Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Crude oil price increases drive a significant rise in low-sulfur fuel oil prices. Domestic low-sulfur supply is expected to shrink due to geopolitical factors and reduced production by some major refineries. In the overseas market, production at some refineries is affected, leading to a decrease in low-sulfur supply and exports. Meanwhile, geopolitical conflicts increase concerns about supply tightening, and the demand for bunkering in Singapore is expected to grow, intensifying concerns about supply shortages. Attention should be paid to the start of power generation stockpiling and import demand in Saudi Arabia and Egypt in the second quarter [4]. - For trading strategies, it is recommended to go long on the near-month contract of LU when it pulls back; for arbitrage, conduct a reverse arbitrage on FU59 at high prices with limited space, enter a long spread on the near-month contract of LU at low prices, and expect the LU - FU05 to fluctuate at high levels. It is advisable to hold off on options trading [5]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Crude oil price increases drive a significant rise in low-sulfur fuel oil prices. Domestic low-sulfur supply is expected to shrink due to geopolitical factors and reduced production by some major refineries. In the overseas market, the Ruwais refinery in the UAE was attacked, suspending CDU capacity and affecting low-sulfur component output. The Al-Zour refinery is reducing production and is expected to undergo maintenance in April, and the Dangote refinery's gasoline unit has returned, reducing low-sulfur supply and exports. There is also a situation where low-sulfur logistics are diverted by the West. Singapore's current fuel oil inventory is at a high level, but due to the intensification of the conflict between the US, Iran, and Israel, the strait is blocked, and energy facilities in major supply regions such as Russia and the Middle East are continuously attacked, supply is expected to tighten. At the same time, bunkering at the Fujairah port is affected by geopolitical factors and fires, and the demand for bunkering may shift to Singapore, increasing the demand for bunkering in Singapore and further intensifying market concerns about supply shortages. Attention should be paid to the start of power generation stockpiling and import demand in Saudi Arabia and Egypt in the second quarter [4]. Trading Strategies - Unilateral: Go long on the near-month contract of LU when it pulls back. - Arbitrage: Conduct a reverse arbitrage on FU59 at high prices with limited space. Enter a long spread on the near-month contract of LU at low prices. The LU - FU05 is expected to fluctuate at high levels. - Options: Hold off on trading [5]. Chapter 2: Core Logic Analysis High-Sulfur Fuel Oil - **Supply**: The monthly increase in the cracking spread of Singapore's high-sulfur 380 is about $16 to $15 per barrel, and the weekly decrease is $4 (-21%). The spot window basis has increased by $56 to $70 per ton monthly and continued to rise by about $9 (+14%) weekly. Russia and Mexico's supply and exports have increased month-on-month, while Middle Eastern exports have stagnated. The inventory in the pan-Singapore region has continued to rise and is at a high level compared to the same period, with a large amount of Middle Eastern exports arriving in mid-to-late February [9][13]. - **Demand**: As the price of high-sulfur fuel oil rises, the economic efficiency of feedstock decreases, and refinery demand decreases. The terminal demand for power generation is accumulating, with the demand for power generation in South Asia in the second quarter and the Middle East in the third quarter, and there is alternative demand due to the sharp rise in natural gas prices [13]. Low-Sulfur Fuel Oil - **Supply**: The Dangote refinery's RFCC unit has been operating stably since February, significantly reducing low-sulfur output. The Al-Zour refinery's exports have stagnated and are expected to undergo maintenance in April. The Ruwai refinery's CDU unit has been damaged, reducing low-sulfur output and exports. Domestic refineries are concerned about raw materials, and the reduction or suspension of heavy oil production affects the production of bonded marine fuel [17]. - **Demand**: The number of ships arriving in Singapore in the near term has decreased. Although the bunkering demand at the Fujairah port has shifted, the high price of marine fuel in Asia has not supported the demand [17]. - **Spread**: The monthly increase in the cracking spread of Singapore's low-sulfur 0.5%S is about $39 to $45 per barrel, and the weekly decrease is $0.9 per barrel. The spot window basis has increased by about $139 to $139 per ton monthly and $21 per ton weekly [17]. Chapter 3: Weekly Data Tracking Supply from Different Regions - **Russia**: In March, Russia's refinery processing and export volumes are expected to increase. From March 5th to 11th, the average crude oil processing rate was 5.32 million barrels per day, a month-on-month increase of 240,000 barrels per day, reaching the highest level since January. Some refineries and ports have gradually recovered. Due to concerns about the loss of Middle Eastern supply, regions such as pan-Singapore, China, and India are expected to increase their purchases of Russian fuel oil. As of March 16th, a total of about 1.95 million tons have been exported, with an average daily export of 120,000 tons, a month-on-month increase of 18,000 tons (+17%) and a year-on-year increase of 27,000 tons (+28%). Exports to India have increased rapidly to 430,000 tons, and exports to the Singapore region have also increased slightly month-on-month [20]. - **Mexico**: Mexico's near-term exports have increased, but the total supply is limited. As of March 16th, a total of about 280,000 tons of high-sulfur fuel oil have been exported, with an average daily export of 174,000 tons, a month-on-month increase of 28%. On March 6th, Mexico's high-sulfur exports surged, with about 210,000 tons exported that week, more than half of the monthly average export volume in recent months, mainly flowing to the United States and the Netherlands. The fire at the Olmeca refinery is still being evaluated [24]. - **Middle East**: Due to the intensification of the conflict between the US, Iran, and Israel, the closure of the Strait of Hormuz, repeated attacks on the Fujairah port, and the reduction or complete shutdown of some refineries in the Middle East, exports from the Middle East have decreased. As of March 16th, a total of about 1.02 million tons have been exported, with an average daily export of 64,000 tons, a month-on-month decrease of 61%. The Al-Zour refinery has slightly reduced production, and the export of low-sulfur fuel oil has stagnated. The Fujairah port