大越期货燃料油周报-20260302

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Last week, as crude oil first declined and then rose, the price of fuel oil increased. The high - sulfur fuel oil closed at 3060 yuan/ton, a weekly increase of 4.01%, and the low - sulfur fuel oil closed at 3584 yuan/ton, a weekly increase of 3.91% [5]. - The market structure of low - sulfur fuel oil strengthened slightly, while the high - sulfur fuel oil market was weak. After the Spring Festival, downstream ship - fuel bunkering activities gradually regained momentum, and the market structure of Asian low - sulfur fuel oil strengthened. The expected arrival volume of low - sulfur fuel oil arbitrage cargoes from the Western market in Singapore in February decreased by about 200,000 tons month - on - month, and the arbitrage window from west to east was basically unfeasible in March due to high freight rates, which would further support the low - sulfur fuel oil market [5]. - The Asian high - sulfur fuel oil market continued to be under pressure due to sufficient supply in the Singapore region recently. However, some trade sources believed that demand from China might support the market fundamentals. The large - scale military strike by the US and Israel against Iran over the weekend caused widespread turmoil in the Middle East, hindering energy transportation. Iran's high - sulfur fuel accounts for about 5.5% of the world's total fuel oil production, leading to a significant short - term strengthening of fuel oil [5]. - For operation, trade high - sulfur fuel oil in the short - term range of 3000 - 3600, and low - sulfur fuel oil in the short - term range of 3500 - 4100 [5]. 3. Summary According to the Directory 3.1. Weekly View - High - sulfur fuel oil closed at 3060 yuan/ton with a 4.01% weekly increase, and low - sulfur fuel oil closed at 3584 yuan/ton with a 3.91% weekly increase. The low - sulfur market structure strengthened, and the high - sulfur market was weak. The market was affected by factors such as post - Spring Festival demand, supply changes, and the Middle East situation. Short - term operation ranges were given [5]. 3.2. Futures and Spot Prices - Futures prices: The FU main contract's previous value was 2845, the current value was 2958, with a rise of 113 and an increase rate of 3.96%. The LU main contract's previous value was 3307, the current value was 3463, with a rise of 157 and an increase rate of 4.74% [6]. - Spot prices: The prices of various types of fuel oil in different regions all increased slightly. For example, the price of Zhoushan high - sulfur fuel oil increased from 505.00 to 516.00, with an increase rate of 2.18% [7]. 3.3. Fundamental Data - Consumption data: Graphs of Singapore fuel oil consumption, Chinese fuel oil consumption, and Shandong fuel oil coking gross profit over the years were presented, showing the trends of these data [8][9][10]. 3.4. Spread Data - A graph of the high - low sulfur futures spread was provided, showing the spread situation between high - sulfur and low - sulfur fuel oil futures [15]. 3.5. Inventory Data - Singapore fuel oil inventory data from December 17, 2025, to February 25, 2026, were presented, showing inventory changes over time. For example, on February 25, 2026, the inventory was 23.879 million barrels, a decrease of 2.77 million barrels compared to the previous period [11]. - Graphs of Singapore fuel oil inventory seasonal chart and Zhoushan Port fuel oil inventory trend were also provided [12][13].