燃料油日报-20250911

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Asian high - sulfur fuel oil has high supply and inventory in the near - term, but supply pressure in Q3 is less than expected due to factors like Russian refinery bombings, reduced Mexican exports, and low Middle - East exports. High - sulfur seasonal power generation demand is falling, but feedstock demand is supported. Low - sulfur fuel oil has a continuously falling spot premium, with rising supply and no specific demand drivers [7]. Group 3: Summary by Related Catalogs Part 1: Related Data - On September 11, 2025, FU主力 was 2802, up 16 from the previous day; its position was 202,000 lots, up 6,000 lots; FU仓单 remained at 101,500 tons. LU主力 was 3374, down 9; its position was 75,000 lots, up 1,000 lots; LU仓单 remained at 10,020 tons. The spread between FU10 - 1 was 36, down 5; LU11 - 12 was 8, down 1; LU - FU主力价差 was 572, down 25; FU01 - 外盘12 was 7.1, up 1.0; LU11 - 外盘10 was 8.7, down 1.4 [3]. Part 2: Market Research and Judgment - Market Overview: As of September 8, the fuel oil inventory in Fujairah was 7.095 million barrels, a quarter - on - quarter increase of 1.546 million barrels [6]. - Quotation Research and Judgment: High - sulfur fuel oil has high supply and inventory in the near - term, but supply pressure in Q3 is less than expected. Low - sulfur fuel oil has a continuously falling spot premium, with rising supply and no specific demand drivers. Pay attention to new high - sulfur warehouse receipts and inventory digestion, as well as low - sulfur quota adjustment and issuance [7]. - Other Information: FU仓单 and LU仓单 remained unchanged from the previous day. In the Singapore paper market, the high - sulfur Sep/Oct spread changed from 0.6 to 0.4 dollars/ton, and the low - sulfur Sep/Oct spread changed from 2.3 to 2.0 dollars/ton [8]. Part 3: Related Attached Figures - The report provides six figures, including Singapore high - sulfur and low - sulfur spot premiums, high - and low - sulfur spreads, LSFO - GO, and high - and low - sulfur fuel oil cracking, with data sources from Galaxy Futures and Reuters [10].