in the UAE has been repeatedly attacked [25][27]. - **Nigeria**: After the secondary unit of the Dangote refinery in Nigeria returned from maintenance in mid-February, it has been operating stably, and the low-sulfur output and exports have decreased month-on-month. In March, there was no export of low-sulfur fuel oil, and exports to the pan-Singapore region decreased by 70,000 tons to 80,000 tons in February [30]. - **South Sudan**: The export of Dar crude oil in South Sudan has gradually recovered, and the export tender volume has increased month-on-month. In March, the total loading volume was 3 batches of 600,000 barrels, a total of 1.8 million barrels, returning to the normal loading level of last year [33]. Inventory and Market Conditions - **Inventory**: As of the week of March 11th, Singapore's fuel oil inventory has risen for four consecutive weeks, reaching 24.16 million barrels (about 3.8 million tons), a new high in four weeks. The import volume of fuel oil in onshore storage tanks has increased month-on-month by 47.5%, exceeding 1.3 million tons, mainly from the Middle East. The export volume has also increased, more than doubling compared to the previous week, exceeding 500,000 tons, with China being the largest export destination [36]. - **Market Conditions**: In the Singapore spot window, the price of high-sulfur fuel oil 380 has increased by about 68% monthly, and the price of low-sulfur fuel oil 0.5%S has increased by about 92% monthly. The high-sulfur cracking spread has increased from -$1 per barrel to about $15 per barrel, and the low-sulfur cracking spread has increased from $6 per barrel to about $45 per barrel [36].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - High - sulfur fuel oil's cracking has risen to the same - period high supported by increased market demand and geopolitical supply concerns, but the first - quarter fundamentals of high inventory and weak demand still exist. Attention should be paid to near - term logistics changes in major supply regions such as Iran and Russia. Low - sulfur fuel oil supply remains abundant, and there is no strong economic support compared to natural gas under the cold wave. Geopolitics is the main bullish driver, and cost - side risks should be monitored [5]. - In the context of ongoing geopolitical and macro disturbances, there are still restrictions and concerns regarding fuel oil exports from Russia and Iran, major fuel suppliers. On the demand side, feedstock demand is still supported. Near March, attention should be paid to the start of power - generation import demand in Saudi Arabia and Egypt. The short - term supply pressure of low - sulfur fuel oil has decreased month - on - month [53]. 3. Summary of Each Section 3.1 Market Review - In February, the high - sulfur fuel oil market was mainly driven by supply concerns due to geopolitical turmoil. The situations in Russia and Iran, the two major supply areas, were uncertain. PetroChina's active high - price purchases in the Singapore spot window significantly pushed up the high - sulfur fuel oil spot price. The supply pressure of low - sulfur fuel oil decreased month - on - month, and its cracking valuation gradually recovered in the second half of the month [4][10][11]. 3.2 Fundamental Situation 3.2.1 High - Sulfur Supply - In Russia, due to more refinery shutdowns caused by attacks and poor port weather, high - sulfur exports decreased month - on - month in February. The UK's sanctions on Russia also affected the export. Mexico's high - sulfur exports remained stable in February and are expected to decline marginally in 2026. In the Middle East, high - sulfur exports were basically stable, with a slight decrease. The east - west price difference of high - sulfur fuel oil widened to the highest level since 2022 and is expected to remain high [18][22][26]. 3.2.2 High - Sulfur Demand - High - sulfur marine fuel demand was stably supported, with marginal growth from the steady increase in the number of ships with desulfurization towers. High - sulfur feedstock demand increased slightly month - on - month, and PetroChina's active purchases in the spot window pushed up the cost [33][36]. 3.2.3 Low - Sulfur Fuel Oil - Dangote Refinery's gasoline unit returned to operation in mid - February, and its low - sulfur production and exports are expected to decline month - on - month. Al - Zour Refinery maintained high - level low - sulfur exports. South Sudan's energy facilities gradually resumed supply, and its Dar crude oil exports increased. Low - sulfur demand had no specific drivers, with stable marine fuel demand and no strong substitution demand compared to natural gas [38][40][41]. 3.3 Future Outlook and Strategy Recommendations - Geopolitical and macro disturbances continue to affect the fuel oil market. Supply concerns from Russia and Iran persist, while feedstock demand remains supported. Low - sulfur short - term supply pressure has decreased. - Strategy recommendations include: 1. Unilateral: Strong and volatile, buy on dips for FU2605 without chasing highs. 2. Arbitrage: The price range of high - and low - sulfur fuel oil fluctuates. Enter the FU59 positive spread on dips. Go long on the BU - LU spread on dips. High - sulfur cracking fluctuates at a high level. 3. Options: None [53].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the fuel oil market prices rebounded slightly with limited fluctuations. For high - sulfur fuel oil, Middle East exports remain high, and the bunker market will enter the traditional off - season in January, so there is unlikely to be a sustained upward trend. However, the tense relationship between the US and Venezuela has led to a decline in Venezuelan exports, which will support the price of global high - sulfur fuel oil. For low - sulfur fuel oil, Brazilian refineries will gradually resume operation this month, putting pressure on the market. The FCC unit maintenance of the Dangote refinery will last until January, and low - sulfur spot from Africa will continue to flow to the Asia - Pacific. The strong spot prices in the Asia - Pacific region have attracted some European spot flows, which, together with Brazilian and African spot, will suppress prices. The key lies in the actions of Kuwaiti and Nigerian refineries. The return of the Al - Zour refinery will be bearish for prices, and if the RFCC unit of the Dangote refinery remains under maintenance, its low - sulfur fuel oil will continue to be exported to Asia, impacting prices [4]. - The valuation of FU is 2400 - 2500, and the valuation of LU is 2900 - 3050. The strategies include: 1) The fuel oil price will remain weak in the short term. 2) The contango structure of FU and LU's monthly spreads is difficult to reverse under the condition of loose supply. 