燃料油日报-20250516

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The near - term high - sulfur supply in the Asian market remains abundant, with high inventories of high - sulfur fuel oil in Singapore on land and in floating storage. There is still a medium - term supply gap due to geopolitical and sanctions affecting exports from Russia and the Middle East. The seasonal power - generation demand for high - sulfur fuel oil is gradually starting. For low - sulfur fuel oil, the supply is continuously rising while the downstream demand is weak [7]. Group 3: Summary by Directory 1. Related Data - On May 16, 2025, the FU main contract was 2989, up 4 from the previous day and 40 from the week before; the LU main contract was 3572, down 23 from the previous day and up 100 from the week before. The FU main contract's open interest was 156,000 lots, with a daily decrease of 1,000 lots and a weekly increase of 7,000 lots; the LU main contract's open interest was 80,000 lots, with a daily increase of 3,000 lots and a weekly increase of 14,000 lots. The FU warehouse receipts were 28,950 tons, a daily decrease of 7,000 tons; the LU warehouse receipts were 0 tons. The FU7 - 9 spread was 165, down 2 from the previous day and 11 from the week before; the LU7 - 8 spread was 81, down 5 from the previous day and up 29 from the week before. The LU - FU main contract spread was 583, down 27 from the previous day and up 60 from the week before. The FU07 - foreign 07 spread was 5.3, down 1.8 from the previous day and the week before; the LU07 - foreign 06 spread was 9.1, down 0.4 from the previous day and up 6.8 from the week before [3] 2. Market Research and Judgment Market Overview - The FU high - sulfur fuel oil warehouse receipts were 28,950 tons, a decrease of 7,000 tons compared to May 15. The LU low - sulfur fuel oil warehouse receipts were 0 tons, remaining at 0 for four days. In the Singapore paper - cargo market, the high - sulfur Jun/July spread rose from 16.5 to 18.5 US dollars per ton, and the low - sulfur Jun/July spread rose from 9.3 to 9.8 US dollars per ton [5] Important Information - In April, Russia's seaborne oil product exports decreased by 2.6% compared to March, reaching 9.407 million metric tons. The total imports rebounded to nearly 850,000 tons after a significant decline the previous week [6] Market Judgment - The near - term high - sulfur supply in the Asian market remains abundant, with high inventories in Singapore. There is a medium - term supply gap as exports from Russia and the Middle East are affected by geopolitics and sanctions. The high - sulfur power - generation demand is starting seasonally. For low - sulfur fuel oil, the spot premium fluctuates, the supply is increasing, and the downstream demand is weak. South Sudan's low - sulfur raw material supply is gradually returning, and Al - Zour's low - sulfur exports have reached a high level. Nigeria's low - sulfur exports are increasing, and China has sufficient low - sulfur quotas with weak downstream demand [7] 3. Related Attachments - The report provides six figures including Singapore's high - sulfur and low - sulfur spot premiums, high - and low - sulfur spreads, LSFO - GO, high - sulfur and low - sulfur fuel oil cracking, with data sources from Galaxy Futures and Reuters [9]