原油&燃料油数据日报-20251028

1. Report Industry Investment Rating - No industry investment rating is provided in the report [2][3][4] 2. Core Viewpoints of the Report - International oil prices are oscillating. The easing of trade concerns and the escalation of geopolitical situations have led to a recent rebound in oil prices. However, in the long - term, due to the loose supply - demand pattern of crude oil, the long - term oil price will remain weak, and the short - term rebound height may be limited. For both crude oil and fuel oil, the current operation strategy is to wait and see [3] 3. Summary by Relevant Catalogs 3.1 Crude Oil Market - Market Influencing Factors: The first round of Sino - US economic and trade consultations in Kuala Lumpur, Malaysia, is expected to ease trade concerns and boost the oil market. Geopolitically, the cancellation of the Trump - Putin meeting and US sanctions on Russian oil producers may disrupt the global crude oil supply chain. In terms of supply and demand, OPEC+ has reached a principle agreement to increase production slightly in November, while global crude oil consumption has gradually declined since September, with a drop of 1 - 3 million barrels per day in the off - season compared to the peak season [3] - Price and Spread Data: SC crude oil closed at 468.9 yuan/barrel, up 0.86%; WTI crude oil was at 61.44 dollars/barrel, unchanged; Brent crude oil was at 64.92 dollars/barrel, unchanged. There are also various spread data such as SC - WTI, SC - Brent, etc. [3] - Spot Price: Oman crude oil was at 68.1 dollars/barrel, up 6.87%; Russian ESPO was at 60.63 dollars/barrel, up 3.16%; Brent Dtd was at 62.39 dollars/barrel, up 5.75% [4] - Fundamental Data: US EIA data shows that crude oil commercial inventory decreased by 0.23% to 422,824 thousand barrels; gasoline inventory decreased by 0.98% to 216,679 thousand barrels; distillate oil inventory decreased by 1.26% to 117,030 thousand barrels; US production decreased by 0.05% to 13,629 thousand barrels per day [4] 3.2 Fuel Oil Market - Inventory and Trade Data: As of the week ending October 22, Singapore's residue fuel oil inventory decreased by 2.036 million barrels or 8.1% to 23.027 million barrels (3.63 million tons). In September 2025, China's bonded marine fuel oil imports were 543,400 tons, up 10.98% month - on - month and down 4.11% year - on - year; exports were 2.2363 million tons, up 36.09% month - on - month and 2.4% year - on - year. From January to September 2025, the cumulative exports of China's bonded marine fuel oil were 15.322 million tons, up 1.53% year - on - year [3] - Market Situation: For high - sulfur fuel oil, consumption from power generation terminals will gradually decline after the end of the power demand peak season in the Northern Hemisphere. For low - sulfur fuel oil, the Asian market structure is weakening, and the arbitrage arrival volume in Singapore in October is expected to increase. The fuel oil market generally follows the short - term sharp rebound of international oil prices [3] - Price and Spread Data: FU high - sulfur fuel oil closed at 2,842 yuan/ton, up 1.00%; LU low - sulfur fuel oil closed at 3,257 yuan/ton, up 1.02%. There are also various spread data such as FU - SC, LU - SC, LU - FU, etc. [3] - Spot Price: Singapore high - sulfur fuel oil was at 395 dollars/ton, up 2.33%; Singapore low - sulfur fuel oil was at 442.5 dollars/ton, up 1.36% [4] - Fundamental Data: Singapore's fuel oil inventory increased by 1.34% to 23,699 thousand barrels. The exchange warehouse receipts of FU fuel oil increased by 26.76% to 37,890 [4] 3.3 Macro Data - The US dollar index was at 98.9417, up 0.01%; the US 10 - year Treasury yield was at 4.02%, up 0.25%; the RMB/US dollar exchange rate was 7.2545, unchanged; the Baltic BDI index was at 1,991, down 3.21% [4]