3) The short - term crack spreads of FU and LU have reached a low level, and the LU - FU spread will enter a shock period in the short term [4]. 3. Summary by Directory Supply - **Refinery Operation**: The report shows the capacity utilization rates of Chinese refineries, including overall Chinese refineries, independent refineries, and major refineries, from 2016 - 2025, presented in weekly data [6]. - **Global Refinery Maintenance**: It includes the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025 [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commodity Volume**: It presents the monthly production of fuel oil in China from 2018 - 2025, the monthly domestic commodity volume of fuel oil from 2021 - 2025, and the monthly production of low - sulfur fuel oil in Chinese refineries from 2021 - 2025 [18][19]. Demand - **Domestic and International Fuel Oil Demand Data**: It shows the monthly actual consumption of marine fuel oil in China from 2020 - 2025, the monthly sales volume of fuel oil supplied to ships in Singapore from 2018 - 2025, and the monthly apparent consumption of fuel oil in China from 2018 - 2025 [23]. Inventory - **Global Fuel Oil Spot Inventory**: It includes the inventory of heavy oil in Singapore from 2018 - 2025, the fuel oil inventory in European ARA from 2018 - 2025, the heavy distillate inventory in Fujairah from 2018 - 2025, and the residual fuel oil inventory in the US from 2018 - 2025 [27][29][30]. Price and Spread - **Asia - Pacific Regional Spot FOB Prices**: It shows the FOB prices of 3.5% fuel oil in Singapore, 3.5% fuel oil in Fujairah, 0.5% fuel oil in Singapore, and 0.5% fuel oil in Fujairah from 2018 - 2025 [35][36][37]. - **European Regional Spot FOB Prices**: It includes the FOB prices of 3.5% fuel oil in Northwest Europe, 3.5% fuel oil in the Mediterranean, 1% fuel oil in Northwest Europe, and 1% fuel oil in the Mediterranean from 2018 - 2025 [39][40][42][44]. - **US Regional Fuel Oil Spot Prices**: It shows the FOB prices of 3.5% fuel oil in the US Gulf, the cargo price of high - sulfur fuel oil in New York Harbor, the FOB price of 0.5% fuel oil in the US Gulf, and the price of low - sulfur straight - run fuel oil in USAC from 2018 - 2025 [45]. - **Paper and Derivative Prices**: It includes the prices of high - sulfur and low - sulfur swaps in Northwest Europe, Singapore low - sulfur fuel oil swaps, and Singapore 380 bunker swaps from 2024 - 2025, as well as the prices of FU and LU futures contracts from 2021 - 2025 [47][48][50][53]. - **Fuel Oil Spot Spreads**: It shows the high - and low - sulfur spread and viscosity spread in Singapore [59]. - **Global Fuel Oil Crack Spreads**: It includes the high - sulfur crack spread in Singapore, the 3.5% crack spread in Northwest Europe, the low - sulfur crack spread in Singapore, and the 1% crack spread in Northwest Europe from 2019 - 2025 [61][63]. - **Global Fuel Oil Paper Monthly Spreads**: It shows the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe from 2022 - 2025 [65]. Import and Export - **Domestic Fuel Oil Import and Export Data**: It shows the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025 [70][72]. - **Global High - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in global high - sulfur fuel oil import and export volumes, including import volumes in China, the Middle East, the US, etc., and export volumes from Russia, the Middle East, etc. [75]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in global low - sulfur fuel oil import and export volumes, including import volumes in Singapore + Malaysia, China, the US, etc., and export volumes from the Middle East, Northwest Europe, etc. [77]. Futures Market Indicators and Internal - External Spreads - **Review**: This week, the fuel oil prices in the Asia - Pacific region entered a shock period, and the Zhoushan market moved in sync. In terms of spreads, the overseas spot prices were relatively weak, and the spread between domestic futures prices and overseas spot prices began to widen [80]. - **Logic**: Due to the increase in supply, overseas spot prices generally weakened. At the same time, the long and short positions of domestic FU and LU were not significantly different, performing relatively stronger than the external market. The internal - external spread increased compared with last week. However, if the number of new warrants on the FU and LU plates remains high, the spread may decline [81]. - **Internal - External Spread Data**: It shows the internal - external spreads of 380 spot, 0.5% spot, FU main contract, FU continuous contract, LU continuous contract, LU first - month contract, and LU second - month contract from December 22 - 26, 2025 [82]. FU and LU Position and Volume Changes - **Fuel Oil Main Contract**: It shows the trading volume and open interest of the fuel oil main contract from 2020 - 2025 [95][97]. - **Low - Sulfur Fuel Oil Contracts**: It shows the trading volume and open interest of low - sulfur fuel oil continuous and first - month contracts from 2020 - 2025 [100][103]. FU and LU Warrant Quantity Changes - It shows the changes in the number of FU and LU warrants from 2020 - 2025 [106][107].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - This week, fuel oil prices continued to decline at the beginning of the week, stabilized, and rebounded slightly near the weekend. For high - sulfur fuel oil, Middle - East exports continued to surge, with most of the increase coming from Saudi Arabia and Iran. Considering the upcoming end of Saudi Arabia's major maintenance, the short - term weakness of high - sulfur fuel oil may not be reversed. However, Russian exports have started to decline, and a large amount of spot has been piled up in floating storage near Russia, which will support high - sulfur fuel oil prices. For low - sulfur fuel oil, the number of spot goods flowing to the Asia - Pacific region has decreased due to refinery maintenance in Brazil and European refineries' deep - processing of heavy components to increase gasoline and diesel production. But Brazilian and Kuwaiti refineries are expected to resume operations next month, which will increase supply and put pressure on prices. The spot market's transaction premium has declined, and prices may fall further as supply recovery is reflected in shipping data. - Valuation: FU is estimated to be in the range of 2400 - 2500, and LU is estimated to be in the range of 3000 - 3250. - Strategies: 1) Unilateral: Fuel oil prices will remain weak in the short term. 2) Inter - period: The contango structure of FU and LU spreads is difficult to reverse under the condition of loose supply. 