大越期货燃料油周报-20251229

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - Last week, crude oil prices first rose and then fell, and fuel oil prices moved in tandem. High - sulfur fuel oil closed at 2,484 yuan/ton, up 3.93% for the week, while low - sulfur fuel oil closed at 2,999 yuan/ton, up 2.92% for the week [5]. - The market structure of low - sulfur fuel oil remains at the current level, and the high - sulfur fuel oil market still has some support. The Singapore market is expected to receive a stable supply of low - sulfur fuel oil blending components in the next few weeks, increasing local inventories. The Asian low - sulfur fuel oil market is expected to have sufficient supply from January to possibly February. The downstream marine fuel sales continue to strengthen, supporting the Asian high - sulfur fuel oil market, but competition from clean alternative fuels and sufficient supply of sanctioned cargoes will pressure the market [5]. - Crude oil prices are likely to fluctuate within a range, and fuel oil prices are expected to follow suit. For high - sulfur fuel oil, short - term operations are recommended in the range of 2,350 - 2,500 yuan/ton, and for low - sulfur fuel oil, short - term operations are recommended in the range of 2,900 - 3,050 yuan/ton [5]. 3. Summary by Directory 3.1 Week - ly Viewpoints - Crude oil and fuel oil prices moved in tandem last week. High - sulfur fuel oil had a weekly increase of 3.93% to 2,484 yuan/ton, and low - sulfur fuel oil rose 2.92% to 2,999 yuan/ton. The low - sulfur market will have sufficient supply, while the high - sulfur market has some support but also faces pressure. Crude oil prices will range - bound, and fuel oil prices will follow. Short - term operation ranges are given for high - and low - sulfur fuel oils [5]. 3.2 Futures and Spot Prices - Futures Prices: The FU main contract rose from 2,416 to 2,480, an increase of 64 or 2.65%. The LU main contract rose from 2,927 to 3,000, an increase of 73 or 2.49% [6]. - Spot Prices: Among various spot prices, the price of Zhoushan low - sulfur fuel oil increased by 6.00 to 460.00, a rise of 1.32%. Singapore diesel increased by 8.72 to 579.94, a rise of 1.53%. Other prices remained unchanged or decreased slightly [7]. 3.3 Fundamental Data - Fuel Oil Consumption: Graphs show the fuel oil consumption in Singapore, China, and the coking profit margin of Shandong fuel oil from 2021 - 2025 [8][9][10]. 3.4 Inventory Data - Singapore Fuel Oil Inventory: From October 8 to December 17, the inventory showed fluctuations. For example, on October 8, it was 2,061.9 million barrels with a decrease of 164 million barrels compared to the previous period, and on December 17, it was 2,255.9 million barrels with an increase of 14 million barrels [11]. 3.5 Spread Data - A graph shows the high - and low - sulfur futures spread [15].