Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core View The report analyzes the fuel oil market, indicating that due to increased supply of arbitrage goods and inflow of blending components, the fundamentals of the low - sulfur fuel oil market in Singapore may face greater pressure in the coming weeks. With crude oil prices falling during trading and lack of positive news, fuel oil is expected to trade at low levels. The expected trading ranges are 2800 - 2860 for FU2507 and 3310 - 3370 for LU2506 [3]. 3. Summary by Directory 3.1 Daily Tips - Fundamentals: Increased supply of arbitrage goods and blending components may pressure the low - sulfur fuel oil market in Singapore. In April, the total open interest of the near - month contract for high - sulfur fuel oil in Singapore decreased by 11.32% month - on - month to 9.37 million tons, the third consecutive monthly decline [3]. - Basis: The basis for Singapore high - sulfur fuel oil is $51/ton, and for low - sulfur fuel oil is $165/ton, with the spot price higher than the futures price [3]. - Inventory: As of the week of April 23, Singapore's fuel oil inventory was 25.989 million barrels, unchanged [3]. - Market Trend: Prices are below the 20 - day moving average, and the 20 - day moving average is downward [3]. - Main Position: High - sulfur main positions have shifted from short to long, and low - sulfur main positions have shifted from long to short [3]. - Expectation: With crude oil prices falling during trading and lack of positive news, fuel oil is expected to trade at low levels. The expected trading ranges are 2800 - 2860 for FU2507 and 3310 - 3370 for LU2506 [3]. 3.2 Multi - Short Focus - Bullish Factors: Not clearly stated in the report. - Bearish Factors: Not clearly stated in the report. - Market Driver: The market is driven by the combination of uncertain supply - side production cuts and neutral demand [4]. 3.3 Fundamental Data - Futures Price Changes: The current price of the FU main contract is 2865, up 35 (1.24%) from the previous value; the current price of the LU main contract is 3371, up 62 (1.87%) from the previous value [5]. - Spot Price Changes: The current price of Zhoushan high - sulfur fuel oil is $488/ton, up $7 (1.46%) from the previous value; the current price of Zhoushan low - sulfur fuel oil is $495/ton, up $5 (1.02%) from the previous value. The current price of Singapore high - sulfur fuel oil is $395.71/ton, up $9.32 (2.41%) from the previous value; the current price of Singapore low - sulfur fuel oil is $482.5/ton, up $10 (2.12%) from the previous value [6]. 3.4 Inventory Data - Singapore Fuel Oil Inventory: As of April 23, the inventory was 25.989 million barrels, unchanged from the previous period. The inventory has shown fluctuations in recent months [3][7].
大越期货燃料油早报-20250508
Da Yue Qi Huo·2025-05-08 02:28