Report Industry Investment Rating - No clear overall industry investment rating is provided, but individual factors are evaluated as follows: neutral for fundamentals, bullish for basis, bearish for inventory, bearish for the market trend, bearish for high - sulfur main positions and bullish for low - sulfur main positions [3] Core Viewpoints - The Asian high - sulfur fuel oil market structure has slightly recovered, but concerns about sufficient supply and the decline of seasonal utility power generation demand remain. More low - sulfur blending components are expected to flow into the Asian market in August. The fuel oil market is generally weak due to factors such as the continued decline of crude oil prices, insufficient news support, and weak downstream demand. The expected operating ranges are 2790 - 2830 for FU2509 and 3500 - 3550 for LU2510 [3] Summary by Catalog 1. Daily Prompt - In terms of fundamentals, the Asian high - sulfur fuel oil market structure has a slight recovery, but supply and demand concerns persist. For basis, Singapore high - sulfur and low - sulfur fuel oils have positive basis, with spot prices higher than futures. Singapore fuel oil inventory increased by 370,000 barrels to 20.279 million barrels in the week of July 30. The price is below the 20 - day line, and the 20 - day line is downward. High - sulfur main positions are short and decreasing, while low - sulfur main positions are long and decreasing. The fuel oil market is expected to be weak, with specific operating ranges provided for different contracts [3] 2. Multi - and Short - term Concerns - Bullish factors include the possible intensification of sanctions against Russia. Bearish factors are the unproven optimistic demand and the weak upstream crude oil prices. The market is driven by the resonance of geopolitical risks on the supply side and neutral demand [4] 3. Fundamental Data - The previous and current values, changes, and change amplitudes of the futures prices and basis of FU and LU main contracts are presented. For example, the FU main contract futures price increased from 2818 to 2819 with a 0.04% increase, and its basis increased by 23 to 173 with a 15.13% increase [5] 4. Spread Data - Not explicitly elaborated in the provided content 5. Inventory Data - The inventory data of Singapore fuel oil from May 21 to July 30 are shown. The inventory on July 30 was 20.279 million barrels, an increase of 370,000 barrels compared to the previous period [8]
大越期货燃料油早报-20250807
Da Yue Qi Huo·2025-08-07 01:51