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]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the context of low terminal marine fuel demand, the spot price spread of Singapore's 0.5% sulfur marine fuel oil has dropped nearly 25% weekly, and the Asian low - sulfur fuel oil market structure is showing weakness. Although the conflict between the US, Israel, and Iran has blocked Middle - East oil transportation and high freight rates have curbed European arbitrage cargoes, Singapore's downstream market supply is still relatively sufficient. Shipowners are reducing purchases due to high fuel prices. The market expects the spread between high - and low - sulfur fuel oils to narrow to some extent, and the overall price will fluctuate with crude oil. FU2605 is expected to operate in the 4550 - 4750 range, and LU2605 in the 5200 - 5400 range [3] 3. Summary by Directory 3.1 Daily Prompt - The report provides the latest information on fuel oil, including fundamental analysis, price data, and market expectations. The overnight Trump's remarks led to a significant adjustment in oil prices, and fuel oil followed suit. High - sulfur fuel oil performed slightly better than low - sulfur. The market is worried about supply issues, and the Asian high - sulfur fuel oil market structure is firm. Some Asian refineries have cut production due to crude oil supply shortages, and the ship - refueling market is taking a cautious approach [3] 3.2 Multi - and Short - Side Concerns - **Likely Positive Factors**: Middle - East situation turmoil and poor strait passage [4] - **Likely Negative Factors**: The Trump administration's new policies and upstream crude oil being under pressure [4] - **Market Driver**: The supply side is affected by geopolitical risks, and demand is neutral [4] 3.3 Fundamental Data - **Fundamentals**: Weak Asian low - sulfur fuel oil market structure due to low terminal demand; Singapore's downstream supply is relatively sufficient despite transportation disruptions [3] - **Basis**: Singapore high - sulfur fuel oil is 775.09 dollars/ton with a basis of 360 yuan/ton; low - sulfur is 950.21 dollars/ton with a basis of 646 yuan/ton, and the spot price is higher than the futures price [3] - **Inventory**: Singapore fuel oil inventory on March 18 was 2486.9 barrels, an increase of 37 barrels [3] - **Market Chart**: The price is above the 20 - day line, and the 20 - day line is upward [3] - **Main Position**: High - sulfur main positions are short, with short positions decreasing; low - sulfur main positions are long, with long positions decreasing [3] 3.4 Spread Data - **Futures Spread**: The price of the FU main contract futures increased by 166 to 4940, a 3.48% increase; the LU main contract futures price increased by 44 to 5821, a 0.76% increase. The FU basis decreased by 54.26 to 360, a 13.10% decrease; the LU basis decreased by 409 to 646, a 39% decrease [5] - **Spot Spread**: The prices of Zhoushan high - sulfur, Zhoushan low - sulfur, Singapore high - sulfur, and Middle - East high - sulfur fuel oils increased, while Singapore low - sulfur fuel oil decreased slightly, and Singapore diesel decreased. The increases were 2.25%, 2.02%, 5.22%, 5.92% respectively, and the decreases were - 0.03% and - 0.66% respectively [6] 3.5 Inventory Data - The inventory data of Singapore fuel oil from January 7, 2026, to March 18, 2026, shows fluctuations. The inventory on March 18 was 2486.9 barrels, an increase of 37 barrels compared to the previous period [7]

1. 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]

Report Industry Investment Rating - Not provided Core Viewpoints - The low - sulfur fuel oil market is currently tighter than the high - sulfur market, with a much higher spread for low - sulfur fuel oil. The volume of arbitrage cargoes from the West in March is expected to be less than in February, and the April arrivals may be even lower than in March [3]. - The high - sulfur fuel oil East - West near - month spread has soared to its widest level in six years, highlighting the growing gap between the weak European market and the strengthening Asia - Pacific market. Overnight oil prices fluctuated greatly, and the US continued to release easing signals, temporarily exempting Iranian and Russian crude oil, which short - term suppresses oil prices, and fuel oil follows the adjustment. FU2605 is expected to operate in the range of 4650 - 4850, and LU2605 in the range of 5700 - 5900 [3]. - The market is driven by the resonance of supply affected by geopolitical risks and neutral demand, with potential risks including a rapid cease - fire in the Middle East [4]. Summary by Directory 1. Daily Hints - The high - sulfur fuel oil's East - West near - month spread has reached a six - year high. Overnight oil price fluctuations and US policies suppress oil prices in the short - term. FU2605 is expected to trade between 4650 - 4850, and LU2605 between 5700 - 5900 [3]. 2. Long and Short Concerns - **Likely to be bullish**: The low - sulfur fuel oil market is tight, with less Western arbitrage cargoes expected; the basis shows a spot premium over futures; the price is above the 20 - day line; the low - sulfur main position is long (although long positions are decreasing) [3]. - **Likely to be bearish**: The high - sulfur main position is short (although short positions are decreasing); Trump's government's TACO situation and upstream crude oil pressure [3][4]. 