Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core View of the Report - Asian low - sulfur fuel oil market structure remains stable with mild recovery in downstream bunker activities, but the spot spread of 0.5% sulfur marine fuel has reached the largest discount in over a week; Asian high - sulfur fuel oil market is supported by stable downstream bunker demand, but competitive quotes for November shipments suppress the spot spread [3]. - Singapore high - sulfur fuel oil has a price of 363.42 dollars/ton with a basis of - 55 yuan/ton, and low - sulfur fuel oil has a price of 447.83 dollars/ton with a basis of - 12 yuan/ton, showing a spot discount to futures [3]. - Singapore fuel oil inventory in the week of November 5 was 2106.9 million barrels, an increase of 14 million barrels [3]. - The price is near the 20 - day line, with the 20 - day line trending downward [3]. - High - sulfur main positions are short, with an increase in short positions; low - sulfur main positions are long, with an increase in long positions [3]. - Crude oil has a small intraday increase, the bunker market lacks actual positive factors, and downstream players remain on the sidelines. Fuel oil is expected to fluctuate. FU2601 is expected to trade in the range of 2660 - 2720, and LU2601 in the range of 3240 - 3280 [3]. Summary by Directory 1. Daily Prompt - The report provides an analysis of the fuel oil market, including fundamentals, basis, inventory, price trends, and position analysis, and gives expected trading ranges for FU2601 and LU2601 [3]. 2. Multi - Empty Concerns - Likely to Rise: Russia has extended fuel export restrictions, and the cancellation of US - Russia talks and sanctions on Russian oil - related enterprises are positive factors [4]. - Likely to Fall: The optimism on the demand side remains to be verified [4]. - Market Drivers: Supply is affected by geopolitical risks, while demand is neutral [4]. 3. Fundamental Data - Market Structure: Asian low - sulfur fuel oil market structure is stable with mild bunker activity recovery, but the spot spread of 0.5% sulfur marine fuel has reached a large discount; Asian high - sulfur fuel oil market is supported by stable bunker demand, but competitive quotes for November shipments suppress the spot spread [3]. - Basis: Singapore high - sulfur fuel oil basis is - 55 yuan/ton, and low - sulfur fuel oil basis is - 12 yuan/ton, showing a spot discount to futures [3]. - Inventory: Singapore fuel oil inventory in the week of November 5 was 2106.9 million barrels, an increase of 14 million barrels [3]. - Price Trend: The price is near the 20 - day line, with the 20 - day line trending downward [3]. - Main Positions: High - sulfur main positions are short, with an increase in short positions; low - sulfur main positions are long, with an increase in long positions [3]. 4. Spread Data - The report does not provide a detailed analysis of spread data, only showing a chart of high - low sulfur futures spreads [10]. 5. Inventory Data - Singapore fuel oil inventory data from August 27 to November 5 is provided, showing fluctuations in inventory levels [8].
大越期货燃料油早报-20251110
Da Yue Qi Huo·2025-11-10 01:52