燃料油日报-20260209

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - High - sulfur spot window transaction prices remain stable at a high level. Geopolitical and macro - disturbances are not completely settled. There are export restrictions and concerns in major fuel supply areas such as Russia and Iran. The current situation of high inventory and weak demand in the first quarter still exists. Geopolitics is the main bullish driver. Russian and Iranian near - end logistics supply remains stable for the time being. On the demand side, after Venezuelan oil is restricted, the market expects Chinese local refineries to import Iranian and Russian crude oil and fuel oil as substitutes, and the increase in state - owned procurement reflects the feedstock demand [7]. - Low - sulfur near - end supply export has a significant increase. The gasoline unit of Dangote refinery has a delayed return from maintenance, and the low - sulfur supply remains at a high level during this period. Kuwait's Al - Zour refinery has fully resumed production after a long - term unplanned shutdown, with record - high low - sulfur exports in January, especially to the Pan - Singapore direction. South Sudan has taken over the main security control of the Heglig oilfield, and energy supply is gradually recovering [7]. Summary by Directory Part 1: Related Data - Futures Prices and Changes: FU主力 price on February 9, 2026, was 2794, down 37 from February 6; LU主力 price was 3248, down 50 from February 6 [3]. - Futures Positions and Changes: FU主力持仓 on February 9 was 28.1 (in ten thousand hands), down 0.1 from February 6; LU主力持仓 was 7.0 (in ten thousand hands), down 0.6 from February 6 [3]. - Warehouse Receipts: FU仓单 was 9930 tons, unchanged from February 6; LU仓单 was 23140, unchanged from February 6 [3]. - Spread Data: FU5 - 9 was 93, up 1 from February 6; LU3 - 4 was - 19, down 35 from February 6; LU - FU主力价差 was 454, down 13 from February 6; FU05 - 外盘04 was 14.1, up 1.5 from February 6; LU03 - 外盘02 was 14.8, down 6.1 from February 6 [3]. Part 2: Market Research and Judgment - Market Overview: In the Singapore paper - based market, the high - sulfur Mar/Apr month - spread dropped 0.25 to 5.50 US dollars/ton, and the low - sulfur Mar/Apr month - spread rose 0.25 to 1.00 US dollars/ton [5]. - Important Information: Brazil's total oil exports in January were 10.57 million tons, a year - on - year increase of 13.3%, the highest monthly export volume since March 2023 [6]. Part 3: Related Attachments - Graphs: There are graphs including Singapore high - sulfur cracking, Singapore low - sulfur cracking, Singapore gasoline cracking, Singapore 10ppm diesel cracking, high - low sulfur spread, and LSFO - GO, with data sources from Galaxy Futures and Reuters [10][12][15]