大越期货燃料油周报-20260130

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Last week, geopolitical events supported the fuel oil price to fluctuate upwards. The high - sulfur fuel oil closed at 2,737 yuan/ton, a weekly increase of 8.52%, and the low - sulfur fuel oil closed at 3,187 yuan/ton, a weekly increase of 4.59% [5] - The spot price spread of Asian low - sulfur fuel oil has risen to the highest premium level in more than four months. Demand warmed up slightly after the year - end holidays, and bunkering activities are expected to be stronger before the Lunar New Year in February. However, sufficient arbitrage cargoes from the West will pressure the market fundamentals. The volume of low - sulfur fuel oil arbitrage cargoes arriving in Singapore in January is expected to rebound, and the inflow of cargoes will increase the regional inventory in January and February [5] - The Asian high - sulfur fuel oil market fluctuates within a range under stable bunker demand and sufficient immediate supply. Seasonal demand shortage in the power generation industry may suppress the Singapore high - sulfur fuel oil market [5] - International crude oil prices will mainly fluctuate slightly upwards. Geopolitical events may continue to support the fuel oil price to fluctuate upwards. Operation suggestions: trade high - sulfur fuel oil in the 2,650 - 2,850 range and low - sulfur fuel oil in the 3,100 - 3,300 range in the short term [5] 3. Summary by Catalog 3.1 Week - ly Views - Geopolitical events supported fuel oil prices to rise. High - sulfur and low - sulfur fuel oil prices increased by 8.52% and 4.59% respectively. The Asian low - sulfur fuel oil spot spread reached a four - month high. Downstream demand warmed up, but Western arbitrage cargoes will pressure the market. The high - sulfur fuel oil market fluctuates within a range, and the power generation demand shortage suppresses the market. International crude oil prices may rise slightly, and operation suggestions are given [5] 3.2 Futures and Spot Prices - Futures prices: The FU main contract price rose from 2,463 to 2,523, an increase of 2.44%, and the LU main contract price rose from 2,931 to 3,066, an increase of 4.61% [6] - Spot prices: Among various spot products, the price of Zhoushan low - sulfur fuel oil increased by 0.43%, while the prices of Singapore high - sulfur fuel oil, Singapore low - sulfur fuel oil, Middle - East high - sulfur fuel oil, and Singapore diesel decreased by - 0.26%, - 1.34%, - 0.36%, and - 0.85% respectively. The price of Zhoushan high - sulfur fuel oil remained unchanged [7] 3.3 Fundamental Data - The report presents charts of Singapore fuel oil consumption, China fuel oil consumption, and Shandong fuel oil coking gross margin, but lacks specific data descriptions in the text [8][9][10] 3.4 Inventory Data - In Singapore, from November 12, 2025, to January 21, 2026, the fuel oil inventory showed fluctuations. For example, on November 19, 2025, the inventory increased by 2570,000 barrels, and on November 26, 2025, it decreased by 2850,000 barrels [11] - The report also includes a Singapore fuel oil inventory season chart and a Zhoushan Port fuel oil inventory trend chart, but lacks specific data descriptions in the text [12][13] 3.5 Spread Data - The report shows a chart of the high - low sulfur futures spread, but lacks specific data descriptions in the text [15]