3. Fundamental Data - **Supply**: A Singapore - based trader said the low - sulfur fuel oil market is tighter, and the volume of Western arbitrage cargoes is expected to decline [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is 451 yuan/ton, and that of low - sulfur fuel oil is 813 yuan/ton, with spot premiums over futures [3]. - **Inventory**: Singapore's fuel oil inventory on March 18 was 2486.9 million barrels, an increase of 37 million barrels [3]. - **Market trend**: The price is above the 20 - day line, and the 20 - day line is upward [3]. - **Main positions**: High - sulfur main positions are short (short positions decreasing), and low - sulfur main positions are long (long positions decreasing) [3]. 4. Spread Data - **Futures price changes**: The FU main contract futures price increased from 4687 to 4969, a 6.02% increase; the LU main contract futures price increased from 5586 to 6097, a 9.15% increase. The FU basis decreased by 23.48% to 451, and the LU basis decreased by 42% to 813 [5]. - **Spot price changes**: The prices of various types of fuel oil and diesel in different regions all increased to varying degrees, with the Middle - East high - sulfur fuel oil having the highest increase rate of 5.65% [6]. 5. Inventory Data - Singapore fuel oil inventory has fluctuated over time, with an inventory of 2486.9 million barrels on March 18, an increase of 37 million barrels compared to the previous period [7].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The low - sulfur fuel oil market is more tense than the high - sulfur market, with a much higher spread. The expected arrival of arbitrage cargoes from the West in March and April is decreasing. The Singapore fuel oil inventory decreased by 1250000 barrels in the week of March 11, 2026. The price is above the 20 - day line, and the 20 - day line is upward. The high - sulfur main position is short and increasing, while the low - sulfur main position is long and increasing. The East - West near - month spread of high - sulfur fuel oil has reached the widest level in six years. The attack on Iranian oil and gas production facilities has boosted the fuel price. FU2605 is expected to run strongly in the range of 4950 - 5300, and LU2605 in the range of 6100 - 6500 [3] 3. Summary According to the Directory 3.1 Daily Prompt - The high - sulfur fuel oil main contract futures price decreased by 11 to 4687, a decrease of 0.23%. The low - sulfur fuel oil main contract futures price increased by 90 to 5586, an increase of 1.64%. The high - sulfur fuel oil basis increased by 121.98 to 590, an increase of 26.07%. The low - sulfur fuel oil basis increased by 253 to 1051, an increase of 32% [5] - The price of Zhoushan high - sulfur fuel decreased by 7 to 1016, a decrease of 0.68%. The price of Zhoushan low - sulfur fuel decreased by 15 to 1020, a decrease of 1.45%. The price of Singapore high - sulfur fuel decreased by 4.9 to 744.17, a decrease of 0.65%. The price of Singapore low - sulfur fuel increased by 12.66 to 936.12, an increase of 1.37%. The price of Middle - East high - sulfur fuel decreased by 1.8 to 670.56, a decrease of 0.27%. The price of Singapore diesel decreased by 14.65 to 1395.63, a decrease of 1.04% [6] 3.2 Long and Short Concerns - Bullish factors: The low - sulfur fuel oil market is more tense, the expected arrival of Western arbitrage cargoes is decreasing, the inventory is decreasing, the price is above the 20 - day line, the low - sulfur main position is long and increasing, and the attack on Iranian oil and gas production facilities boosts the fuel price [3] - Bearish factors: The Trump administration's TACO situation and the pressure on upstream crude oil [4] - Market drivers: The supply is affected by geopolitical risks, and the demand is neutral [4] 3.3 Fundamental Data - The low - sulfur fuel oil market is more tense than the high - sulfur market, and the spread of low - sulfur fuel oil is much higher. The expected arrival of arbitrage cargoes from the West in March and April is decreasing. The Singapore high - sulfur fuel oil price is 744.17 dollars/ton with a basis of 590 yuan/ton, and the Singapore low - sulfur fuel oil price is 936.12 dollars/ton with a basis of 1051 yuan/ton, with the spot at a premium to the futures [3] 3.4 Spread Data - The report shows the graph of the high - and low - sulfur futures spread, but no specific numerical analysis is provided [10] 3.5 Inventory Data - The Singapore fuel oil inventory in the week of March 11, 2026, was 24499000 barrels, a decrease of 1250000 barrels. The inventory data from December 31, 2025, to March 11, 2026, is also presented, showing the changes in inventory over time [3][8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The fundamentals of high - and low - sulfur fuel oils are tightening, and the market structure is operating strongly due to the blocked navigation in the Strait of Hormuz and the damage to Middle - East energy facilities. If the Strait is blocked for too long, the contradiction will be more prominent after the consumption of on - land and floating storage inventories. The potential supply increment may come from Russia. Russian refineries are expected to gradually recover by mid - to late March, and there is room for an increase in the supply of refined oil products including fuel oil. Although Russia may offset the supply gap to some extent, the problem can only be substantially alleviated when the Strait resumes navigation [1]. - In terms of trading strategies, both high - sulfur and low - sulfur fuel oils are expected to be slightly bullish in the short term with high market volatility, and it is recommended to wait and see. There are no strategies for cross - variety, cross - period, spot - futures, options [2]. 