大越期货燃料油早报-20260210

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian low - sulfur fuel oil market structure remains stable, with sufficient supply offsetting strong downstream marine fuel demand before the Lunar New Year. The Asian high - sulfur fuel oil market cools after a recent rise due to moderate demand and sufficient supply. The market is neutral overall. Short - term fuel oil still has support, with FU2604 expected to operate in the 2800 - 2850 range and LU2604 in the 3260 - 3320 range [3]. 3. Summary According to the Directory 3.1 Daily Tips - The Asian low - sulfur fuel oil market has stable structure, high - sulfur market cools. The basis shows spot premium over futures. Singapore fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week of February 4. The price is above the 20 - day line. High - sulfur and low - sulfur主力持仓 are both short positions and the short positions are increasing. Investors should focus on the Middle East geopolitical situation. Short - term fuel oil has support, with specific price ranges for FU2604 and LU2604 [3]. 3.2 Long and Short Concerns - Likely Positive Factors: Iran's situation is unstable, and China's import quota is issued [4]. - Likely Negative Factors: The optimism of the demand side remains to be verified, and the upstream crude oil is under pressure [4]. - Market Drivers: The supply side is affected by geopolitical risks and the demand is neutral [4]. 3.3 Fundamental Data - Futures Market: The previous FU主力合约期货 price was 2808, the current price is 2785, a decrease of 23 or 0.82%. The previous LU主力合约期货 price was 3288, the current price is 3253, a decrease of 35 or 1.06%. The previous FU basis was 178, the current basis is 167, a decrease of 11.19 or 6.28%. The previous LU basis was - 10, the current basis is - 43, a decrease of 33 or 336% [5]. - Spot Market: The previous price of Zhoushan high - sulfur fuel oil was 478.00, the current price is 472.00, a decrease of 6.00 or 1.26%. The previous price of Zhoushan low - sulfur fuel oil was 492.00, the current price is 487.00, a decrease of 5.00 or 1.02%. The previous price of Singapore high - sulfur fuel oil was 422.24, the current price is 416.19, a decrease of 6.05 or 1.43%. The previous price of Singapore low - sulfur fuel oil was 462.50, the current price is 451.52, a decrease of 10.98 or 2.37%. The previous price of Middle - East high - sulfur fuel oil was 390.56, the current price is 384.60, a decrease of 5.96 or 1.53%. The previous price of Singapore diesel was 642.21, the current price is 649.24, an increase of 7.03 or 1.10% [6]. 3.4 Inventory Data - Singapore fuel oil inventory on February 4, 2026, was 25.529 million barrels, an increase of 950,000 barrels compared to the previous period. The inventory data from November 26, 2025, to February 4, 2026, shows fluctuations in inventory levels [8]. 3.5 Spread Data - The report provides a chart of the high - low sulfur futures spread, but no specific numerical analysis of the spread is given [10].