Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The fundamentals of high - and low - sulfur fuel oils have no significant changes. The supply of high - sulfur fuel oil is expected to tighten, while the supply of low - sulfur fuel oil remains relatively abundant. The upstream crude oil price fluctuates, and it is expected that fuel oil will follow the same trend. The FU2601 is expected to trade in the range of 2580 - 2620, and the LU2601 is expected to trade in the range of 3260 - 3300 [3]. Summary by Directory 1. Daily Hints - The fundamentals of fuel oil are neutral. The Asian low - sulfur fuel oil market structure has strengthened slightly, and the Asian high - sulfur fuel oil market is under pressure due to sufficient short - term supply. The basis shows that the spot is at a premium to the futures. The Singapore fuel oil inventory decreased by 190,000 barrels in the week of November 12, reaching 20.879 million barrels. The price is below the 20 - day line, and the 20 - day line is flat. The high - sulfur main position is short, with short positions decreasing; the low - sulfur main position is long, changing from short to long [3]. 2. Long - Short Focus - Likely to be Bullish: Russian fuel oil export restrictions and the cancellation of the US - Russia talks and the sanctions on Russian oil - related enterprises [4]. - Likely to be Bearish: The optimism on the demand side remains to be verified, and the upstream crude oil is under pressure [4]. 3. Fundamental Data - Fundamentals: The Asian low - sulfur fuel oil market structure has strengthened slightly, and the Asian high - sulfur fuel oil market is under pressure due to sufficient short - term supply, which is neutral. - Basis: The basis of Singapore high - sulfur fuel oil is 11 yuan/ton, and that of Singapore low - sulfur fuel oil is 32 yuan/ton, with the spot at a premium to the futures, which is bullish. - Inventory: The Singapore fuel oil inventory in the week of November 12 was 20.879 million barrels, a decrease of 190,000 barrels, which is neutral. - Market Chart: The price is below the 20 - day line, and the 20 - day line is flat, which is neutral. - Main Position: The high - sulfur main position is short, with short positions decreasing, which is bearish; the low - sulfur main position is long, changing from short to long, which is bullish [3]. 4. Spread Data - The report does not provide specific analysis of spread data, only shows the high - and low - sulfur futures spread chart. 5. Inventory Data - The Singapore fuel oil inventory on November 12 was 20.879 million barrels, a decrease of 190,000 barrels compared to the previous period. The historical inventory data from September 3 to November 12 is also provided, showing the inventory changes during this period [3][8].
2025-11-18燃料油早报-20251118
Da Yue Qi Huo·2025-11-18 02:18