3. Summaries by Related Contents Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 1.81% at 4,848 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 2.18% at 5,729 yuan/ton [1]. - The fundamentals of high - and low - sulfur fuel oils are tightening, and the market structure is strong. The unclear situation in Iran and the long - term blockage of the Strait of Hormuz may lead to a more prominent supply - demand contradiction. The potential supply increment comes from Russia. After the refinery operating rate in Russia rebounds, there is room for an increase in refined oil supply, which may offset the supply gap to some extent. However, the resumption of navigation in the Strait is necessary for a substantial solution to the problem [1]. Strategy - High - sulfur fuel oil: Slightly bullish in the short term, high market volatility, recommended to wait and see [2]. - Low - sulfur fuel oil: Slightly bullish in the short term, high market volatility, recommended to wait and see [2]. - Cross - variety: No strategy [2]. - Cross - period: No strategy [2]. - Spot - futures: No strategy [2]. - Options: No strategy [2]. Figures - There are multiple figures showing prices, spreads, and trading volumes of Singapore fuel oil spot, swaps, and Chinese fuel oil futures, including high - sulfur 380 fuel oil and low - sulfur fuel oil. The units are mainly US dollars/ton and yuan/ton for prices, and hands for trading volumes [3].

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].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Due to sufficient supply and weak demand, the market structure of Asian high - sulfur fuel oil has further weakened. The spot spread of 380CST high - sulfur fuel oil has declined for three consecutive trading days after hitting a nearly 11 - month high in the week ending February 20. The spot spread of Singapore 0.5% sulfur marine fuel is at a premium of $1.88 per ton, the highest level since January 29 [3]. - The basis of Singapore high - sulfur fuel oil is 18 yuan/ton, and that of low - sulfur fuel oil is - 7 yuan/ton, with the spot being nearly at par with the futures [3]. - Singapore's fuel oil inventory in the week of February 18 was 26.649 million barrels, an increase of 270,000 barrels [3]. - The price is above the 20 - day line, and the 20 - day line is upward - sloping [3]. - The high - sulfur main contract has short positions, with an increase in short positions; the low - sulfur main contract also has short positions, with a decrease in short positions [3]. - Iran is willing to take necessary measures to reach an agreement with the US before the nuclear negotiations later this week, easing geopolitical concerns slightly and causing a slight decline in fuel oil prices. FU2605 is expected to trade in the range of 2950 - 3000, and LU2605 in the range of 3440 - 3490 [3]. - The market is driven by the resonance of geopolitical risks on the supply side and neutral demand [4]. Summary by Directory 1. Daily Prompt - The price of the FU main contract futures decreased from 2953 to 2934, a decline of 0.64%. The price of the LU main contract futures decreased from 3477 to 3464, a decline of 0.37%. The FU basis increased from - 19 to 18, an increase of 193.49%. The LU basis decreased from 7 to - 7, a decrease of 199% [5]. - The price of Zhoushan high - sulfur fuel decreased from 508.00 to 500.00, a decline of 1.57%. The price of Zhoushan low - sulfur fuel decreased from 510.00 to 505.00, a decline of 0.98%. The price of Singapore high - sulfur fuel increased from 412.82 to 419.99, an increase of 1.74%. The price of Singapore low - sulfur fuel decreased from 494.50 to 488.32, a decline of 1.25%. The price of Middle - East high - sulfur fuel increased from 381.96 to 388.86, an increase of 1.81%. The price of Singapore diesel increased from 666.13 to 671.50, an increase of 0.81% [6]. 2. Multi - Short Concerns - Bullish factors: Iran's situation is volatile; China's import quota is issued [4]. - Bearish factors: The optimism of the demand side remains to be verified; the upstream crude oil is under pressure [4]. 3. Fundamental Data - The Asian high - sulfur fuel oil market structure is weak due to sufficient supply and weak demand. The spot spread of 380CST high - sulfur fuel oil has declined, while the spot spread of Singapore 0.5% sulfur marine fuel is at a premium [3]. - The basis of Singapore high - sulfur fuel oil is 18 yuan/ton, and that of low - sulfur fuel oil is - 7 yuan/ton, with the spot being nearly at par with the futures [3]. - The price is above the 20 - day line, and the 20 - day line is upward - sloping [3]. - The high - sulfur main contract has short positions, with an increase in short positions; the low - sulfur main contract also has short positions, with a decrease in short positions [3]. 