Report Industry Investment Rating Due to the lack of relevant content, this part is skipped. Core Viewpoints - The high - sulfur fuel oil in Singapore has a supply surplus in floating and fixed storage tanks, and the supply pressure will continue. The fuel oil is expected to oscillate at a low level. FU2510 will operate in the 2690 - 2740 range, and LU2511 will operate in the 3430 - 3480 range. The行情 is driven by the resonance of supply affected by geopolitical risks and neutral demand [3]. - The potential increase in sanctions against Russia is a bullish factor, while the unproven optimism on the demand side and the weak upstream crude oil price are bearish factors [4]. Summary by Directory 1. Daily Prompt - The fundamentals show a supply surplus of high - sulfur fuel oil in Singapore, with supply pressure to continue. The basis indicates that the spot price is higher than the futures price. The Singapore fuel oil inventory increased by 189 barrels to 2263.9 barrels in the week of August 13. The price is below the 20 - day line, and the 20 - day line is downward. The high - sulfur main position is short - held with short positions decreasing, and the low - sulfur main position is long - held with long positions increasing. The fuel oil is expected to oscillate at a low level [3]. - The previous values of FU and LU main - contract futures prices were 2701 and 3452 respectively, and the current values are 2712 and 3461, with increases of 11 and 9, and change rates of 0.41% and 0.26% respectively. The previous values of FU and LU basis were 125 and 94 respectively, and the current values are 134 and 61, with changes of 9 and - 33, and change rates of 7.23% and - 35.12% respectively [5]. - The previous values of spot prices of Zhoushan high - sulfur fuel oil, Zhoushan low - sulfur fuel oil, Singapore high - sulfur fuel oil, Singapore low - sulfur fuel oil, Middle - East high - sulfur fuel oil, and Singapore diesel were 484.00, 505.00, 383.49, 480.50, 364.13, and 608.06 respectively. The current values are 485.00, 505.00, 387.06, 481.50, 367.70, and 618.93 respectively, with increases of 1.00, 0.00, 3.57, 1.00, 3.57, and 10.88 respectively, and change rates of 0.21%, 0.00%, 0.93%, 0.21%, 0.98%, and 1.79% respectively [6]. 2. Multi - Short Attention - Bullish factors include the possible intensification of sanctions against Russia. Bearish factors include the unproven optimism on the demand side and the weak upstream crude oil price. The行情 is driven by the resonance of supply affected by geopolitical risks and neutral demand [4]. 3. Fundamental Data - The fundamentals of fuel oil show a supply surplus of high - sulfur fuel oil in Singapore, with supply pressure to continue. The basis shows that the spot price is higher than the futures price. The inventory in Singapore increased in the week of August 13. The price is below the 20 - day line, and the 20 - day line is downward. The high - sulfur main position is short - held with short positions decreasing, and the low - sulfur main position is long - held with long positions increasing. The fuel oil is expected to oscillate at a low level [3]. 4. Inventory Data - The Singapore fuel oil inventory on August 13 was 2263.9 barrels, an increase of 189 barrels compared to the previous period [3][8]. 5. Spread Data - Due to the lack of relevant content, this part is skipped.
大越期货燃料油早报-20250822
Da Yue Qi Huo·2025-08-22 02:29