俄罗斯7月高硫燃料油发货量回升

Report Overview - Report Date: July 24, 2025 [15] - Analysts: Pan Xiang, Kang Yuanning [30] - Company Information: Huatai Futures Co., Ltd., located in Guangzhou, contactable at 400 - 6280 - 888 and website www.htfc.com [35] Industry Investment Rating - No industry investment rating information provided Core Views - The main contract of SHFE fuel oil futures closed down 0.69% at 2,879 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed down 0.28% at 3,565 yuan/ton [1] - Crude oil prices are oscillating, providing limited short - term direction for FU and LU, with a downward pressure in the medium term due to a looser balance sheet [1] - The high - sulfur fuel oil market currently lacks bright spots, with recent market structure adjustments and a significant decline in crack spreads. Spot supply is relatively abundant and inventory levels are high. However, structural positive factors have not completely disappeared [1] - The low - sulfur fuel oil market has recently become marginally looser, with more Brazilian shipments arriving and Kuwaiti exports resuming. In the medium term, surplus production capacity is abundant, and the carbon - neutral trend in the shipping industry will suppress market prospects [1] Strategy Summary - High - sulfur fuel oil: Expected to oscillate [2] - Low - sulfur fuel oil: Expected to oscillate [2] - Cross - variety: Positions in shorting FU crack spreads (FU - Brent or FU - SC) can be appropriately stopped for profit [2] - Cross - period: Previous FU reverse spread positions can be gradually stopped for profit [2] - Spot - futures: No strategy [2] - Options: No strategy [2] Graphical Information - Multiple graphs are provided, including those showing Singapore high - sulfur 380 fuel oil spot prices, Singapore low - sulfur fuel oil spot prices, Singapore high - sulfur and low - sulfur fuel oil swap near - month contracts, high - sulfur and low - sulfur fuel oil near - month spreads, and various fuel oil futures contract closing prices, trading volumes, and open interests [3]