3) Inter - variety: The short - term cracking spreads of FU and LU have reached a low level; the LU - FU spread will gradually decline in the short term. [4] 3. Summary According to the Table of Contents Supply - **Refinery Operations**: The report presents the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries) from 2016 - 2025, but no specific analysis is provided. [6] - **Global Refinery Maintenance**: It shows the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025, but no specific analysis is provided. [9][11][13][14] - **Domestic Refinery Fuel Oil Production and Commercial Volume**: It shows the monthly production and commercial volume of fuel oil in China from 2018 - 2025, including low - sulfur fuel oil production, but no specific analysis is provided. [18][19] Demand - **Domestic and International Fuel Oil Demand Data**: It shows the monthly actual consumption of marine fuel oil in China, the sales volume of fuel oil bunkering in Singapore, and the apparent consumption of fuel oil in China from 2018 - 2025, but no specific analysis is provided. [23] Inventory - **Global Fuel Oil Spot Inventory**: It shows the inventory data of heavy oil in Singapore, ARA in Europe, heavy distillates in Fujairah, and residual fuel oil in the US from 2018 - 2025, but no specific analysis is provided. [27][29][30] Price and Spreads - **Asia - Pacific Regional Spot FOB Prices**: It shows the FOB prices of 3.5% and 0.5% fuel oil in Singapore, 3.5% fuel oil in Fujairah, and 3.5% and 1% fuel oil in the Mediterranean from 2018 - 2025, but no specific analysis is provided. [35][36][37][39][42] - **European Regional Spot FOB Prices**: It shows the FOB prices of 3.5% and 1% fuel oil in Northwest Europe, 3.5% fuel oil in the US Gulf, high - sulfur fuel oil cargo prices in New York Harbor, and 0.5% fuel oil in the US Gulf from 2018 - 2025, but no specific analysis is provided. [40][44][45] - **Paper and Derivative Prices**: It shows the prices of high - sulfur and low - sulfur swaps in Northwest Europe and Singapore, as well as the prices of FU and LU futures contracts from 2021 - 2025, but no specific analysis is provided. [47][48][51][52][53][55] - **Fuel Oil Spot Spreads**: It shows the high - low sulfur spread and viscosity spread in Singapore from 2018 - 2025, but no specific analysis is provided. [57] - **Global Fuel Oil Cracking Spreads**: It shows the cracking spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe from 2019 - 2025, but no specific analysis is provided. [59][60][61] - **Global Fuel Oil Paper Month Spreads**: It shows the month spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe from 2022 - 2025, but no specific analysis is provided. [63] Import and Export - **Domestic Fuel Oil Import and Export Data**: It shows the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025, but no specific analysis is provided. [68][70] - **Global High - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in global high - sulfur fuel oil import and export volumes in different regions such as China, the Middle East, and the US from 2018 - 2025, but no specific analysis is provided. [72] - **Global Low - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in global low - sulfur fuel oil import and export volumes in different regions such as Singapore, China, and the US from 2018 - 2025, but no specific analysis is provided. [74] Futures Market Indicators and Internal - External Spreads - **Review and Logic**: This week, Asia - Pacific fuel oil prices continued to decline, and the Zhoushan market followed the same trend. The internal - external spreads began to shrink from the previous high. For FU, the short - position holdings still exceeded the long - position holdings, causing FU to underperform the external spot market, and the spread continued to shrink. For LU, both long and short positions were gradually closing, the number of warehouse receipts remained stable after the delivery, and a large amount of low - sulfur components were expected to enter Zhoushan at the end of the month, so the internal - external spread may continue to narrow in the short term. [77] - **Internal - External Spreads Data**: It provides the internal - external spreads data of 380 - grade and 0.5% fuel oil spot, as well as the spreads between FU and LU futures contracts and Singapore prices from November 24 - 28, 2025. [78] - **Spot Market Internal - External Spreads**: It shows the internal - external spreads of 380 - grade and 0.5% fuel oil spot, and the spread between LU and Singapore from 2021 - 2025, but no specific analysis is provided. [81][82][84] - **Futures Market Internal - External Spreads**: It shows the internal - external spreads between FU and LU futures contracts and Singapore prices from 2021 - 2025, but no specific analysis is provided. [85][86][87] - **FU and LU Position and Volume Changes**: It shows the trading volume and position changes of fuel oil and low - sulfur fuel oil futures contracts from 2020 - 2025, but no specific analysis is provided. [89][90][91][93][95][96] - **FU and LU Warehouse Receipt Quantity Changes**: It shows the quantity changes of FU and LU warehouse receipts from 2020 - 2025, but no specific analysis is provided. [99][100]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the prices of fuel oil and low - sulfur fuel oil showed a rebound trend, gradually returning to the levels at the beginning of the month. For high - sulfur fuel oil, the spot market's transaction premium did not strengthen significantly, indicating no obvious supply shortage, but the export situation of Russia needs to be observed. For low - sulfur fuel oil, it is rumored that state - owned refineries are converting some low - sulfur export quotas into refined oil export quotas, which will lead to a decline in future port spot supply, making the LU price stronger than the FU price. However, as the domestic price rises, domestic traders may increase imports, which will resist the upward price trend. - Valuation: FU is between 2600 - 2800, and LU is between 3150 - 3350. - Strategies: 1) Unilateral: FU remains weak in the short term, while LU is still strong. 2) Inter - period: The LU monthly spread structure has been reversed and will remain so before the number of warehouse receipts increases. 