Core Viewpoint - The domestic fuel oil futures market is experiencing a downward trend due to oversupply and weak global economic conditions, leading to a decline in prices [1][2]. Group 1: Market Performance - As of the midday close, the main contract for fuel oil reached a high of 2675.00 CNY/ton and a low of 2579.00 CNY/ton, with a decline of 4.08% [1]. - The technical analysis indicates that the LU main contract fell by 3.2% and the FU main contract fell by 2.56% in the night session, with a focus on the support level around 2600 CNY [1]. Group 2: Supply and Demand Analysis - The supply of high-sulfur fuel oil is under pressure due to geopolitical tensions, particularly with a decrease in Russian shipments, but this is countered by increased supply from OPEC+ [2]. - Low-sulfur fuel oil is supported by easing supply pressures, although uncertainties remain regarding the recovery of the Kuwait Al-Zour refinery [2]. - The overall supply of high-sulfur fuel oil is trending towards looseness, while low-sulfur fundamentals have improved significantly compared to Q3 [2]. Group 3: Future Outlook - The market anticipates that the first batch of crude oil quotas may be issued earlier in 2026, potentially weakening the demand for imports [2]. - The fuel oil price is expected to follow oil price fluctuations, influenced by geopolitical and macroeconomic factors [2].
供应宽松需求平淡 燃料油行情呈震荡下行走势
Jin Tou Wang·2025-11-13 06:03