大越期货燃料油周报-20251110

Group 1: Report Summary - Investment Rating: Not provided - Core View: Last week, crude oil showed a trend of rising first and then falling, and fuel oil prices also mainly rose first and then fell. Both high - and low - sulfur fuel oil markets were dragged down by sufficient supply, with weak overall trends. High - sulfur fuel oil closed at 2677 yuan/ton, down 2.48% for the week, and low - sulfur fuel oil closed at 3255 yuan/ton, down 0.40% for the week. The Asian low - sulfur fuel oil market still faces the dilemma of sufficient immediate supply and sluggish downstream bunker fuel activities, but the current East - West arbitrage economy is basically unfeasible, which may help reduce arbitrage cargoes from Europe in December and relieve the current oversupply situation. The Asian high - sulfur fuel oil market is still supported by stable downstream bunker fuel demand, but competitive quotes for shipments in the second half of November have suppressed spot spreads. International crude oil prices may fluctuate slightly lower, and fuel oil prices are expected to continue to decline weakly. Operationally, high - sulfur fuel oil should be traded in the 2600 - 2800 range in the short term, and low - sulfur fuel oil in the 3200 - 3350 range in the short term [5] Group 2: Periodic and Spot Price Summary - Futures Price: The previous value of the FU main contract was 2790, and the current value is 2744, a decrease of 46 or 1.66%. The previous value of the LU main contract was 3253, and the current value is 3290, an increase of 37 or 1.12% [6] - Spot Price: The previous value of Zhoushan high - sulfur fuel oil was 465.00, and the current value is 469.00, an increase of 4.00 or 0.86%. The previous value of Zhoushan low - sulfur fuel oil was 477.00, and the current value is 478.00, an increase of 1.00 or 0.21%. The previous value of Singapore high - sulfur fuel oil was 364.42, and the current value is 363.42, a decrease of 1.00 or - 0.27%. The previous value of Singapore low - sulfur fuel oil was 452.50, and the current value is 449.50, a decrease of 3.00 or - 0.66%. The previous value of Middle East high - sulfur fuel oil was 333.59, and the current value is 334.02, an increase of 0.43 or 0.13%. The previous value of Singapore diesel was 675.32, and the current value is 677.96, an increase of 2.65 or 0.39% [7] Group 3: Fundamental Data Summary - Consumption Data: There are charts showing Singapore fuel oil consumption, Chinese fuel oil consumption, and Shandong fuel oil coking profit margins from 2021 - 2025, but specific numerical summaries are not provided [8][9][10] Group 4: Inventory Data Summary - Singapore Fuel Oil Inventory: On November 5, the inventory was 2106.9 million barrels, an increase of 14 million barrels. There are also inventory data from August 20 to October 29, showing fluctuations in inventory [11] - Inventory Trends: There are descriptions of Singapore inventory seasonal trends and Zhoushan Port fuel oil inventory trends, but specific numerical summaries are not provided [12][13] Group 5: Spread Data Summary - High - and Low - Sulfur Futures Spread: There is a chart showing the high - and low - sulfur futures spread, but specific numerical summaries are not provided [15]