大越期货燃料油周报-20260323

Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Last week, influenced by geopolitical factors, fuel oil fluctuated at a high level in sync with crude oil. High - sulfur fuel oil closed at 4,887 yuan/ton, up 3.32% for the week, and low - sulfur fuel oil closed at 5,760 yuan/ton, up 3.19% for the week. The market structures of low - sulfur and high - sulfur fuel oil remain strong. Next week, international crude oil prices may fluctuate upward under the influence of geopolitics, and fuel oil prices are expected to continue to fluctuate and rise with the market. For operation, trade high - sulfur fuel oil in the 4,700 - 5,000 range and low - sulfur fuel oil in the 5,600 - 6,100 range in the short term [5] 3. Summary According to the Directory 3.1 Week - ly View - Geopolitical factors caused fuel oil to fluctuate at a high level in sync with crude oil last week. High - sulfur fuel oil closed at 4,887 yuan/ton, up 3.32% for the week, and low - sulfur fuel oil closed at 5,760 yuan/ton, up 3.19% for the week. In terms of fundamentals, the low - sulfur fuel oil market is supported by reduced supply from the Middle East, unfeasible European - to - Singapore arbitrage due to high freight, and reduced production by Asian refiners due to lack of crude oil. The high - sulfur fuel oil market is supported by supply shortages in Singapore due to transportation disruptions in the Middle East and potential strong demand from Chinese refiners. Next week, international crude oil prices may rise under geopolitical influence, and fuel oil prices are expected to follow suit. Short - term operation ranges are 4,700 - 5,000 for high - sulfur and 5,600 - 6,100 for low - sulfur [5] 3.2 Futures and Spot Prices - Futures Prices: The previous value of the FU main contract was 4,527 yuan/ton, and the current value is 4,803 yuan/ton, up 276 yuan or 6.10%. The previous value of the LU main contract was 5,245 yuan/ton, and the current value is 5,718 yuan/ton, up 473 yuan or 9.03% [6] - Spot Prices: The price of Zhoushan high - sulfur fuel oil decreased from 1,053.00 to 979.00, a decrease of 74.00 or 7.03%. The price of Zhoushan low - sulfur fuel oil decreased from 1,050.00 to 990.00, a decrease of 60.00 or 5.71%. The price of Singapore high - sulfur fuel oil decreased from 781.66 to 736.63, a decrease of 45.03 or 5.76%. The price of Singapore low - sulfur fuel oil decreased from 1,045.50 to 928.29, a decrease of 117.21 or 11.21%. The price of Middle - East high - sulfur fuel oil decreased from 708.42 to 663.53, a decrease of 44.89 or 6.34%. The price of Singapore diesel increased from 1,422.14 to 1,605.32, an increase of 183.18 or 12.88% [7] 3.3 Fundamental Data - Consumption Data: There are graphs showing the consumption of Singapore fuel oil, Chinese fuel oil, and Shandong fuel oil coking margin from 2021 - 2025, but specific numerical data is not provided in the text [8][9][10] 3.4 Inventory Data - Singapore Fuel Oil Inventory: From January 7, 2026, to March 18, 2026, the inventory changed from 2,270.9 to 2,486.9 barrels, with fluctuations in the increase or decrease of inventory each week [11] - There are also charts about the seasonal chart of Singapore fuel oil inventory and the inventory trend of Zhoushan Port fuel oil, but specific numerical data is not provided in the text [12][14] 3.5 Spread Data - There is a graph about the high - low sulfur futures spread, but specific numerical data is not provided in the text [16]