Group 1: Report Overview - Report Title: Fuel Oil Weekly Report (July 21 - July 25) [2] - Author: Jin Zebin from the Investment Consulting Department of Dayue Futures [2] - Contact Information: 0575 - 85226759 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - Last week, international crude oil showed a range - bound oscillation, with the weekly average price down. Fuel oil prices mainly oscillated downward, with high - sulfur fuel oil closing at 2836 yuan/ton, down 2.61% weekly, and low - sulfur fuel oil closing at 3544 yuan/ton, down 2.48% weekly [5] - The Asian low - sulfur fuel oil market structure declined slightly due to sufficient immediate supply and relatively weak downstream demand. Singapore is expected to receive 210 - 220 tons of low - sulfur fuel oil from the West in July, higher than 170 - 180 tons in June. The low - sulfur fuel oil market fundamentals are still suppressed by sufficient supply in the short term [5] - In the high - sulfur market, with continuous oversupply, the spot price difference of 380CST high - sulfur fuel oil has fallen to the largest discount level in more than five years. The summer power generation demand in South Asian countries has not supported the high - sulfur market, and the monsoon rainfall has alleviated the high - temperature weather. The Asian high - sulfur fuel oil market faces the dual pressures of sufficient supply and seasonal weakening of power generation demand [5] - International crude oil prices may oscillate in a small range, and fuel oil prices are expected to continue narrow - range fluctuations. The operation suggestions are to trade high - sulfur fuel oil in the 2780 - 2950 range and low - sulfur fuel oil in the 3500 - 3650 range [5] Group 4: Periodic and Spot Prices Futures Prices | | FU Main Contract | LU Main Contract | | --- | --- | --- | | Previous Value | 2883 | 3631 | | Current Value | 2904 | 3578 | | Change | 21 | - 53 | | Change Rate | 0.72% | - 1.47% | [6] Spot Prices | | Zhoushan High - Sulfur Fuel Oil | Zhoushan Low - Sulfur Fuel Oil | Singapore High - Sulfur Fuel Oil | Singapore Low - Sulfur Fuel Oil | Middle East High - Sulfur Fuel Oil | Singapore Diesel | | --- | --- | --- | --- | --- | --- | --- | | Previous Value | 505.00 | 515.00 | 398.99 | 504.50 | 379.63 | 659.10 | | Current Value | 507.00 | 515.00 | 401.21 | 504.50 | 381.85 | 664.46 | | Change | 2.00 | 0.00 | 2.22 | 0.00 | 2.22 | 5.37 | | Change Rate | 0.40% | 0.00% | 0.56% | 0.00% | 0.58% | 0.81% | [7] Group 5: Fundamental Data - Singapore's fuel oil consumption data from 2021 - 2025 is presented in a chart [8] - China's fuel oil consumption data from 2021 - 2025 is presented in a chart [9] - Shandong's fuel oil coking gross profit data from 2021 - 2025 is presented in a chart [10] Group 6: Inventory Data Singapore Fuel Oil Inventory | Time | Inventory (10,000 barrels) | Change (10,000 barrels) | | --- | --- | --- | | May 7 | 2412.9 | 40 | | May 14 | 2490.9 | 78 | | May 21 | 2563.9 | 73 | | May 28 | 2201.9 | - 362 | | June 4 | 2140.9 | - 61 | | June 11 | 2311.9 | 171 | | June 18 | 2289.9 | - 22 | | June 25 | 2274.9 | - 15 | | July 2 | 2132.9 | - 142 | | July 9 | 2080.9 | - 52 | | July 16 | 2035.9 | - 45 | | July 23 | 1990.9 | - 45 | [11][12] - Singapore's inventory seasonal trend is presented in a chart [13] - Zhoushan Port's fuel oil inventory trend is presented in a chart [14] Group 7: Spread Data - The high - low sulfur futures spread data is presented in a chart [16]
大越期货燃料油周报-20250728
Da Yue Qi Huo·2025-07-28 01:49