Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - The low - sulfur fuel oil market is expected to continue a mild upward trend in the short term, and the high - sulfur fuel oil market is partly supported by the improved demand expectation for Middle - East summer power generation, but downstream bunker fuel demand and raw material procurement demand will continue to pressure the high - sulfur market. The fuel oil market will oscillate, with FU2507 operating in the 2990 - 3030 range and LU2506 in the 3430 - 3480 range [3]. - The market is driven by the combination of uncertain supply - side production cuts and neutral demand [4]. Group 3: Summary by Directory 1. Daily Prompt - For fuel oil, the fundamentals show a neutral situation, the basis indicates a bullish trend, the inventory is neutral, the price on the disk is bearish, the high - sulfur main position is bearish, the low - sulfur main position is bullish, and the overall expectation is for the fuel oil to oscillate [3]. - The prices of FU and LU futures decreased by - 1.15% and - 1.52% respectively, while the basis increased by 132.62% and 65.68% [5]. - Among the spot prices, the prices of some fuel oils decreased (e.g., - 1.42% for Zhoushan high - sulfur fuel oil), while others increased (e.g., 3.18% for Singapore high - sulfur fuel oil) [6]. 2. Multi - and Short - term Concerns - Bullish factors are not clearly stated, while bearish factors are also not clearly presented. The market is driven by the combination of uncertain supply - side production cuts and neutral demand [4]. 3. Fundamental Data - A Singapore trader believes the low - sulfur fuel oil market is favorable for all parties, and the short - term upward trend will continue. Although the overall inventory in Singapore is high, the supply of qualified spot goods is limited. The high - sulfur fuel oil market is partly supported by the improved demand expectation for Middle - East summer power generation, but downstream bunker fuel demand and raw material procurement demand will continue to pressure the high - sulfur market [3]. 4. Spread Data - No specific spread data analysis is provided other than the historical data graph of the high - and low - sulfur futures spread [12]. 5. Inventory Data - Singapore's fuel oil inventory on April 23 was 2598.9 million barrels, unchanged from the previous period. The historical inventory data shows fluctuations from February to April [7].
大越期货燃料油早报-20250425
Da Yue Qi Huo·2025-04-25 04:35