富查伊拉燃料油库存增加

Report Industry Investment Rating - High-sulfur fuel oil: Oscillation [2] - Low-sulfur fuel oil: Oscillation [2] Core Viewpoints - The main contract of SHFE fuel oil futures closed up 0.25% at 2,826 yuan/ton, while the main contract of INE low-sulfur fuel oil futures closed down 0.25% at 3,526 yuan/ton [1] - After the recent correction, crude oil prices have shown a weak oscillatory trend, providing limited short-term directional guidance for FU and LU prices. The medium-term expectation of a looser balance sheet potentially suppresses the energy sector [1] - In the high-sulfur fuel oil market, after consecutive adjustments to the market structure, short-term contradictions are relatively limited. Currently, spot supply is relatively abundant, while demand lacks growth momentum. Although power generation demand is boosted by the peak season, it lacks drivers beyond seasonality. According to Platts data, Fujairah's fuel oil inventory reached 9.656 million barrels this week, a 21.67% increase from the previous week. Looking ahead, in the long-term trend of crude oil lightening and refinery unit upgrades, structural support remains. If the crack spread adjusts sufficiently to attract a significant rebound in refinery demand, opportunities for the market structure to strengthen again can be monitored [1] - In the low-sulfur fuel oil market, current market pressure is limited, and supply growth remains constrained. Domestic production remains low, and the tight supply situation in the bonded area has not been fully alleviated. Medium-term prospects are not optimistic as the ample remaining low-sulfur fuel oil production capacity will attract supply release once crack spreads are favorable, and the carbon neutrality trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil [1] Strategy Summary - High-sulfur: Close out previous short positions on FU crack spreads (FU-Brent or FU-SC) [2] - Low-sulfur: No specific strategy mentioned [2] - Cross-variety: Close out previous short positions on FU crack spreads (FU-Brent or FU-SC) [2] - Inter-period: Close out previous FU reverse calendar spread positions [2] - Spot-futures: No strategy [2] - Options: No strategy [2] Chart Information - Multiple charts are provided, including those showing Singapore high-sulfur 380 fuel oil spot prices, Singapore low-sulfur fuel oil spot prices, Singapore high-sulfur fuel oil swap near-month contracts, Singapore low-sulfur fuel oil swap near-month contracts, Singapore high-sulfur fuel oil near-month spreads, Singapore low-sulfur fuel oil near-month spreads, fuel oil FU futures main contract closing prices, fuel oil FU futures index closing prices, fuel oil FU futures near-month contract closing prices, fuel oil FU near-month contract spreads, fuel oil FU futures main contract trading volume and open interest, fuel oil FU futures total trading volume and open interest, low-sulfur fuel oil LU futures main contract closing prices, low-sulfur fuel oil LU futures index closing prices, low-sulfur fuel oil LU futures near-month contract prices, low-sulfur fuel oil LU futures near-month spreads, low-sulfur fuel oil LU futures main contract trading volume and open interest, and low-sulfur fuel oil LU futures total trading volume and open interest [3]