3) Inter - variety: The FU crack spread fluctuates at a high level; the LU - FU spread will gradually rebound in the short term. [4] 3. Summary by Relevant Catalogs Supply - **Refinery Operation**: The content shows the capacity utilization rates of Chinese refineries (crude oil: atmospheric and vacuum distillation), independent refineries, and major refineries from 2016 - 2025. [6] - **Global Refinery Maintenance**: It presents the maintenance volumes of global CDU devices, hydrocracking devices, FCC devices, and coking devices from 2018 - 2025. [9][11][13][14] - **Domestic Refinery Fuel Oil Production and Commercial Volume**: It shows the monthly production of fuel oil, low - sulfur fuel oil, and domestic commercial volume of fuel oil in China from 2018 - 2025. [19][20] Demand - **Domestic and Foreign Fuel Oil Demand Data**: It shows the monthly actual consumption of marine fuel oil in China, the monthly sales of fuel oil for ship supply in Singapore, and the monthly apparent consumption of fuel oil in China from 2018 - 2025. [23] Inventory - **Global Fuel Oil Spot Inventory**: It shows the inventory data of heavy oil in Singapore, fuel oil in European ARA, heavy distillates in Fujairah, and residual fuel oil in the US from 2018 - 2025. [27][29][30] Price and Spread - **Asia - Pacific Regional Spot FOB Prices**: It shows the FOB prices of 3.5% and 0.5% fuel oil in Singapore, 3.5% fuel oil in Fujairah, etc. from 2018 - 2025. [34][35][36][37] - **European Regional Spot FOB Prices**: It shows the FOB prices of 3.5% and 1% fuel oil in Northwest Europe, 3.5% fuel oil in the Mediterranean, etc. from 2018 - 2025. [38][39][40][42][44] - **US Regional Fuel Oil Spot Prices**: It shows the spot prices of 3.5% and 0.5% fuel oil in the US Gulf, high - sulfur fuel oil in the New York Harbor, etc. from 2018 - 2025. [45] - **Paper and Derivative Prices**: It shows the prices of high - sulfur and low - sulfur swaps in Northwest Europe and Singapore from 2024 - 2025, as well as the prices of LU and FU futures contracts from 2021 - 2025. [48][49][51][52][54][56] - **Fuel Oil Spot Spread**: It shows the high - low sulfur spread and viscosity spread in Singapore from 2019 - 2025. [59] - **Global Fuel Oil Crack Spread**: It shows the crack spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe from 2019 - 2025. [60][61][62][63] - **Global Fuel Oil Paper Monthly Spread**: It shows the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe from 2022 - 2025. [65] Import and Export - **Domestic Fuel Oil Import and Export Data**: It shows the monthly import and export volumes of fuel oil in China from 2018 - 2025. [70][72][73] - **Global High - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in the import and export volumes of global high - sulfur fuel oil, including data from China, the Middle East, the US, etc. [74] - **Global Low - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in the import and export volumes of global low - sulfur fuel oil, including data from Singapore + Malaysia, China, the US, etc. [76] Futures Market Indicators and Internal - External Spreads - **Review**: This week, the Asia - Pacific fuel oil prices declined, and the Zhoushan market moved in tandem. In terms of spreads, the domestic FU and LU were weaker than the overseas market, and the spreads began to shrink. - **Logic**: For FU, the short positions still led the long positions, causing the FU to be weaker than the overseas spot, and the spread continued to shrink. For LU, the number of warehouse receipts increased significantly at the beginning of the delivery period, the market view turned short - term bearish, the long positions decreased rapidly, and the spread of LU relative to the overseas spot began to decline. [79][80] - **Spot Market Internal - External Spreads**: It shows the internal - external spreads of 380 and 0.5% fuel oil from 2021 - 2025. [83][85] - **Futures Market Internal - External Spreads**: It shows the internal - external spreads of FU and LU futures contracts relative to Singapore from 2021 - 2025. [90][91] - **FU and LU Position and Volume Changes**: It shows the position and volume changes of fuel oil and low - sulfur fuel oil futures contracts from 2020 - 2025. [94][95][96][99][100][102] - **FU and LU Warehouse Receipt Quantity Changes**: It shows the quantity changes of FU and LU warehouse receipts from 2020 - 2025. [105][106]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Views of the Report - This week, fuel oil prices rose significantly, with the price center gradually reaching a two - month high. For high - sulfur fuel oil, market transactions improved slightly, the premium increased, Middle East shipments remained high, but Russian exports continued to decline. Due to recent attacks and sanctions, nearly one - third of Russian refinery capacity was offline, so supply factors still supported high - sulfur fuel oil. If Russian exports continue to face obstacles, high - sulfur fuel oil valuations may continue to rise. For low - sulfur fuel oil, there is no obvious supply gap in the Asia - Pacific region, and spot shipments are normal. The August Singapore bunker sales data was good, providing some support on the demand side. On the domestic market, the quota issue has been fully priced in by the market, but inventory continued to accumulate in the Zhoushan area, and there were still warehouse receipts on the futures market. In the short term, the price may be relatively weaker than that of high - sulfur fuel oil. - Valuation: FU is estimated to be in the range of 2700 - 3000, and LU is estimated to be in the range of 3400 - 3650. - Strategies: 1) Unilateral: FU will continue to be strong in the short term, and LU will mainly follow the upward trend. 2) Inter - period: FU and LU will maintain the current structure. 3) Inter - variety: FU cracking will fluctuate at a high level; the LU - FU spread may still contract slightly in the short term. [4] 3. Summary by Relevant Catalogs 3.1 Supply - **Refinery Operations**: The document presents the capacity utilization rates of Chinese refineries (crude oil: atmospheric and vacuum distillation), independent refineries, and major refineries over different years and time periods, but no specific analysis is provided. [6] - **Global Refinery Maintenance**: It shows the maintenance volumes of global CDU devices, hydrocracking devices, FCC devices, and coking devices over different years and time periods, but no specific analysis is provided. [9][11][13][14] - **Domestic Refinery Fuel Oil Production and Commodity Volume**: It shows the monthly production of fuel oil in China, the monthly production of low - sulfur fuel oil in Chinese refineries, and the monthly domestic commercial volume of fuel oil over different years, but no specific analysis is provided. [20] 3.2 Demand - **Domestic and Foreign Fuel Oil Demand Data**: It shows the monthly actual consumption of marine fuel oil in China, the monthly sales volume of fuel oil bunkering in Singapore, and the monthly apparent consumption of fuel oil in China over different years, but no specific analysis is provided. [23] 3.3 Inventory - **Global Fuel Oil Spot Inventory**: It shows the heavy oil inventory in Singapore, the fuel oil inventory in European ARA, the heavy distillate inventory in Fujairah, and the residual fuel oil inventory in the US over different years and time periods, but no specific analysis is provided. [26][28][29] 3.4 Price and Spread - **Asia - Pacific Regional Spot FOB Prices**: It shows the FOB prices of 3.5% fuel oil in Fujairah, 0.5% fuel oil in Fujairah, 3.5% fuel oil in Singapore, 3.5% fuel oil in the Mediterranean, 1% fuel oil in