中东发电旺季临近 燃料油或维持高位震荡为主

Group 1 - The domestic futures market for fuel oil is experiencing a strong upward trend, with the main contract opening at 2940.00 CNY/ton and reaching a high of 2985.00 CNY, reflecting an increase of approximately 1.85% [1] - Analysts from Galaxy Futures indicate that fuel oil prices are primarily influenced by fluctuations in crude oil prices, with a positive medium-term outlook due to geopolitical factors and sanctions affecting major supply regions [1] - Heng Tai Futures notes that while high-sulfur fuel oil faces pressure from U.S. tariff policies and OPEC+ production increases, low supply from Iran and Russia, along with the approaching peak demand season in the Middle East, presents short-term buying opportunities [1] Group 2 - New Lake Futures reports that the high-sulfur fuel oil supply in the Asia-Pacific region remains ample, with stable import volumes despite reduced exports from the Middle East and high export levels from Russia [2] - The impact of sanctions has led to a significant decrease in Iranian exports, and upcoming negotiations between Iran and the U.S. may influence future supply dynamics [2] - Inventory levels for fuel oil are increasing across various regions, with Singapore and ARA inventories up by 4% and U.S. residual fuel oil inventories increasing by 4.3%, indicating a tightening of the high-sulfur fundamentals as demand in the Middle East rises in May [2]