大越期货燃料油周报-20260316

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Last week, affected by geopolitical factors, fuel oil fluctuated at a high level in sync with crude oil. High - sulfur fuel oil closed at 4,736 yuan/ton, up 19.23% for the week, and low - sulfur fuel oil closed at 5,584 yuan/ton, up 24.42% for the week. The market structures of both low - sulfur and high - sulfur fuel oil have further strengthened. International crude oil prices are expected to fluctuate sharply and rise, and fuel oil prices are expected to continue to fluctuate and rise with the market. For high - sulfur fuel oil, short - term long positions can be taken in the range of 4,450 - 4,900, and for low - sulfur fuel oil, short - term long positions can be taken in the range of 5,350 - 6,000 [5] Group 3: Summary by Directory 1. Weekly View - Geopolitical factors caused fuel oil to fluctuate at a high level with crude oil last week. The prices of high - sulfur and low - sulfur fuel oil increased significantly. The market structures of low - sulfur and high - sulfur fuel oil strengthened. For low - sulfur fuel oil, the supply shortage worry intensified due to the closure of the European arbitrage window and reduced refinery processing rates. For high - sulfur fuel oil, the supply interruption worry increased because of the blockade of the Strait of Hormuz. It is expected that fuel oil prices will continue to fluctuate and rise with the market, and specific short - term long - position operation ranges are given [5] 2. Futures and Spot Prices - Futures prices: The FU main contract price rose from 3,673 to 4,527, an increase of 854 or 23.26%. The LU main contract price rose from 4,123 to 5,245, an increase of 1,122 or 27.23% [6] - Spot prices: The prices of舟山 high - sulfur fuel oil,舟山 low - sulfur fuel oil,新加坡 high - sulfur fuel oil,新加坡 low - sulfur fuel oil, and中东 high - sulfur fuel oil decreased, with decreases of - 2.00%, - 7.21%, - 5.24%, - 11.06%, and - 3.97% respectively. The price of新加坡 diesel increased by 18.19% [7] 3. Fundamental Data - Consumption data: There are charts showing the consumption of Singapore fuel oil, Chinese fuel oil, and Shandong fuel oil coking margin from 2021 - 2025 [8][9][10] 4. Inventory Data - Singapore fuel oil inventory data from 2025 - 12 - 31 to 2026 - 03 - 11 are provided, including inventory volume and its changes. There are also charts about the Singapore fuel oil inventory seasonal chart and the Zhoushan Port fuel oil inventory trend [11][12][13] 5. Spread Data - There is a chart showing the spread between high - sulfur and low - sulfur futures [15]