燃料油日报-20260224

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - In the context of ongoing geopolitical and macroeconomic disturbances, there are export restrictions and concerns in major high - sulfur fuel supply regions like Russia and Iran. However, the current situation of high inventory and weak demand in the first quarter remains. Geopolitics is the main bullish driver, and the near - term logistics supply from Russia and Iran is temporarily stable. On the demand side, after the restriction of Venezuelan oil, the market expects Chinese local refineries to import Iranian and Russian crude oil and fuel oil as substitutes. The increase in state - owned procurement reflects the feedstock demand. For low - sulfur fuel, the near - term supply pressure has decreased. The return of the gasoline unit at the Dangote refinery is expected to reduce low - sulfur external supply and exports, and the external low - sulfur logistics is being diverted by the West. The export of low - sulfur heavy crude oil from Sudan's Dar has not met expectations, and the logistics to the Pan - Singapore area is also being diverted. The Al - Zour refinery in the Middle East has maintained a stable high - level of low - sulfur exports after its return. Near - term focus should be on supply and inventory changes in the Pan - Singapore area, as well as domestic refinery quota production and imports [7]. Group 3: Summary by Directory First Part: Related Data - Futures Prices and Positions: The price of FU主力 on February 24, 2026, was 2942, up 102 from the previous day. Its position was 30.3 million hands, up 3.8 million hands. The price of LU主力 was 3478, up 217 from the previous day, and its position was 12.5 million hands, up 0.2 million hands. The FU5 - 9 spread was 110, down 20, and the LU3 - 4 spread was - 5, up 5. The LU - FU主力 spread was 536, up 115. The FU05 - outer market 04 spread was 16.5, up 3.9, and the LU05 - outer market 04 spread was 17.4, down 2.2 [3]. - Warehouse Receipts: The FU warehouse receipts were 1300 tons, unchanged from the previous day, and the LU warehouse receipts were 2780, down 1500 [3]. Second Part: Market Research and Judgment - Market Overview: In the Singapore paper - cargo market, the high - sulfur Mar/Apr monthly spread dropped 2.7 to 1.50 US dollars/ton, and the low - sulfur Mar/Apr monthly spread dropped 0.4 to 2.75 US dollars/ton [5]. - Important Information: In January, the sales volume of marine fuel oil in the Fujairah Oil Industry Zone (FOIZ) in the UAE totaled 635,835 cubic meters (about 630,000 metric tons), a 6.1% increase from December and a 1.1% increase from January of last year. The market share of high - sulfur fuel increased from 33% to 36%, while the market share of low - sulfur fuel oil decreased from 67% to 64% [6]. - Market Judgment: As mentioned in the core viewpoints, geopolitical factors are the main bullish driver for high - sulfur fuel, and the near - term supply pressure of low - sulfur fuel has decreased [7]. Third Part: Related Attachments - The report provides multiple figures including Singapore high - sulfur cracking, low - sulfur cracking, gasoline cracking, 10ppm diesel cracking, high - low sulfur spread, and LSFO - GO, all with data sources from Galaxy Futures and Reuters [11][12][14].