市场多空因素交织 燃料油期货震荡下行

Core Viewpoint - The fuel oil futures market is experiencing a downward trend, with the main contract dropping by 3.63% to 2525.00 yuan/ton as of January 16 [1] Group 1: Market Inventory and Supply - As of the week ending January 14, Singapore's fuel oil inventory increased by 65,000 barrels to a two-week high of 2,547,300 barrels [2] - Singapore's light distillate oil inventory rose by 113,000 barrels to a two-week high of 1,552,400 barrels [2] - Singapore's middle distillate oil inventory increased by 272,000 barrels to a four-week high of 831,900 barrels [2] - In December, Russia's fuel oil export volume decreased by 110,000 barrels per day to 620,000 barrels per day [2] - The attack on Russia's Tuapse port and refinery on December 31 is expected to impact high-sulfur fuel oil exports in the coming weeks [2] Group 2: Market Analysis and Sentiment - Huatai Futures notes that the fuel oil market is influenced by mixed factors, with limited overall contradictions; concerns over Iranian supply are providing emotional premiums [3] - The current situation regarding low-sulfur fuel oil shows limited contradictions and driving factors, with a rebound in shipments from Kuwait and Nigeria due to changes in the status of the Azur and Dangote refineries [3] - Daguo Futures reports that the price spread for 0.5% sulfur marine fuel oil turned positive in early January after being negative for most of December, reaching the highest level since September 16, providing some price support [3] - The geopolitical concerns are receding, but there is a need to be cautious about the risk of fuel oil price corrections [3]