Workflow
下游商家节前适度补库 燃料油期货仍延续弱势震荡
Jin Tou Wang·2025-04-30 07:43

Core Viewpoint - Fuel oil futures continue to show weakness, with the main contract reported at 2919.00 yuan/ton, reflecting a decline of 2.08% [1] News Summary - From April 1 to 20, Russian fuel oil exports slightly increased to 624,000 barrels per day compared to March, with shipments to Asia rising by 4,600 barrels per day. VGO exports reached 168,000 barrels per day, marking an 11-month high [2] - As of April 23, Singapore's fuel oil inventory rose by 1.239 million barrels to 24.126 million barrels, the highest level in 18 weeks [2] - On April 29, the quoted price for low-sulfur fuel oil in Zhoushan, China, was 3,645 yuan/ton, with a premium of 158 yuan/ton over the LU2506 settlement reference price. The high-sulfur fuel oil was quoted at 3,253 yuan/ton, with a premium of 190 yuan/ton over the FU2506 settlement reference price [2] Institutional Perspectives - According to Everbright Futures, the expected reduction in east-west arbitrage arrivals in May will provide short-term support for the low-sulfur market fundamentals. High-sulfur fuel oil is also expected to benefit from improved summer power demand in the Middle East, although weak raw material procurement demand may pressure the market. It is anticipated that the absolute prices of FU and FU will remain stable in the short term, with stronger support from high-sulfur demand [3] - According to Ruida Futures, the trading atmosphere in the fuel oil market is moderate, with downstream businesses moderately replenishing stocks before the holiday, but showing limited acceptance of high-priced resources. The market is primarily driven by essential transactions before the holiday. Technical analysis suggests that the FU main contract faces resistance around 3,050 and support around 2,850, while the LU main contract has resistance around 3,550 and support around 3,350, indicating a short-term oscillating correction trend [3]