Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Last week, international crude oil fluctuated, and fuel oil prices first rose and then fell. High - sulfur fuel oil closed at 2,813 yuan/ton, up 1.22% for the week, while low - sulfur fuel oil closed at 3,475 yuan/ton, down 0.69% for the week [5]. - Due to the unfeasibility of East - West arbitrage, the inflow of arbitrage cargo from the West in September is expected to decrease, which will boost the fundamentals of low - sulfur fuel oil in the short term. The tight barge operation berths support the increase in the premium of Singapore's marine fuel delivery, and the downstream marine fueling demand will also increase, further supporting the low - sulfur fuel oil market [5]. - For high - sulfur fuel oil, with sufficient supply and stable marine fuel demand, the market will maintain range - bound fluctuations in the near future. However, some traders are worried about the lack of raw material demand before the autumn refinery maintenance season and the weakening of power generation demand after summer. Unless the fueling activities pick up before the year - end holidays, the supply glut in Singapore may intensify. Next week, international crude oil prices may fluctuate slightly higher, and Singapore's fuel oil prices will continue to fluctuate narrowly with the market. Operationally, trade high - sulfur fuel oil in the 2,750 - 2,900 range and low - sulfur fuel oil in the 3,400 - 3,550 range [5]. 3. Summary by Relevant Catalog 3.1 Weekly View - High - sulfur fuel oil closed at 2,813 yuan/ton, up 1.22% for the week, and low - sulfur fuel oil closed at 3,475 yuan/ton, down 0.69% for the week. International crude oil prices may fluctuate slightly higher next week, and Singapore's fuel oil prices will continue to fluctuate narrowly. Trade high - sulfur fuel oil in the 2,750 - 2,900 range and low - sulfur fuel oil in the 3,400 - 3,550 range [5]. 3.2 Futures and Spot Prices - Futures prices: The previous value of the FU main contract was 2,726, and the current value is 2,855, up 4.75%. The previous value of the LU main contract was 3,459, and the current value is 3,508, up 1.40% [6]. - Spot prices: For Zhoushan high - sulfur fuel oil, the previous value was 500.00, and the current value is 503.00, up 0.60%. For Zhoushan low - sulfur fuel oil, the previous value was 515.00, and the current value is 520.00, up 0.97%. For Singapore high - sulfur fuel oil, the previous value was 392.38, and the current value is 392.93, up 0.14%. For Singapore low - sulfur fuel oil, the previous value was 492.50, and the current value is 491.50, down 0.20%. For Middle East high - sulfur fuel oil, the previous value was 372.28, and the current value is 372.46, up 0.05%. For Singapore diesel, the previous value was 620.24, and the current value is 621.83, up 0.26% [7]. 3.3 Fundamental Data - Graphs of Singapore fuel oil consumption, China fuel oil consumption, and Shandong fuel oil coking profit margin from 2021 - 2025 are presented, but specific numerical changes are not described in the text [8][9][10]. 3.4 Inventory Data - Singapore fuel oil inventory: On August 27, the inventory was 2,188.9 million barrels, a decrease of 203 million barrels compared to the previous period [12]. - Graphs of Singapore inventory seasonal trends and Zhoushan Port fuel oil inventory trends are presented, but specific numerical changes are not described in the text [13][14]. 3.5 Spread Data - A graph of the high - low sulfur futures spread is presented, but specific numerical changes are not described in the text [16].
大越期货燃料油周报-20250901
Da Yue Qi Huo·2025-09-01 02:29