大越期货燃料油周报-20260202

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - Last week, geopolitical concerns supported the price of fuel oil to fluctuate upward. High - sulfur fuel oil closed at 2,894 yuan/ton, up 9.50% for the week, and low - sulfur fuel oil closed at 3,356 yuan/ton, up 7.70% for the week [5] - The market structure of low - sulfur fuel oil remained stable, while the high - sulfur fuel oil market was running strongly. High freight is suppressing the arbitrage economy of transporting from Europe to Asia, and the demand for marine fuel usually rebounds before the Lunar New Year, providing support to the market. The high - sulfur fuel oil market structure in Asia has strengthened due to strong downstream demand, and the overall supply is still sufficient. There are uncertainties in supply and trade flows [5] - Crude oil prices may continue to rise, and it is expected that fuel oil prices will continue to fluctuate upward following the market. For operation, the short - term range for high - sulfur fuel oil is 2,750 - 3,000 yuan/ton, and for low - sulfur fuel oil is 3,250 - 3,450 yuan/ton [5] Group 3: Summary by Directory 3.1 Week - ly Views - Geopolitical concerns supported fuel oil prices to rise last week. High - sulfur fuel oil had a weekly increase of 9.50% to 2,894 yuan/ton, and low - sulfur fuel oil had a 7.70% weekly increase to 3,356 yuan/ton. The low - sulfur market structure was stable, and the high - sulfur market was strong. It is expected that fuel oil prices will continue to fluctuate upward, with specific operation ranges provided [5] 3.2 Futures and Spot Prices - Futures prices: The FU main contract rose from 2,565 yuan/ton to 2,777 yuan/ton, an increase of 8.25%; the LU main contract rose from 3,094 yuan/ton to 3,229 yuan/ton, an increase of 4.38% [6] - Spot prices: The prices of various types of fuel oil in Zhoushan, Singapore, and the Middle East showed different changes. For example, the price of Zhoushan high - sulfur fuel oil decreased from 475.00 to 470.00, a decrease of 1.05% [7] 3.3 Fundamental Data - There are charts showing Singapore fuel oil consumption, China fuel oil consumption, and Shandong fuel oil coking profit margins from 2021 to 2025 [8][9][10] 3.4 Inventory Data - Singapore fuel oil inventory data from 2025 - 11 - 19 to 2026 - 01 - 28 is provided, showing fluctuations in inventory levels and changes [11] 3.5 Spread Data - There is a chart showing the spread between high - sulfur and low - sulfur fuel oil futures [15]