燃料油期货周报-20251205

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The fuel oil contracts showed an overall oscillating trend this week, following the fluctuation rhythm of international crude oil. The main influencing factors were OPEC gradually relaxing production cuts, the release of spare production capacity in oil - producing countries like Saudi Arabia, and the increase in medium - sulfur crude oil supply, which supported the fuel oil supply and might further grow after refinery maintenance ended. Russia's refinery operating rate declined due to intensified US sanctions and Ukrainian drone attacks, but the high - sulfur fuel oil shipment in November was expected to be 2.21 million tons, a month - on - month increase of 350,000 tons, showing signs of supply recovery. If the situation in Ukraine eases, it might drive a further increase in Russian supply [2]. - The fuel oil market is expected to maintain a range - bound operation in the short term, affected by crude oil oscillations, inventory fluctuations, and marginal changes in industrial supply and demand. With a mix of bullish and bearish factors, the market is suppressed by crude oil prices above and supported by refinery substitution demand and trade easing below, lacking a continuous trend driver. Future attention should be paid to crude oil price trends, geopolitical situation changes, Singapore fuel oil inventory changes, domestic fuel oil production, and import - export data changes [12]. 3. Summary According to Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - The main fuel oil contract FU2601 closed at 2,501 yuan/ton this week, a decrease of 1 yuan/ton or 0.04% from the previous trading week's settlement price. The highest price was 2,522 yuan/ton, the lowest was 2,426 yuan/ton, the trading volume was 2,548,897 lots, and the open interest was 201,892 lots, a decrease of 21,702 lots [3]. 3.1.2 Variety Prices - The fuel oil futures contract prices presented a backwardation market pattern of near - term high and long - term low, showing a near - strong and long - weak performance overall. The liquidity of the main contract FU2601 continued to be concentrated, and the open interest of the FU2602 contract also showed a steady increase [6]. 3.2 Spot Market 3.2.1 Basis Data - The fuel oil benchmark price decreased compared with the beginning of last month, but specific values were not provided in the text [10].