大越期货燃料油早报-20251127

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Short - term demand for low - sulfur and high - sulfur fuel oil around the Singapore hub is expected to remain weak, with buying interest fluctuating. The downstream market is oversupplied, and short - term fuel oil will continue to operate at a low level. FU2601 will operate in the range of 2440 - 2480, and LU2602 will operate in the range of 3000 - 3060 [3] - The supply of Asian low - sulfur fuel oil is expected to remain healthy, but it will limit the price increase potential in the short term, especially when the downstream bunker market demand is weak. High - sulfur fuel oil spot demand is mostly still light, mainly supported by regular contract nominations [3] Summary According to the Directory 1. Daily Prompt - Futures prices: The current fuel oil futures prices show a decline. The FU main contract futures price dropped from 2497 to 2451, a decrease of 46 or 1.84%. The LU main contract futures price dropped from 3029 to 2992, a decrease of 37 or 1.22% [5] - Spot prices: The spot prices of various types of fuel oil in different regions have decreased to varying degrees. For example, the price of Zhoushan high - sulfur fuel oil decreased from 437.00 to 431.00, a decrease of 6.00 or 1.37% [6] - Price range: FU2601 is expected to operate in the range of 2440 - 2480, and LU2602 in the range of 3000 - 3060 [3] 2. Multi - and Short - term Concerns - Bullish factors: Russian fuel oil export restrictions and the cancellation of US - Russia talks and sanctions on Russian oil - related enterprises [4] - Bearish factors: The demand side optimism remains to be verified, and the upstream crude oil is under pressure [4] 3. Fundamental Data - Supply and demand: Asian low - sulfur fuel oil supply is expected to be healthy, but short - term price increase potential is limited due to weak downstream demand. High - sulfur fuel oil spot demand is light, mainly supported by contract nominations [3] - Basis: The basis of Singapore high - sulfur fuel oil is - 10 yuan/ton, and that of Singapore low - sulfur fuel oil is 59 yuan/ton, with the spot being nearly flat to the futures [3] - Inventory: Singapore fuel oil inventory in the week of November 19 was 2344.9 million barrels, an increase of 257 million barrels [3][8] - Market trend: The price is below the 20 - day line, and the 20 - day line is downward [3] - Main positions: High - sulfur main positions are short, with short positions decreasing; low - sulfur main positions are long, with long positions decreasing [3] 4. Spread Data - High - and low - sulfur futures spread: The chart shows the spread between high - and low - sulfur futures, but no specific numerical analysis is provided [10] 5. Inventory Data - Singapore fuel oil inventory has changed over time. For example, on September 10, it was 2303.9 million barrels, and on November 19, it was 2344.9 million barrels, with an increase of 257 million barrels compared to the previous period [8]