大越期货燃料油周报-20260330

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Last week, crude oil showed a high - level decline, and Singapore fuel oil prices first rose and then fell. High - sulfur fuel oil closed at 4,566 yuan/ton, down 3.99% for the week, and low - sulfur fuel oil closed at 5,367 yuan/ton, down 4.09% for the week. [3] - The Asian low - sulfur fuel oil market structure weakened due to weak downstream marine fuel demand and a continuous decline in the spot premium of 0.5% sulfur marine fuel oil. Singapore's low - sulfur marine fuel oil market supply is relatively sufficient, and shipowners reduce or postpone purchases due to high prices. [3] - The Asian high - sulfur fuel oil market structure also showed weakness. The spot premium of Singapore 380CST high - sulfur fuel oil fell to a more than two - week low, and the spot market buying interest was low. High - sulfur fuel oil supply is more abundant than low - sulfur fuel oil. [4] - As long as the war between the US, Israel and Iran disrupts normal trade flows, market concerns about supply will support the high - sulfur fuel oil and 0.5% sulfur marine fuel oil markets to remain relatively strong in the short term. [4] - Crude oil prices will mainly fluctuate significantly in the future, and fuel oil prices are expected to continue to fluctuate widely with the market. For high - sulfur fuel oil, short - term operation is recommended in the range of 4,400 - 5,000 yuan/ton, and for low - sulfur fuel oil, short - term operation is recommended in the range of 5,200 - 5,800 yuan/ton. [4] Group 3: Summary According to the Catalog 1. Weekly Viewpoints - Crude oil declined last week, and Singapore fuel oil prices fluctuated. Low - sulfur and high - sulfur fuel oil markets both showed weakness, but supply concerns may support the market in the short term. Future fuel oil prices will fluctuate with the market, and specific short - term operation ranges are given. [3][4] 2. Futures and Spot Prices - Futures prices: The FU main contract price dropped from 4,803 yuan to 4,571 yuan, a decrease of 4.83%; the LU main contract price dropped from 5,718 yuan to 5,290 yuan, a decrease of 7.49%. [5] - Spot prices: The prices of various types of fuel oil in different regions all increased. For example, the price of Zhoushan high - sulfur fuel oil increased from 827.00 to 866.00, an increase of 4.72%; the price of Singapore high - sulfur fuel oil increased from 656.37 to 711.79, an increase of 8.44%. [6] 3. Fundamental Data - Consumption data: There are consumption data charts for Singapore and China fuel oil, but specific numerical analysis is not provided in the text. [7][9] - Gross profit data: There is a chart of Shandong fuel oil coking gross profit, but specific numerical analysis is not provided in the text. [10] 4. Inventory Data - Singapore fuel oil inventory: The inventory data from January 14, 2026, to March 25, 2026, shows that the inventory has fluctuations. For example, on January 14, 2026, the inventory was 2,290.9 barrels, and on March 25, 2026, it was 2,659.9 barrels. [12] - Zhoushan Port fuel oil inventory: There is a chart of the inventory trend, but specific numerical analysis is not provided in the text. [15] 5. Spread Data - There is a chart of the high - low sulfur futures spread, but specific numerical analysis is not provided in the text. [17]