north - western Europe, and 1% fuel oil in the Mediterranean over different years and time periods, but no specific analysis is provided. [34][35][36][38][39][41] - **European Regional Spot FOB Prices**: It shows the FOB prices of 3.5% fuel oil in north - western Europe, 3.5% fuel oil in the US Gulf, high - sulfur fuel oil cargo prices in the New York Harbor, 0.5% fuel oil in the US Gulf, and low - sulfur straight - run fuel oil prices in the USAC over different years and time periods, but no specific analysis is provided. [43][44] - **US Regional Fuel Oil Spot Prices**: It shows the FOB prices of 3.5% fuel oil in the US Gulf, high - sulfur fuel oil cargo prices in the New York Harbor, 0.5% fuel oil in the US Gulf, and low - sulfur straight - run fuel oil prices in the USAC over different years and time periods, but no specific analysis is provided. [44] - **Paper and Derivative Prices**: It shows the prices of high - sulfur and low - sulfur swaps in north - western Europe, Singapore low - sulfur fuel oil swaps, Singapore 380 bunker swaps, and domestic futures contracts (FU and LU) over different time periods, but no specific analysis is provided. [47][48][51] - **Fuel Oil Spot Spreads**: It shows the Singapore high - low sulfur spread, Singapore viscosity spread, and other spreads over different years and time periods, but no specific analysis is provided. [57][58][59] - **Global Fuel Oil Cracking Spreads**: It shows the cracking spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe over different years and time periods, but no specific analysis is provided. [62][63][64] - **Global Fuel Oil Paper Monthly Spreads**: It shows the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe over different years and time periods, but no specific analysis is provided. [66] 3.5 Import and Export - **Domestic Fuel Oil Import and Export Data**: It shows the monthly import and export volumes of fuel oil (excluding biodiesel) in China over different years, but no specific analysis is provided. [71][73] - **Global High - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in global high - sulfur fuel oil import and export volumes in different regions, but no specific analysis is provided. [75] - **Global Low - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in global low - sulfur fuel oil import and export volumes in different regions, but no specific analysis is provided. [77] 3.6 Futures Market Indicators and Internal - External Spreads - **Review**: This week, Asia - Pacific fuel oil prices rose significantly, and the Zhoushan market moved in tandem. In terms of spreads, domestic FU and LU were relatively stronger than the international market, and the premium continued to recover. - **Logic**: This week, spot prices at home and abroad rebounded significantly. On the domestic market, FU started to rebound from the bottom, and the internal - external spread continued to repair. The same situation occurred for LU. Due to the relatively small new batch of quotas, the domestic LU maintained a stable spread with the international spot market. [80] - **Internal - External Spreads**: It shows the internal - external spreads of 380 spot, 0.5% spot, and domestic futures contracts (FU and LU) against Singapore over different dates, but no specific analysis is provided. [81] 3.7 FU and LU Position and Volume Changes - It shows the trading volumes and open interest of fuel oil main - continuous contracts, fuel oil continuous contracts, low - sulfur fuel oil continuous contracts, and related sub - contracts over different years and time periods, but no specific analysis is provided. [94][96][99] 3.8 FU and LU Warehouse Receipt Quantity Changes - It shows the changes in the number of FU and LU warehouse receipts over different years and time periods, but no specific analysis is provided. [105][106]

Group 1 - Fuel oil futures main contract showed weak fluctuations, closing at 2784.00 yuan with a decline of 1.21% [1] - Demand remains sluggish in the Asian fuel oil market, with Northeast Asian refineries experiencing slower sales [1] - Taiwan's Formosa Petrochemical's 76,000 barrels per day residue fluid catalytic cracking unit is under maintenance until the end of October, impacting supply [1] Group 2 - High sulfur fuel oil prices are influenced by ongoing sanctions and recent attacks on Russian refineries, leading to a significant increase in high sulfur exports to India [2] - Singapore's fuel oil inventory has decreased by 4.2%, while ARA and Fujairah inventories have also seen reductions [2] - The EU is expected to introduce the 19th round of sanctions against Russia in the coming weeks, which will be a key focus for high sulfur fuel oil [2]

Report Overview - Report Title: Fuel Oil and Low-Sulfur Fuel Oil Weekly Report - Report Date: September 21, 2025 - Analyst: Liang Kefang from Guotai Junan Futures Research Institute [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the prices of fuel oil and low-sulfur fuel oil still fluctuated, but the amplitude significantly narrowed. For high-sulfur fuel oil, Middle East exports remained high, and the spot market transaction premium in the Asia-Pacific region continued to be below 0. There is a possibility of shipments from Northwest Europe to Asia, making it difficult for the Asia-Pacific low-sulfur market price to improve. For low-sulfur fuel oil, the previous strength of the Asia-Pacific low-sulfur price has basically disappeared. The shutdown of downstream facilities in Nigeria may continue to provide support in the future, but due to high port inventories and the price difference between the domestic and foreign markets, the domestic LU futures price is unlikely to turn strongly bullish. - The estimated value range is 2650 - 2900 for FU and 3300 - 3500 for LU. - Strategies include: 1) Unilateral: The bottom support of FU is emerging, while LU is weakening marginally. 2) Inter - period: FU and LU will maintain their current structures. 