原油&燃料油数据日报-20251016

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - International oil prices are expected to remain weak in the short - term due to factors such as uncertain Sino - US trade tariffs, a loose supply - demand situation in the crude oil market, and reduced geopolitical risks. It is recommended to take a short - term wait - and - see approach for crude oil [3]. - The fuel oil market is under pressure from lukewarm demand and sufficient supply. With international oil prices likely to stay weak, fuel oil lacks strong upward drivers. A short - term wait - and - see strategy is also advised for fuel oil [3]. 3. Summary by Related Catalogs Crude Oil - Supply - demand situation: OPEC+ continues its production - increasing policy and reached a principle agreement to slightly increase production in November. From September, crude oil consumption gradually declines, with the global off - peak consumption being 1 - 3 million barrels per day lower than the peak. Geopolitical risks have decreased, which may lead to more crude oil flowing into the market [3]. - Operation strategy: Short - term wait - and - see [3]. - Futures盘面: SC crude oil closed at 443.7 yuan/barrel, down 4.9 yuan or 1.09%; WTI crude oil was at 58.59 dollars/barrel, unchanged; Brent crude oil was at 62.28 dollars/barrel, unchanged [3]. - Spread data: SC - WTI spread decreased by 0.67 yuan/barrel to 3.91 yuan/barrel, a decline of 14.58%; SC - Brent spread decreased by 0.67 yuan/barrel to 0.22 yuan/barrel, a decline of 75.42% [3]. - Spot price: Oman crude oil was at 64.25 dollars/barrel, down 1.35 dollars or 2.06%; Russian ESPO was at 59.22 dollars/barrel, down 1.21 dollars or 2.00%; Brent Dtd was at 64.35 dollars/barrel, down 0.7 dollars or 1.08% [4]. - Fundamental data: US commercial crude oil inventory increased by 0.89% to 420,261 thousand barrels; US gasoline inventory decreased by 0.73% to 219,093 thousand barrels; US distillate inventory decreased by 1.63% to 121,559 thousand barrels; US production increased by 0.92% to 13,629 thousand barrels per day [4]. Fuel Oil - Inventory situation: As of the week of October 8, Singapore's residue fuel oil inventory decreased by 892,000 barrels to 23.669 million barrels. However, the market is still under pressure from demand and supply, and it is expected that the inventory in October will increase due to large supplies received in September [3]. - Operation strategy: Short - term wait - and - see [3]. - Futures盘面: FU high - sulfur fuel oil closed at 2,683 yuan/ton, down 17 yuan or 0.63%; LU low - sulfur fuel oil closed at 3,155 yuan/ton, down 48 yuan or 1.50% [3]. - Spread data: FU - SC spread decreased by 31 yuan/ton to 2 yuan/ton, a decline of 6.88%; LU - SC spread increased by 44 yuan/ton to - 2 yuan/ton, a decline of 5.63%; LU - FU spread decreased by 31 yuan/ton to 472 yuan/ton, a decline of 6.16% [4]. - Spot price: Singapore high - sulfur fuel oil was at 365 dollars/ton, down 12 dollars or 3.18%; Singapore low - sulfur fuel oil was at 435.5 dollars/ton, down 7 dollars or 1.58% [4]. - Fundamental data: Singapore's fuel oil inventory increased by 1.34% to 23,699 thousand barrels [4].