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供应过剩压力未解整体疲软 燃料油下行压力较大

Group 1 - The main contract for fuel oil futures experienced a rapid increase, reaching a peak of 2807.00 yuan, with a current price of 2794.00 yuan, reflecting a rise of 1.38% [1] - Southwest Futures indicates that there is significant downward pressure on fuel oil prices due to high inventories in Singapore and a lack of momentum in the Asian fuel oil market [1] - The ARA refining storage center reported a fuel oil inventory of 1 million tons, a decrease of 4.4% week-on-week, indicating some supply adjustments [1] Group 2 - Ruida Futures expects short-term fluctuations in fuel oil prices to be weak, influenced by OPEC+ production increases and weak demand, while geopolitical risks and interest rate cut expectations provide some support [2] - Domestic refining capacity is recovering as major refineries complete maintenance, although the overall fuel oil supply remains high compared to the year [2] - The shipping market shows signs of recovery, but high inventories in Singapore continue to exert pressure on domestic supply, leading to overall weakness in fuel oil prices [2]