Group 1: Report Summary - The report is a fuel oil daily report dated August 20, 2025 [1] Group 2: Market Data - On August 20, 2025, the FU main contract was at 2718, up 32 from the previous day; the FU main contract position was 123,000 lots, up 28,000 lots; the FU warehouse receipt was 80,710 tons, unchanged [3] - The LU main contract was at 3446, down 20 from the previous day; the LU main contract position was 40,000 lots, down 4,000 lots; the LU warehouse receipt was 11,110 tons, unchanged [3] - The FU10 - 1 spread was -1, up 5; the LU10 - 11 spread was 3, down 4; the LU - FU main contract spread was 728, down 52 [3] - The FU09 - foreign market 08 spread was -19.1, down 1.2; the LU10 - foreign market 09 spread was 5.5, down 2.1 [3] Group 3: Market Overview - Important news: On Tuesday evening, Ukrainian drones attacked an oil pumping station in Russia's Tambov region, causing an oil supply interruption. Oil was then transported through the Druzhba pipeline to Hungary and Slovakia [6] Group 4: Market Analysis - High - sulfur fuel oil: Asian near - term high - sulfur supply and inventory remain at high levels. Ukrainian bombings of Russian refineries continue, affecting some refinery capacities. Mexican high - sulfur exports are falling. Middle - East high - sulfur exports are at a stable low level. High - sulfur supply pressure in the third quarter is slightly less than expected. Seasonal power - generation demand is gradually declining, and domestic feedstock demand support is not obvious after the increase in the consumption - tax deduction ratio. Singapore's high - sulfur bunker fuel loading volume in July reached the highest level since IMO2020 [7] - Low - sulfur fuel oil: The low - sulfur fuel oil spot premium is continuously falling. The increase in spot - window sellers and near - term supply has hit the low - sulfur spot price. Low - sulfur supply is continuously rising, and downstream demand has no specific drivers. Nigeria's RFCC unit has intermittent maintenance. South Sudan's low - sulfur raw - material supply is returning to early 2024 levels. Al - Zour's low - sulfur exports have rebounded to the high level of normal refinery operation, with a significant increase in exports to Singapore. The Chinese low - sulfur market has abundant supply and stable demand [7] Group 5: Other Information - The Singapore paper - cargo market: The high - sulfur Sep/Oct spread remains at $1.5/ton, and the low - sulfur Sep/Oct spread remains at $1.0/ton [8]
燃料油日报-20250820
Yin He Qi Huo·2025-08-20 13:52