Jin Tou Wang·2025-06-25 06:16Core Viewpoint - The domestic fuel oil futures market is experiencing a downward trend, with significant price fluctuations and a notable decline in demand and supply dynamics [1][2]. Group 1: Market Performance - On June 25, the fuel oil futures main contract opened at 3062.00 CNY/ton, with a maximum of 3071.00 CNY and a minimum of 2996.00 CNY, reflecting a decline of approximately 6.11% [1]. - Domestic fuel oil sales reached 44,600 tons, a decrease of 2,800 tons or 5.91% from the previous month [1]. Group 2: Supply and Demand Dynamics - The supply side is affected by reduced exports from Russia and Iran, while Singapore's imports remain high, leading to an overall surplus in the market [2]. - The domestic fuel oil inventory rate increased to 9.0%, up from 7.1%, indicating a rise of 1.9 percentage points [1]. Group 3: Geopolitical Factors - The ceasefire agreement between Iran and Israel has alleviated concerns over Middle Eastern supply disruptions, although tensions remain due to recent U.S. airstrikes on Iranian nuclear facilities [2]. - The geopolitical situation in the Middle East is expected to influence fuel oil prices, with potential for further escalation [2].