2025-09-15燃料油早报-20250915

Report Summary 1. Industry Investment Rating No clear industry investment rating is provided in the report. 2. Core View The report analyzes the fuel oil market, indicating that the Asian low - sulfur fuel oil market is under short - term pressure due to sufficient immediate supply and weak terminal demand, while the high - sulfur fuel oil market is supported by relatively stable downstream demand. The market shows certain resistance as downstream demand improves, and it is recommended to follow the impact of geopolitical factors such as China - US trade negotiations. The expected operating ranges are 2760 - 2810 for FU2510 and 3310 - 3370 for LU2511 [3]. 3. Summary by Directory 3.1 Daily Tips - Fundamental analysis: The Asian low - sulfur fuel oil market is under short - term pressure, while the high - sulfur fuel oil market is supported by demand. The basis shows a spot premium over futures, and Singapore's fuel oil inventory decreased in the week of September 10. The price is near the 20 - day line, and high - sulfur and low - sulfur fuel oil have different trends in the main positions. The expected operating ranges are 2760 - 2810 for FU2510 and 3310 - 3370 for LU2511 [3]. - Futures market: The prices of FU and LU main contracts decreased, with declines of 2.15% and 2.43% respectively. The basis increased significantly, with increases of 56.27% and 133.66% respectively [5]. - Spot market: The prices of various fuel oils decreased, with decreases ranging from 0.64% to 2.11%, except for Singapore diesel, which increased by 0.41% [6]. 3.2 Multi - Short Concerns - Bullish factors: There is a possibility of increased sanctions against Russia [4]. - Bearish factors: The optimism on the demand side remains to be verified, and the upstream crude oil price is weak [4]. - Market drivers: The supply side is affected by geopolitical risks, and demand is neutral [4]. 3.3 Fundamental Data - Singapore fuel oil inventory on September 10 was 2303.9 million barrels, a decrease of 27 million barrels [3]. 3.4 Spread Data No specific spread data analysis is provided in the given content. 3.5 Inventory Data - Singapore fuel oil inventory has fluctuated in recent months, with a decrease of 27 million barrels in the week of September 10 to 2303.9 million barrels [3][8].