Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints - The Asian low - sulfur fuel oil market structure remains stable, with ample supply offsetting strong downstream marine fuel demand before the Lunar New Year. The Asian high - sulfur fuel oil market has cooled after a recent rise due to moderate demand and sufficient supply [3]. - The spot price of fuel oil is at a premium to the futures price. The price is above the 20 - day line, and the 20 - day line is upward - sloping. However, the high - sulfur and low - sulfur main positions are short, with high - sulfur short positions increasing and low - sulfur short positions decreasing [3]. - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4 [3]. - Trump reached an "oil - for - tariff" agreement with India, revoking the 25% secondary tariff on Indian purchases of Russian oil and reducing the reciprocal tariff from 25% to 18%. India will stop buying Russian oil and turn to the US. The US - Iran negotiation is still uncertain. In the short term, heavy - oil products are supported, and fuel oil will trade at a high level. FU2604 will operate in the range of 2900 - 2980, and LU2604 will operate in the range of 3360 - 3420 [3]. Summary by Directory 1. Daily Prompt - The fundamental situation of fuel oil is neutral, the basis is bullish, the inventory is bearish, the price trend on the disk is bullish, and the main positions are bearish. In the short term, fuel oil will trade at a high level, with FU2604 in the 2900 - 2980 range and LU2604 in the 3360 - 3420 range [3]. 2. Multi - Short Concerns - Bullish factors include the spot premium of fuel oil and the price above the 20 - day line. Bearish factors include the increase in Singapore's fuel oil inventory and the short positions in the main contracts [3]. 3. Fundamental Data - The Asian low - sulfur fuel oil market structure is stable, and the high - sulfur market has cooled. The basis shows that the spot is at a premium to the futures. Singapore's fuel oil inventory increased in the week ending February 4 [3]. 4. Spread Data - The report does not provide specific spread data analysis, only shows a graph of the high - low sulfur futures spread [10]. 5. Inventory Data - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4. Historical inventory data from November 26, 2025, to February 4, 2026, are also provided [3][8].
大越期货燃料油早报-20260212
Da Yue Qi Huo·2026-02-12 02:20