated. Besides the blockade of the Strait of Hormuz causing disruptions to Persian Gulf exports, Russian supplies have also declined due to Ukrainian drone attacks. The high-sulfur fuel oil fundamentals are tight, and inventories are expected to further deplete in the second quarter. (Huatai Futures)