4. Spread Data - The spread between high - sulfur and low - sulfur futures is presented in the graph, with values ranging from - 3000 to 0 [10]. 5. Inventory Data - Singapore's fuel oil inventory in the week of February 18 was 26.649 million barrels, an increase of 270,000 barrels. The inventory has been increasing over time, with details of inventory and changes from December 2025 to February 2026 provided [3][7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian high - sulfur fuel oil market structure has weakened due to sufficient supply and weak demand. The 380CST high - sulfur fuel oil spot price spread has been falling for three consecutive trading days after reaching a nearly 11 - month high in the week ending February 20. The spot spread of Singapore's 0.5% sulfur marine fuel is at a premium of $1.88 per ton, the highest since January 29. The market is expected to see the FU2605 contract trade in the range of 2890 - 2940 and the LU2605 contract in the range of 3450 - 3490. The行情 is driven by the resonance of geopolitical risks on the supply side and neutral demand [3]. 3. Summary by Directory 3.1 Daily Tips - The Asian high - sulfur fuel oil market structure is weakening due to supply and demand factors. The 380CST high - sulfur fuel oil spot price spread is falling, while the 0.5% sulfur marine fuel in Singapore has a high spot premium. The market is expected to trade within specific ranges for different contracts [3]. 3.2 Multi - Short Concerns - **Likely Positive Factors**: Iran's situation is unstable; China's import quota is issued [4]. - **Likely Negative Factors**: The optimism of the demand side remains to be verified; the upstream crude oil is under pressure [4]. - **Market Driver**: The supply side is affected by geopolitical risks, and the demand is neutral [4]. 3.3 Fundamental Data - **Supply - Demand**: Asian high - sulfur fuel oil has sufficient supply and weak demand, weakening the market structure. The 0.5% sulfur marine fuel in Singapore has a strong spot premium [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is -$19 per ton, and that of low - sulfur fuel oil is -$28 per ton, with the spot being nearly at par with the futures [3]. - **Inventory**: Singapore's fuel oil inventory in the week of February 11 was 26.379 million barrels, an increase of 0.85 million barrels [3]. - **Market Trend**: The price is above the 20 - day line, and the 20 - day line is upward [3]. - **Main Position**: High - sulfur main position is short, with short positions increasing; low - sulfur main position is short, with short positions decreasing [3]. 3.4 Spread Data - Not provided in the given content 3.5 Inventory Data - Singapore's fuel oil inventory has been increasing in recent weeks. As of February 11, 2026, it was 26.379 million barrels, an increase of 0.85 million barrels compared to the previous period [3][8].

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints - The Asian low - sulfur fuel oil market structure remains stable, with ample supply offsetting strong downstream marine fuel demand before the Lunar New Year. The Asian high - sulfur fuel oil market has cooled after a recent rise due to moderate demand and sufficient supply [3]. - The spot price of fuel oil is at a premium to the futures price. The price is above the 20 - day line, and the 20 - day line is upward - sloping. However, the high - sulfur and low - sulfur main positions are short, with high - sulfur short positions increasing and low - sulfur short positions decreasing [3]. - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4 [3]. - Trump reached an "oil - for - tariff" agreement with India, revoking the 25% secondary tariff on Indian purchases of Russian oil and reducing the reciprocal tariff from 25% to 18%. India will stop buying Russian oil and turn to the US. The US - Iran negotiation is still uncertain. In the short term, heavy - oil products are supported, and fuel oil will trade at a high level. FU2604 will operate in the range of 2900 - 2980, and LU2604 will operate in the range of 3360 - 3420 [3]. Summary by Directory 1. Daily Prompt - The fundamental situation of fuel oil is neutral, the basis is bullish, the inventory is bearish, the price trend on the disk is bullish, and the main positions are bearish. In the short term, fuel oil will trade at a high level, with FU2604 in the 2900 - 2980 range and LU2604 in the 3360 - 3420 range [3]. 2. Multi - Short Concerns - Bullish factors include the spot premium of fuel oil and the price above the 20 - day line. Bearish factors include the increase in Singapore's fuel oil inventory and the short positions in the main contracts [3]. 3. Fundamental Data - The Asian low - sulfur fuel oil market structure is stable, and the high - sulfur market has cooled. The basis shows that the spot is at a premium to the futures. Singapore's fuel oil inventory increased in the week ending February 4 [3]. 4. Spread Data - The report does not provide specific spread data analysis, only shows a graph of the high - low sulfur futures spread [10]. 5. Inventory Data - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4. Historical inventory data from November 26, 2025, to February 4, 2026, are also provided [3][8].