Nanhua Futures(SH:603093) Jin Tou Wang·2025-12-03 06:04Core Viewpoint - The domestic futures market for fuel oil is experiencing a downward trend, with the main contract showing weak performance and a decline of 2.07% as of midday trading [1][2]. Group 1: Market Performance - The main contract for fuel oil opened at 2462.00 CNY/ton and fluctuated between a high of 2477.00 CNY and a low of 2394.00 CNY during the day [1]. - The overall sentiment in the fuel oil market is bearish, with expectations of continued weak pricing due to ample supply [2]. Group 2: Supply and Demand Dynamics - According to Everbright Futures, the closure of the East-West arbitrage window is expected to reduce the inflow of low-sulfur fuel oil to Singapore in December, despite sufficient inventory levels in the region [2]. - Nanhua Futures noted an increase in high-sulfur fuel oil exports from Russia, with flows shifting towards Saudi Arabia and Egypt, which has alleviated previous supply tightness [2]. - Southwest Futures indicated that the deepening of the spot discount for Asian fuel oil could support prices, while the slow progress of new U.S. plans may also be a positive factor for fuel oil prices [3].