Report Summary 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View The report anticipates that fuel oil will trade in a range due to a small intraday increase in crude oil, a lack of substantial positive news in the bunker market, and continued wait - and - see sentiment among downstream players. Specifically, FU2601 is expected to trade between 2660 - 2720, and LU2601 between 3240 - 3280 [3]. 3. Summary by Directory 3.1 Daily Tips - The Asian low - sulfur fuel oil market structure remains stable, with some support from a mild recovery in downstream bunker activities, but the spot spread of 0.5% sulfur marine fuel has reached its largest discount in over a week. - The Asian high - sulfur fuel oil market is supported by stable downstream bunker demand, but competitive quotes for November second - half shipments have limited the spot spread. - The basis shows that Singapore high - sulfur fuel oil has a basis of - 55 yuan/ton, and low - sulfur fuel oil has a basis of - 12 yuan/ton, indicating that the spot is at a discount to the futures. - Singapore's fuel oil inventory in the week of November 5 was 21.069 million barrels, an increase of 140,000 barrels. - The price is near the 20 - day moving average, with the 20 - day moving average trending downward. - High - sulfur main position is short, with an increase in short positions, while low - sulfur main position is long, with an increase in long positions [3]. 3.2 Multi - and Short - term Concerns - Likely positives: Russia has extended its fuel export restrictions; the cancellation of US - Russia talks and sanctions on Russian oil - related enterprises [4]. - Likely negatives: The optimism on the demand side remains to be verified. - Market drivers: The market is driven by the resonance of geopolitical risks affecting supply and neutral demand [4]. 3.3 Fundamental Data - Futures prices: The previous FU main contract futures price was 2692, and the current price is 2683, a decrease of 9 or - 0.33%. The previous LU main contract futures price was 3257, and the current price is 3268, an increase of 11 or 0.34%. - Spot prices: The previous and current prices of Zhoushan high - sulfur fuel oil are 469.00 and 470.00 respectively, an increase of 1.00 or 0.21%. The price of Zhoushan low - sulfur fuel oil remains unchanged at 478.00. Singapore high - sulfur fuel oil decreased from 363.90 to 363.56, a decrease of - 0.34 or - 0.09%. Singapore low - sulfur fuel oil decreased from 453.50 to 449.36, a decrease of - 4.14 or - 0.91%. Middle - East high - sulfur fuel oil decreased from 334.02 to 332.91, a decrease of - 1.11 or - 0.33%. Singapore diesel increased from 687.45 to 704.48, an increase of 17.04 or 2.48% [5][6]. 3.4 Inventory Data Singapore's fuel oil inventory data from August 27 to November 5 shows fluctuations. In the week of November 5, the inventory was 21.069 million barrels, an increase of 140,000 barrels compared to the previous period [8]. 3.5 Spread Data The report presents a chart of the high - and low - sulfur futures spread, but no specific numerical analysis is provided other than the scale on the chart [10].
大越期货燃料油早报-20251111
Da Yue Qi Huo·2025-11-11 02:20