大越期货燃料油周报-20260105

1. Report's Industry Investment Rating - No relevant information provided 2. Core View of the Report - Last week, crude oil fluctuated, and fuel oil prices moved in tandem. The high - and low - sulfur fuel oil markets were pressured due to sufficient supply. High - sulfur fuel oil closed at 2,447 yuan/ton, down 1.77% for the week, and low - sulfur at 2,935 yuan/ton, down 2.72% [3]. - Singapore is expected to receive a steady supply of low - sulfur fuel oil arbitrage cargoes and blending components in the coming weeks, with the low - sulfur market in Singapore likely to remain well - supplied from January to possibly February 2026. The arrival of high - sulfur cargoes from various sources will also increase. Overall, Singapore's fuel oil supply is expected to be in surplus in January [3]. - Currently, the bunker demand for 0.5% sulfur marine fuel is weak due to holidays. The continuous supply surplus is expected to pose resistance to the low - sulfur fuel oil market in January 2026. The high - sulfur bunker demand remains strong due to the increase in the number of ships equipped with desulfurization towers, providing some support to the high - sulfur fuel oil market in January 2026. The short - term Venezuela geopolitical event has some support on prices, leading to a fluctuating upward trend. For trading, the short - term operation range for high - sulfur is 2,400 - 2,600 yuan/ton, and for low - sulfur is 2,900 - 3,100 yuan/ton [3]. 3. Summary by Directory 3.1 Week - ly View - Crude oil fluctuated last week, and fuel oil prices followed. High - sulfur fuel oil price decreased by 1.77% to 2,447 yuan/ton, and low - sulfur by 2.72% to 2,935 yuan/ton. Singapore's fuel oil supply will be in surplus in January. Low - sulfur market faces resistance, while high - sulfur has some support. Short - term price may rise due to Venezuela event, with specific trading ranges provided [3]. 3.2 Futures and Spot Prices - Futures Prices: The FU main contract's previous value was 2,480 yuan/ton, the current value is 2,460 yuan/ton, down 21 yuan or 0.83%. The LU main contract's previous value was 3,000 yuan/ton, the current value is 2,980 yuan/ton, down 20 yuan or 0.65% [4]. - Spot Prices: For various fuel oil types in different regions, prices mostly decreased slightly, except for Singapore diesel which increased by 0.45%. For example, Singapore high - sulfur fuel oil decreased by 0.77%, and Singapore low - sulfur fuel oil by 0.48% [5]. 3.3 Fundamental Data - Consumption Data: There are charts showing Singapore fuel oil consumption from 2021 - 2025, China fuel oil consumption from 2021 - 2025, and Shandong fuel oil coking gross profit from 2021 - 2025, but no specific data values are provided in the text [6][7][8]. 3.4 Inventory Data - Singapore fuel oil inventory data from October 15th to December 24th shows fluctuations. For example, on October 22nd, the inventory increased by 509 barrels to 2,744.9 barrels, and on December 24th, it decreased by 77 barrels to 2,178.9 barrels [9]. - There are also charts about Singapore inventory seasonal trends and Zhoushan Port fuel oil inventory trends, but no specific data values in the text [10][11]. 3.5 Spread Data - There is a chart showing the high - and low - sulfur futures spread, but no specific data values in the text [13].