Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the fuel oil contracts showed an overall oscillating downward trend, following the international crude oil's fluctuation rhythm, and relatively underperforming compared to low-sulfur fuel oil. Although the international crude oil was briefly supported by factors such as the Russia-Ukraine geopolitical risks and rumors of EU sanctions against Russia, the expectation of inventory accumulation in the fourth quarter remained unchanged. The price oscillated weakly, providing limited guidance to the fuel oil market. The FU2601 contract is expected to maintain an overall range-bound pattern [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Contract Quotes: The main fuel oil contract FU2601 closed at 2,695 yuan/ton this week, down 50 yuan/ton or 1.82% from the previous trading week's settlement price. The highest price this week was 2,809 yuan/ton, and the lowest was 2,672 yuan/ton. The trading volume was 2,314,688 lots, and the open interest was 202,923 lots, an increase of 10,710 lots [3]. - Variety Prices: The fuel oil futures contract prices showed a backwardation market pattern of higher near-term and lower far-term prices. As the main contract, FU2601's liquidity continued to be concentrated, and the open interest of the FU2602 contract also showed a steady increasing trend [6]. 3.2 Spot Market - Basis Data: The fuel oil spot market performed poorly this week, and the current basis level was in the lower range of recent months. The fuel oil price was closely linked to crude oil, and the low-level consolidation of crude oil further restricted the upward elasticity of the basis [8]. - Registered Warehouse Receipts: The benchmark price of fuel oil decreased compared to the beginning of the month, but the specific data was not clearly provided in the text [11].
国金期货燃料油周报：燃料油基准价为元吨，与本月初元吨相比，下降了-20251111
Guo Jin Qi Huo·2025-11-11 05:35