大越期货燃料油周报-20250811

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Last week, international crude oil trended downward, and fuel oil prices mainly oscillated lower. High - sulfur fuel oil closed at 2776 yuan/ton, down 4.80% for the week, and low - sulfur fuel oil closed at 3464 yuan/ton, down 4.97% for the week [5]. - Due to sufficient supply and competitive spot cargo quotes, the spot premium of 0.5% sulfur marine fuel oil fell to a more than four - month low. With Western arbitrage cargoes arriving in Singapore, the regional inventory in Singapore will significantly accumulate in August. More low - sulfur blending components are expected to flow into the Asian market from the markets west of Suez in August [5]. - For high - sulfur fuel oil, although the immediate supply in the Singapore area remains sufficient, stable downstream bunker demand provides some support. However, traders are still worried that the decline in seasonal power generation demand from utilities will suppress the market fundamentals. With many uncertainties, crude oil prices will continue to oscillate, and fuel oil prices are still under pressure. Operationally, trade high - sulfur fuel oil in the 2740 - 2900 range and low - sulfur fuel oil in the 3400 - 3550 range [5]. 3. Summary by Directory 3.1 Week - ly View - International crude oil declined last week, fuel oil prices oscillated lower. High - sulfur fuel oil dropped 4.80% to 2776 yuan/ton, and low - sulfur fuel oil dropped 4.97% to 3464 yuan/ton [5]. - Low - sulfur fuel oil spot premium hit a four - plus - month low. Singapore's inventory will accumulate in August, and more low - sulfur components will flow into Asia [5]. - High - sulfur fuel oil has stable bunker demand but faces pressure from fading power generation demand. Crude oil price uncertainty keeps fuel oil prices under pressure. Suggested trading ranges are given [5]. 3.2 Futures and Spot Prices - Futures Prices: The FU main contract's previous value was 2918, the current value is 2823, down 95 or 3.26%. The LU main contract's previous value was 3644, the current value is 3540, down 103 or 2.83% [6]. - Spot Prices: Various spot prices of fuel oil and diesel in different regions showed different degrees of decline. For example, the price of Zhoushan high - sulfur fuel oil decreased by 0.61%, and Singapore diesel decreased by 1.87% [7]. 3.3 Fundamental Data - Consumption Data: Graphs show the consumption of fuel oil in Singapore, China, and the coking profit of Shandong fuel oil from 2021 - 2025 [8][9][10]. 3.4 Inventory Data - Singapore Fuel Oil Inventory: Data shows the inventory and its changes from May 21 to August 6. For example, on May 21, the inventory was 2563.9 million barrels with an increase of 73 million barrels, and on August 6, it was 2074.9 million barrels with an increase of 47 million barrels [12]. 3.5 Spread Data - The graph shows the high - low sulfur futures spread [16].