大越期货燃料油周报-20250825

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Last week, international crude oil prices stabilized and rebounded, leading to an increase in fuel oil prices. High - sulfur fuel oil closed at 2,878 yuan/ton, up 6.95% for the week, and low - sulfur fuel oil closed at 3,525 yuan/ton, up 2.59% for the week [5]. - The market structure of low - sulfur fuel oil continued to weaken, while the high - sulfur fuel oil market still faced pressure. The Asian low - sulfur fuel oil market structure weakened further due to concerns about abundant arbitrage cargo supply in the short term and weak demand. However, traders expect the market to gradually stabilize as it shifts to trading September second - half cargoes. In the high - sulfur fuel oil market, although tight shipping schedules support the downstream bunkering market demand, traders are worried about the potential increase in supply pressure in Singapore after the Middle - East summer peak. Currently, there is an oversupply of high - sulfur fuel oil in floating and fixed storage in Singapore, and this situation is expected to continue. Nevertheless, due to uncertainties in Russia - Ukraine negotiations and recent attacks on Russian refineries, short - term high - sulfur fuel oil prices are expected to be strong [5][6]. - International crude oil prices may have room to fluctuate upwards, and fuel oil prices will continue to rise with the market. The recommended short - term trading ranges are 2,800 - 2,950 yuan/ton for high - sulfur fuel oil and 3,450 - 3,600 yuan/ton for low - sulfur fuel oil [6]. 3. Summary by Directory 3.1 Week - ly View - High - sulfur fuel oil closed at 2,878 yuan/ton, up 6.95% for the week, and low - sulfur fuel oil closed at 3,525 yuan/ton, up 2.59% for the week. The low - sulfur fuel oil market structure weakened, and the high - sulfur fuel oil market faced pressure. Short - term high - sulfur fuel oil prices are strong, and fuel oil prices will follow the upward trend of crude oil. Recommended short - term trading ranges are provided [5][6]. 3.2 Futures and Spot Prices - Futures Prices: The FU main contract price decreased from 2,730 to 2,726, a decrease of 5 or 0.17%. The LU main contract price decreased from 3,465 to 3,459, a decrease of 5 or 0.16% [7]. - Spot Prices: The prices of various fuel oil products in different regions all increased slightly. For example, the price of Zhoushan high - sulfur fuel oil increased from 494.00 to 499.00, an increase of 5.00 or 1.01% [8]. 3.3 Fundamental Data - Consumption Data: Graphs show the consumption data of Singapore fuel oil, Chinese fuel oil, and Shandong fuel oil coking margin from 2021 to 2025 [9][10][11]. 3.4 Inventory Data - Singapore fuel oil inventory data from June 4 to August 20 shows fluctuations. For example, on August 20, the inventory was 2,391.9 million barrels, an increase of 128 million barrels compared to the previous period [12]. 3.5 Spread Data - A graph shows the spread between high - sulfur and low - sulfur fuel oil futures [17].