Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The fundamentals of the fuel oil market are mixed. The arrival of low - sulfur fuel oil arbitrage from the Western market in Singapore in February decreased slightly, but the inventory will still increase, pressuring the current market fundamentals. The Asian high - sulfur fuel oil market has cooled after a recent rise due to moderate demand and sufficient supply [3]. - The overnight statement of US President Trump about a tough stance on reaching an agreement with Iran reduced geopolitical concerns, causing a sharp drop in oil prices, and fuel oil followed suit. The expected trading ranges are 2770 - 2820 for FU2604 and 3230 - 3280 for LU2604 [3]. - Market drivers are the resonance of supply affected by geopolitical risks and neutral demand, while risks include the breakdown of OPEC+ unity and the escalation of war risks [4]. 3. Summary by Catalog 3.1 Daily Tips - The price of the FU main contract futures increased from 2857 to 2916, a rise of 59 or 2.07%. The price of the LU main contract futures increased from 3334 to 3379, a rise of 45 or 1.35%. The FU basis increased from 200 to 202, a rise of 1.66 or 0.83%. The LU basis decreased from - 17 to - 45, a decrease of 29 or - 172% [5]. - In the spot market, the price of Zhoushan high - sulfur fuel remained at 488.00, the price of Zhoushan low - sulfur fuel remained at 500.00. The price of Singapore high - sulfur fuel increased from 430.94 to 435.87, a rise of 4.93 or 1.14%. The price of Singapore low - sulfur fuel decreased from 471.50 to 466.89, a decrease of 4.61 or - 0.98%. The price of Middle - East high - sulfur fuel increased from 400.16 to 406.23, a rise of 6.07 or 1.52%. The price of Singapore diesel increased from 644.09 to 650.62, a rise of 6.52 or 1.01% [6]. 3.2 Long - Short Concerns - Bullish factors: Iranian situation turmoil, China's import quota issuance [4]. - Bearish factors: The optimism of the demand side remains to be verified, the upstream crude oil is under pressure [4]. 3.3 Fundamental Data - Fundamentals: The arrival of low - sulfur fuel oil arbitrage from the Western market in Singapore in February decreased slightly, but the inventory will still increase, pressuring the current market fundamentals. The Asian high - sulfur fuel oil market has cooled after a recent rise due to moderate demand and sufficient supply; neutral [3]. - Basis: The basis of Singapore high - sulfur fuel oil is 202 yuan/ton, and the basis of Singapore low - sulfur fuel oil is - 45 yuan/ton, with the spot at a premium to the futures; bullish [3]. - Inventory: The Singapore fuel oil inventory in the week of February 11 was 2637.9 million barrels, an increase of 85 million barrels; bearish [3]. - Market trend: The price is above the 20 - day line, and the 20 - day line is upward; bullish [3]. - Main positions: The main positions of high - sulfur and low - sulfur are short, and the short positions are decreasing; bearish [3]. 3.4 Spread Data No detailed analysis provided, only a graph of high - low sulfur futures spread is mentioned [11]. 3.5 Inventory Data - The Singapore fuel oil inventory has been increasing recently. On February 11, 2026, it was 2637.9 million barrels, an increase of 85 million barrels compared to the previous period [3][8].
大越期货燃料油早报-20260213
Da Yue Qi Huo·2026-02-13 02:26