3) Inter - commodity: The cracking spread of FU will fluctuate at a high level; the LU - FU spread may still contract slightly in the short term. [4] 3. Summary by Directory 3.1 Supply - **Refinery Operations**: Data on the capacity utilization rates of Chinese refineries (crude oil: atmospheric and vacuum distillation), independent refineries, and major refineries are presented, covering the period from 2016 - 2025. [6] - **Global Refinery Maintenance**: Data on the maintenance volumes of global FCC, CDU, hydrocracking, and coking units are provided, spanning from 2018 - 2025. [13][14][15] - **Domestic Refinery Fuel Oil Production and Commercial Volume**: Data on the monthly production of fuel oil, low - sulfur fuel oil, and domestic commercial volume of fuel oil in China are shown, covering 2018 - 2025. [18] 3.2 Demand - **Domestic and Foreign Fuel Oil Demand Data**: Data on the monthly actual consumption of marine fuel oil in China, the monthly sales volume of fuel oil bunkering in Singapore, and the monthly apparent consumption of fuel oil in China are presented, covering 2018 - 2025. [22] 3.3 Inventory - **Global Fuel Oil Spot Inventory**: Data on the heavy oil inventory in Singapore, the fuel oil inventory in European ARA, the heavy distillate inventory in Fujairah, and the residual fuel oil inventory in the US are provided, covering 2018 - 2025. [25][26][28] 3.4 Price and Spread - **Asia - Pacific Regional Spot FOB Prices**: Data on the FOB prices of 3.5% and 0.5% fuel oil in Fujairah, Singapore, and other regions are presented, covering 2018 - 2025. [32][34][36] - **European Regional Spot FOB Prices**: Data on the FOB prices of 3.5% and 1% fuel oil in Northwest Europe, the Mediterranean, etc. are provided, covering 2018 - 2025. [38][39][41] - **US Regional Fuel Oil Spot Prices**: Data on the FOB prices of 3.5% and 0.5% fuel oil in the US Gulf, the cargo price of high - sulfur fuel oil in New York Harbor, and the price of low - sulfur straight - run fuel oil in USAC are presented, covering 2018 - 2025. [44][45] - **Paper and Derivative Prices**: Data on the high - sulfur and low - sulfur swaps in Northwest Europe and Singapore, as well as the prices of LU and FU futures contracts, are provided, covering 2024 - 2025. [48][49][53] - **Fuel Oil Spot Spread**: Data on the high - and low - sulfur spread, viscosity spread, and cracking spread in Singapore, as well as the 3.5% cracking spread in Northwest Europe, are presented, covering 2018 - 2025. [56][57][58] - **Global Fuel Oil Paper Monthly Spread**: Data on the M1 - M2 and M2 - M3 spreads of high - and low - sulfur fuel oil in Singapore and Northwest Europe are provided, covering 2022 - 2025. [62] 3.5 Import and Export - **Domestic Fuel Oil Import and Export Data**: Data on the monthly import and export volumes of fuel oil (excluding biodiesel) in China are presented, covering 2018 - 2025. [66][67] - **Global High - Sulfur Fuel Oil Import and Export Data**: Data on the weekly import and export volume changes of high - sulfur fuel oil in regions such as China, the Middle East, the US, and Russia are provided. [70][71] - **Global Low - Sulfur Fuel Oil Import and Export Data**: Data on the weekly import and export volume changes of low - sulfur fuel oil in regions such as Singapore + Malaysia, China, the US, and the Middle East are provided. [73] 3.6 Futures Market Indicators and Internal - External Spreads - **Review**: This week, the fuel oil prices in the Asia - Pacific region generally declined, and the Zhoushan market moved in tandem. In terms of spreads, the domestic FU and LU were relatively stronger than the overseas market, and the premium and discount improved. - **Logic**: This week, the spot prices at home and abroad generally declined. Due to the high inventory in the Singapore market, the overseas spot prices were generally weak. In the domestic market, FU started to rebound from the bottom, and the internal - external spread was repaired. Similarly, for LU, because the newly issued quota decreased year - on - year, the spot supply at ports will not increase significantly in the future, so the internal - external spread of low - sulfur fuel oil also improved. [76] 3.7 FU and LU Position and Volume Changes - Data on the trading volume and open interest of fuel oil and low - sulfur fuel oil futures contracts (main contract, continuous contract, etc.) are presented, covering 2020 - 2025. [87][89][92] 3.8 FU and LU Warehouse Receipt Quantity Changes - Data on the warehouse receipt quantity changes of FU and LU are presented, covering 2020 - 2025. [99][100]

Report Overview - Report Title: Fuel Oil and Low-Sulfur Fuel Oil Weekly Report [1] - Author: Liang Kefang from Guotai Junan Futures Research Institute [1] - Date: September 14, 2025 [1] 1. Report Industry Investment Rating - Not provided in the content 2. Core Views - This week, the prices of fuel oil and low-sulfur fuel oil fluctuated widely with increased volatility, and the price center generally moved downward. For high-sulfur fuel oil, Middle East exports remained high, and the window transaction premium was weak, indicating weak spot market transactions. The domestic inventory was replenished in the early stage, and the near-month contracts were continuously suppressed. The domestic and international prices are expected to have limited improvement in the short term. However, there is a possibility that the US and Europe may increase sanctions on Russia, which will bring significant uncertainty to the high-sulfur supply and support prices. For low-sulfur fuel oil, in addition to the continuous supply recovery in Japan, Brazil's exports to the Asia-Pacific region also increased since the end of August. Coupled with some European arbitrage supplies in transit, the Asia-Pacific spot prices are expected to remain weak. The amount of the new quota is still one of the core factors affecting LU valuation. If the quota increases significantly year-on-year, given the high inventory in Zhoushan, the pattern of loose or even surplus supply will have an obvious negative impact on the LU market. Since the issuance time and specific scale of the new quota are still highly variable, continuous observation is needed [4]. - Valuation: FU is estimated to be in the range of 2650 - 2900, and LU in the range of 3300 - 3500 [4]. - Strategies: 1) Unilateral: FU is expected to oscillate strongly in the short term, while LU is relatively weak. 2) Inter-period: FU and LU will maintain their current structures. 3) Inter-variety: The cracking spread of FU will oscillate at a high level; the LU - FU spread may rebound [4]. 3. Summary by Directory Supply - **Refinery Operation**: The document presents data on the capacity utilization rates of Chinese refineries, including overall refineries, independent refineries, and major refineries, from 2016 - 2025 [6]. - **Global Refinery Maintenance**: Data on the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025 are provided [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commercial Volume**: Data on the monthly production of fuel oil in China from 2018 - 2025, the monthly production of low-sulfur fuel oil in Chinese refineries from 2021 - 2025, and the monthly commercial volume of domestic fuel oil from 2021 - 2025 are shown [20]. Demand - **Domestic and International Fuel Oil Demand Data**: Data on the monthly actual consumption of marine fuel oil in China from 2020 - 2025, the monthly sales of fuel oil for ship supply in Singapore from 2018 - 2025, and the monthly apparent consumption of fuel oil in China from 2018 - 2025 are presented [23]. Inventory - **Global Fuel Oil Spot Inventory**: Data on the heavy oil inventory in Singapore from 2018 - 2025, the