能源化工燃料油、低硫燃料油周度报告-20250608

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Weekly Review: Global fuel oil prices had a narrower fluctuation range this week. After falling at the beginning of the week, they rebounded slightly, and the crack spreads and monthly spreads declined slightly from their highs [4]. - Weekly Outlook: Fuel oil prices rebounded after falling at the beginning of the week, with the overall price changes narrowing compared to the previous week. However, the strengthening of crude oil prices caused the fuel oil crack spreads to decline from their highs. Currently, supply - side changes are dominating price movements. High - sulfur fuel oil's monthly spreads and crack spreads are likely to avoid significant declines, while for low - sulfur fuel oil, the price, crack spreads, and monthly spreads of the domestic LU may be suppressed [4]. 3. Summary by Directory 3.1 Supply - Refinery Operations: Data on the capacity utilization rates of Chinese refineries (crude oil: atmospheric and vacuum distillation), independent refineries, and major refineries are presented, covering multiple years from 2016 - 2025 [6]. - Global Refinery Maintenance: Data on the maintenance volumes of global CDU, hydrocracking, FCC, and coking units are provided, spanning from 2018 - 2025 [9][11][13][14]. - Domestic Refinery Fuel Oil Production and Commodity Volume: Data on China's monthly fuel oil production, low - sulfur fuel oil production, and fuel oil commodity volume are shown, covering multiple years from 2018 - 2025 [18]. 3.2 Demand - Domestic and Foreign Fuel Oil Demand Data: Data on Singapore's monthly fuel oil bunker sales, China's monthly fuel oil apparent consumption, and China's monthly marine fuel oil actual consumption are presented, covering multiple years from 2018 - 2025 [21]. 3.3 Inventory - Global Fuel Oil Spot Inventory: Data on the inventories of heavy oil in Singapore, fuel oil in European ARA, heavy distillates in Fujairah, residual fuel oil in the US, etc. are provided, covering multiple years from 2018 - 2025 [24][26][27]. 3.4 Price and Spreads - Asia - Pacific Regional Spot FOB Prices: Data on the FOB prices of 3.5% and 0.5% fuel oil in Fujeirah, Singapore, and other locations are presented, covering multiple years from 2018 - 2025 [31][32][33]. - European Regional Spot FOB Prices: Data on the FOB prices of 3.5% and 1% fuel oil in Northwest Europe, the Mediterranean, and other locations are provided, covering multiple years from 2018 - 2025 [36][37][39]. - US Regional Fuel Oil Spot Prices: Data on the FOB prices of 3.5% fuel oil in the US Gulf, high - sulfur fuel oil cargo prices in the New York Harbor, etc. are presented, covering multiple years from 2018 - 2025 [42]. - Paper and Derivative Prices: Data on the swap prices of high - sulfur and low - sulfur fuel oil in Northwest Europe and Singapore are provided, as well as the prices of FU and LU contracts [44][50]. - Fuel Oil Spot Spreads: Data on the price spreads between high - sulfur and low - sulfur fuel oil in Singapore and the viscosity spreads are presented, covering multiple years from 2018 - 2025 [53][55]. - Global Fuel Oil Crack Spreads: Data on the crack spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe are provided, covering multiple years from 2019 - 2025 [59][61][62]. - Global Fuel Oil Paper Monthly Spreads: Data on the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe are presented, covering the period from 2023 - 2025 [66][67]. 3.5 Import and Export - Domestic Fuel Oil Import and Export Data: Data on China's monthly import and export volumes of fuel oil (excluding biodiesel) are presented, covering multiple years from 2018 - 2025 [72][74][75]. - Global High - Sulfur Fuel Oil Import and Export Data: Data on the weekly changes in global high - sulfur fuel oil import and export volumes in regions such as China, the Middle East, and the US are provided [77]. - Global Low - Sulfur Fuel Oil Import and Export Data: Data on the weekly changes in global low - sulfur fuel oil import and export volumes in regions such as Singapore + Malaysia, China, and the US are presented [79].