大越期货燃料油周报-20251027

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - Last week, fuel oil prices rose in tandem with crude oil due to geopolitical impacts. High - sulfur fuel oil closed at 2844 yuan/ton, up 8.26% for the week, and low - sulfur fuel oil closed at 3267 yuan/ton, up 6.73% for the week [3]. - The market structure of Asian low - sulfur fuel oil has weakened due to weak downstream demand and sufficient supply. The spot discount of 0.5% sulfur marine fuel remains at its widest level in more than five years. Singapore's low - sulfur fuel oil arbitrage arrivals in October are expected to increase to 2.7 - 2.9 million tons from 2.3 - 2.4 million tons in September, and the market fundamentals are under pressure [3]. - The Asian high - sulfur fuel oil market is expected to fluctuate within a range. The supply of non - sanctioned resources is relatively tight, and stable marine fuel demand provides some support. However, recent supply may put pressure on the market. Crude oil is expected to remain strongly volatile in the short term, and fuel oil is expected to follow suit. High - sulfur fuel oil can be traded in the 2750 - 2900 yuan/ton range, and low - sulfur fuel oil in the 3200 - 3350 yuan/ton range [3]. Group 3: Summary by Directory 1. Weekly Viewpoint - Fuel oil prices followed crude oil higher last week. High - sulfur fuel oil closed at 2844 yuan/ton with a weekly increase of 8.26%, and low - sulfur fuel oil closed at 3267 yuan/ton with a weekly increase of 6.73%. The low - sulfur fuel oil market is under pressure, while the high - sulfur fuel oil market is expected to range - bound. Operation suggestions are given for both high - and low - sulfur fuel oils [3]. 2. Futures and Spot Prices - Futures prices: The FU main contract futures price rose from 2688 to 2710, an increase of 0.81%. The LU main contract futures price dropped from 3175 to 3128, a decrease of 1.47% [4]. - Spot prices: Prices of various types of fuel oil in different regions all increased. For example, the price of Zhoushan high - sulfur fuel oil rose from 469.00 to 475.00, an increase of 1.28%, and the price of Singapore high - sulfur fuel oil rose from 364.60 to 383.73, an increase of 5.25% [5]. 3. Fundamental Data - Consumption data: Graphs show the consumption data of Singapore fuel oil, Chinese fuel oil, and Shandong fuel oil coking margin from 2021 - 2025, but specific numerical summaries are not provided in the text [6][7][8]. 4. Inventory Data - Singapore fuel oil inventory data from August 6 to October 22 is presented. For example, on October 22, the inventory was 2744.9 barrels, an increase of 509 barrels compared to the previous record [9]. 5. Spread Data - A graph shows the high - low sulfur futures spread, but specific numerical summaries are not provided in the text [13].