Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoint The report indicates that the Asian low - sulfur fuel oil market structure has weakened due to sufficient supply and weak demand. The high - sulfur fuel oil market is also suppressed by overall sufficient supply. Overnight, crude oil oscillated at a low level, and fuel oil moved in tandem. With the US arranging a meeting between Russian and Ukrainian leaders, market risk sentiment has subsided. Fuel oil is expected to oscillate at a low level, with FU2509 operating in the 2670 - 2730 range and LU2510 in the 3430 - 3480 range [3]. 3. Summary According to the Directory 3.1 Daily Prompt - Fundamentals: Asian low - sulfur fuel oil market structure is weak due to supply and demand; overall supply weighs on high - sulfur fuel oil market [3]. - Basis: Singapore high - sulfur and low - sulfur fuel oil have positive basis, with spot prices higher than futures [3]. - Inventory: Singapore fuel oil inventory in the week of August 13 was 2263.9 million barrels, an increase of 189 million barrels [3]. - Market Chart: Fuel oil prices are below the 20 - day line, and the 20 - day line is downward [3]. - Main Position: High - sulfur main position is short, with short positions decreasing; low - sulfur main position is long, with long positions increasing [3]. - Expectation: Fuel oil is expected to oscillate at a low level, with FU2509 in the 2670 - 2730 range and LU2510 in the 3430 - 3480 range [3]. 3.2 Long - Short Concerns - Positive Factors: There is a possibility of increased sanctions against Russia [4]. - Negative Factors: Demand optimism needs verification, and upstream crude oil prices are weak [4]. - Market Driver: Supply is affected by geopolitical risks, and demand is neutral [4]. 3.3 Fundamental Data - Futures Quotes: The price of the FU main contract decreased by 20 to 2680, a decline of 0.74%; the price of the LU main contract decreased by 1 to 3458, a decline of 0.03%. The FU basis increased by 25 to 188, a rise of 15.49%; the LU basis increased by 6 to 81, a rise of 8.19% [5]. - Spot Quotes: The price of Zhoushan high - sulfur fuel oil decreased by 2 to 484, a decline of 0.41%; the price of Singapore high - sulfur fuel oil decreased by 0.18 to 387.79, a decline of 0.05%. Other prices also had corresponding changes [6]. 3.4 Inventory Data - Singapore fuel oil inventory on August 13 was 2263.9 million barrels, an increase of 189 million barrels compared to the previous period [3][8]. 3.5 Spread Data The report does not provide specific spread data analysis, only shows a chart of the high - low sulfur futures spread [12].
大越期货燃料油早报-20250820
Da Yue Qi Huo·2025-08-20 02:56