燃料油日报：中东高硫燃料油发货量持续增加-20250828

Group 1: Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed down 2.39% at 2,821 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 1.47% at 3,485 yuan/ton [1] - The current geopolitical and macro situation remains unclear, especially the limited progress in the Russia-Ukraine peace talks. The crude oil market faces many uncertainties in the short term, and the oil price fell again yesterday, driving down the FU and LU futures [1] - In terms of the fundamentals of fuel oil itself, high-sulfur fuel oil is in a stage of structural adjustment and market rebalancing and currently does not have the conditions to strengthen again. The shipment volume of high-sulfur fuel oil from the Middle East continues to increase, reaching 3.45 million tons in August, an increase of 80,000 tons month-on-month [1] - For low-sulfur fuel oil, the current market pressure is limited. Domestic production remains low, overseas supply shows a tightening trend again, and the contango structure of the outer market has strengthened slightly. In the short term, the market structure remains relatively stable. However, in the medium term, low-sulfur fuel oil still faces the contradiction of being replaced in demand share and having more surplus production capacity. Therefore, although the downside space for valuation is limited, the upward resistance is also large [1] Group 2: Strategy - High-sulfur fuel oil: Oscillation [2] - Low-sulfur fuel oil: Oscillation [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] Group 3: Graphs - Graphs include Singapore high-sulfur 380 fuel oil spot price, Singapore low-sulfur fuel oil spot price, Singapore high-sulfur fuel oil swap near-month contract, Singapore low-sulfur fuel oil swap near-month contract, Singapore high-sulfur fuel oil near-month spread, Singapore low-sulfur fuel oil near-month spread, fuel oil FU futures main contract closing price, fuel oil FU futures index closing price, fuel oil FU futures near-month contract closing price, fuel oil FU near-month contract spread, fuel oil FU futures main contract trading volume and open interest, fuel oil FU futures total trading volume and open interest, low-sulfur fuel oil LU futures main contract closing price, low-sulfur fuel oil LU futures index closing price, low-sulfur fuel oil LU futures near-month contract price, low-sulfur fuel oil LU futures near-month spread, low-sulfur fuel oil LU futures main contract trading volume and open interest, and low-sulfur fuel oil LU futures total trading volume and open interest [3]