fuel oil inventory in European ARA from 2018 - 2025, the heavy distillate inventory in Fujairah from 2018 - 2025, and the residual fuel oil inventory in the US from 2018 - 2025 are provided [26][28][29]. Price and Spread - **Asia-Pacific Regional Spot FOB Prices**: Data on the FOB prices of 3.5% fuel oil in Fujairah, 3.5% and 0.5% fuel oil in Singapore, and 0.5% fuel oil in Fujairah from 2018 - 2025 are presented [34][35][36]. - **European Regional Spot FOB Prices**: Data on the FOB prices of 3.5% fuel oil in the Mediterranean, 1% fuel oil in the Mediterranean and Northwest Europe, 3.5% fuel oil in Northwest Europe, and 3.5% fuel oil in the US Gulf from 2018 - 2025 are provided [38][39][41][43][44]. - **US Regional Fuel Oil Spot Prices**: Data on the FOB prices of 3.5% fuel oil in the US Gulf, the cargo price of high-sulfur fuel oil in New York Harbor, and the price of low-sulfur straight-run fuel oil in USAC from 2018 - 2025 are presented [44]. - **Paper and Derivative Prices**: Data on the swaps of high-sulfur and low-sulfur fuel oil in Northwest Europe and Singapore, as well as the swaps of 380 ship fuel in Singapore from 2024 - 2025 are provided [47][48]. - **Fuel Oil Spot Spread**: Data on the high - low sulfur spread and viscosity spread in Singapore from 2018 - 2025 are presented [57][58]. - **Global Fuel Oil Cracking Spread**: Data on the high-sulfur cracking spread in Singapore, the 3.5% cracking spread in Northwest Europe, the low-sulfur cracking spread in Singapore, and the 1% cracking spread in Northwest Europe from 2019 - 2025 are provided [61][62][63]. - **Global Fuel Oil Paper Monthly Spread**: Data on the monthly spreads of high - and low - sulfur fuel oil in Singapore and Northwest Europe from 2022 - 2025 are presented [65]. Import and Export - **Domestic Fuel Oil Import and Export Data**: Data on the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025 are presented [71][73]. - **Global High - Sulfur Fuel Oil Import and Export Data**: Data on the weekly changes in global high - sulfur fuel oil import and export volumes, including major importing and exporting regions such as China, the Middle East, the US, Russia, and Latin America, are provided [75]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: Data on the weekly changes in global low - sulfur fuel oil import and export volumes, including major importing and exporting regions such as Singapore, China, the US, the Middle East, and Japan, are provided [77]. Futures Market Indicators and Spreads - **Review**: This week, the Asia-Pacific fuel oil prices generally declined, and the Zhoushan market followed the same trend. In terms of spreads, the domestic FU and LU were relatively stronger than the overseas market, and the premium increased [80]. - **Logic**: This week, the spot prices at home and abroad generally declined. Due to the high inventory in the Singapore market, the overseas spot prices were generally weak. In the domestic market, after the delivery, the inventory on the futures market was digested to some extent, which supported the prices of FU and LU and made them relatively stronger than the overseas spot prices. The premium of FU and LU relative to the Singapore market increased [80]. - **Spot and Futures Market Spreads**: Data on the 380 and 0.5% spot and futures market spreads between domestic and Singapore fuel oil from 2021 - 2025 are presented [84][85][88][89][90]. - **FU and LU Position and Volume Changes**: Data on the trading volume and open interest of fuel oil main contracts, low - sulfur fuel oil continuous and first - month contracts from 2020 - 2025 are presented [93][95][98][100][101]. - **FU and LU Warehouse Receipt Quantity Changes**: Data on the changes in the quantity of FU and LU warehouse receipts from 2020 - 2025 are presented [104][105].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Asian near - term high - sulfur supply and inventory remain at a high level. Ukrainian bombings of Russian refineries have entered a continuous stage, affecting some refinery capacities and favoring high - sulfur to some extent. Mexican high - sulfur exports are continuously declining, and the supply pressure of high - sulfur in the third quarter is slightly less than expected. On the demand side, the decline in high - sulfur cracking and the increase in China's fuel oil consumption tax deduction are beneficial to the growth of high - sulfur feedstock demand, while the seasonal power generation demand for high - sulfur is gradually decreasing. [7] - Low - sulfur fuel oil spot premiums continue to decline. The increase in spot window sellers and near - term supply growth have hit low - sulfur spot prices. Low - sulfur supply continues to recover, and there is no specific driver for downstream demand. Attention should be paid to the near - term low - sulfur export logistics changes and the adjustment and issuance rhythm of low - sulfur quotas in the Chinese market. [7] Group 3: Summary by Relevant Catalogs First Part: Relevant Data - On August 13, 2025, the FU main contract was 2730, down 40 from the previous day; the LU main contract was 3463, down 39 from the previous day. The FU main contract position was 145,000 lots, down 4,000 lots from the previous day; the LU main contract position was 51,000 lots, unchanged from the previous day. The FU warehouse receipt was 92,710 tons, unchanged from the previous day; the LU warehouse receipt was 21,050 tons, unchanged from the previous day. [3] - The FU9 - 1 spread was - 42, down 12 from the previous day; the LU10 - 11 spread was 12, up 5 from the previous day. The LU - FU main contract spread was 733, up 1 from the previous day. The FU09 - foreign market 08 spread was - 15.8, up 0.2 from the previous day; the LU10 - foreign market 09 spread was 7.6, up 4.8 from the previous day. [3] Second Part: Market Research and Judgment - **Market Overview**: A piece of important news is that on Wednesday, the Russian authorities said that the debris of a destroyed drone caused a small fire at the Slaviansk refinery in the Krasnodar region of Russia, and the fire was quickly extinguished. [6] - **Market Judgment**: As mentioned in the core views, the supply and demand situation of high - sulfur and low - sulfur fuel oil is analyzed, and the changes in spreads in the Singapore paper market are also mentioned, such as the high - sulfur Sep/Oct month - spread dropping from 4.8 to 3.3 US dollars/ton, and the low - sulfur Sep/Oct month - spread dropping from 3.5 to 2.0 US dollars/ton. [7] Third Part: Relevant Attachments - There are six graphs including Singapore high - sulfur spot premium, Singapore low - sulfur spot premium, Singapore high - and low - sulfur spread, Singapore LSFO - GO, high - sulfur fuel oil cracking, and low - sulfur fuel oil cracking, with data sources from Galaxy Futures and Reuters. [9]