Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Last week, international crude oil showed a volatile trend, and fuel oil prices mainly followed suit. High - sulfur fuel oil closed at 2,862 yuan/ton, down 1.82% for the week, and low - sulfur fuel oil closed at 3,571 yuan/ton, down 1.16% for the week [5]. - The market structure of Asian low - sulfur fuel oil continued to weaken due to sufficient immediate supply. Although the arbitrage window for 0.5% sulfur marine fuel from Northwest Europe to Singapore remained closed, a large amount of low - sulfur blending components continued to flow into the Singapore market. Traders were worried about potential inventory accumulation due to short - term oversupply in Singapore [5]. - For high - sulfur fuel oil, sufficient immediate supply and expected increase in arbitrage cargoes continued to suppress the market fundamentals. Weak power generation demand in South Asia this summer hit market sentiment, and traders were concerned that the decline in summer power generation demand might exacerbate the oversupply situation in the coming weeks [5]. - Subsequently, crude oil prices may fluctuate and recover, but fuel oil prices will still face pressure. The suggested operation is to trade high - sulfur fuel oil in the 2,780 - 2,950 yuan/ton range and low - sulfur fuel oil in the 3,500 - 3,650 yuan/ton range [5]. 3. Summary by Directory 3.1 Week - ly View - High - sulfur fuel oil closed at 2,862 yuan/ton, down 1.82% for the week; low - sulfur fuel oil closed at 3,571 yuan/ton, down 1.16% for the week. The market structure of Asian low - sulfur fuel oil weakened due to sufficient supply, and high - sulfur fuel oil faced pressure from supply and weak power generation demand in South Asia. Suggested trading ranges are 2,780 - 2,950 yuan/ton for high - sulfur and 3,500 - 3,650 yuan/ton for low - sulfur [5]. 3.2 Futures and Spot Prices - Futures Prices: The FU main contract futures price increased from 2,904 to 2,918, up 0.48%. The LU main contract futures price increased from 3,578 to 3,644, up 1.83% [6]. - Spot Prices: The prices of various types of fuel oil in different regions showed different degrees of change. For example, the price of Zhoushan high - sulfur fuel oil decreased from 518.00 to 511.00, down 1.35%, and the price of Singapore diesel increased from 673.24 to 678.02, up 0.71% [7]. 3.3 Fundamental Data - Consumption Data: Graphs showed the consumption trends of Singapore fuel oil, Chinese fuel oil, and Shandong fuel oil coking margin from 2021 to 2025 [8][9][10]. 3.4 Inventory Data - Singapore Fuel Oil Inventory: The inventory data from May 14 to July 30 showed fluctuations. For example, on May 14, the inventory was 2,490.9 million barrels with an increase of 78 million barrels, and on July 30, it was 2,027.9 million barrels with an increase of 37 million barrels [12]. 3.5 Spread Data - The graph of the high - low sulfur futures spread showed the relationship between FU and LU [16].
大越期货燃料油周报-20250804
Da Yue Qi Huo·2025-08-04 03:02