Report Summary 1) Report Industry Investment Rating - High - sulfur fuel oil: Oscillation [3] - Low - sulfur fuel oil: Oscillation [3] 2) Core Viewpoints - The main contract of SHFE fuel oil futures closed down 0.07% at 2,912 yuan/ton while the main contract of INE low - sulfur fuel oil futures closed up 0.17% at 3,563 yuan/ton [1] - Crude oil prices showed a volatile and strong trend after the OPEC meeting. Short - term fundamentals are okay with some market support, but there is pressure on the balance sheet to turn into surplus in the medium term, so there is resistance above after continuous rebounds [1] - The overall market contradiction of fuel oil is limited. High - sulfur fuel oil cracking spreads have continuously declined recently. With summer approaching, power generation demand in the Middle East and Egypt is rising, and Egypt's fuel oil imports continue to grow. However, high cracking spreads have suppressed refinery demand, and the market will face pressure after power generation demand falls [2] - Low - sulfur fuel oil has limited short - term supply pressure with low bonded port inventories. But after the domestic refinery maintenance season ends, domestic production is expected to rise, and the volume of arbitrage cargoes from the West in June is also expected to increase. In the medium term, it still faces the contradiction of being replaced in the ship - fuel demand share [2] 3) Strategy Summary - High - sulfur: Oscillation [3] - Low - sulfur: Oscillation [3] - Cross - variety: Pay attention to the opportunity of shorting FU cracking spreads (FU - SC or FU - Brent) on rallies. Short - term support is strong, so try to short at high levels [3] - Cross - period: None [3] - Spot - futures: None [3] - Options: None [3]

CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 交易咨询业务资格：证监许可【2012】1091号 2025-06-10燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 燃料油： 1、基本面：亚洲低硫燃料油市场结构维持稳定，不过，含硫0.5%船用燃料油现货溢价因买兴疲 软而周环比下跌9.4%；亚洲高硫燃料油市场预计短期内将受到稳定的船货需求、强劲的下游船燃 活动以及南亚和中东夏季发电需求的支撑；中性 2、基差：新加坡高硫燃料油为431.07美元/吨，基差为258元/吨，新加坡低硫燃料油为498.5美元 /吨，基差为156元/吨，现货升水期货；偏多 3、库存：新加坡燃料油6月4日当周库存为2140.9万桶，减少61万桶；偏多 4、盘面：价格在20日线上方，20日线偏平；中性 5、主力持仓 ...

交易咨询业务资格：证监许可【2012】1091号 2025-06-09燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：新加坡一位交易商表示，低硫燃料油市场近期会处于区间波动状态，近月市场情绪 略显疲软。由于部分市场参与者面临储罐空间不足问题，不得不通过销售来释放库存，导致目前 码头交货市场走弱。不过，预计这些问题不会在整个6月持续压制市场；新加坡380CST高硫燃料 油现货升水升至9.21美元/吨，创下3月28日以来最高水平；中性 2、基差：新加坡高硫燃料油为434.42美元/吨，基差为260元/吨，新加坡低硫燃料油为498.5美元 /吨，基差为138元/吨，现货升水期货；偏多 3、库存：新加坡燃料油6月4日当周 ...

交易咨询业务资格：证监许可【2012】1091号 2025-06-05燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：受6月市场供应相对紧张的预期支撑，亚洲低硫燃料油市场结构走强，不过含硫0.5%船用燃 料油现货溢价则因实物货物报价竞争加剧而持续下跌；中性 2、基差：新加坡高硫燃料油为423.25美元/吨，基差为205元/吨，新加坡低硫燃料油为496.5美元/吨，基 差为146元/吨，现货升水期货；偏多 6、预期：隔夜原油受沙特调价下挫，短期对燃油带来一定冲击，目前新加坡燃油市场行情相对宽松， 预计燃油跟随原油今日震荡回落。FU2507：2900-2950区间运行，LU2507：3450-3500区间运行 3、库 ...

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core View of the Report - Overnight news of OPEC's potential production increase in July hit oil prices, causing fuel oil to decline. G7's consideration of lowering the export price cap for Russian energy products provided some support, stabilizing prices. In the short - term, fuel oil is expected to oscillate at low levels, waiting for news. FU2507 is expected to trade in the 2980 - 3030 range, and LU2507 in the 3470 - 3520 range [3] - The market structure of Asian high - sulfur fuel oil has strengthened due to strong seasonal demand for utility power generation. However, increased supply in some regions and more shipments of Dar mixed crude from South Sudan have added to the low - sulfur fuel oil blending raw material pool, pressuring the low - sulfur fuel oil market fundamentals [3] - The行情 is driven by the combination of uncertain supply - side production cuts and neutral demand [4] 3. Summary by Directory 3.1 Daily Tips - The current situation of fuel oil: The market is affected by OPEC's production increase news and G7's price - cap consideration. The expected price ranges for FU2507 and LU2507 are given. The fundamentals show a mixed picture, with high - sulfur fuel oil supported by demand and low - sulfur fuel oil facing pressure. The basis indicates a spot premium over futures, inventory increased in the Singapore region, and the price is above the 20 - day line with different trends in high - and low - sulfur fuel oil's main positions [3] - Futures and spot price changes: The prices of FU and LU's main contracts, as well as the basis, have changed to varying degrees. The spot prices of different types of fuel oil in different regions have also increased [5][6] 3.2 Multi - and Short - Term Concerns - Bullish factors: OPEC+ continues additional production cuts (execution to be tracked), and China has issued import quotas [4] - Bearish factors: The optimism on the demand side remains to be verified, and there is a possibility of relaxed sanctions on Russia [4] 3.3 Fundamental Data - Fundamentals: Asian high - sulfur fuel oil is supported by seasonal demand, while low - sulfur fuel oil is under pressure from increased supply and raw material availability [3] - Basis: The basis for Singapore high - sulfur fuel oil is 204 yuan/ton, and for low - sulfur fuel oil is 229 yuan/ton, indicating a spot premium over futures [3] - Main positions: High - sulfur fuel oil's main position is long, with a decrease in long positions; low - sulfur fuel oil's main position is short, with an increase in short positions [3] 3.4 Spread Data - No specific data analysis is provided in the given content, only a chart of the high - and low - sulfur futures spread is shown [13] 3.5 Inventory Data - Singapore fuel oil inventory on May 14 was 2490.9 million barrels, an increase of 78 million barrels compared to the previous period, showing a bearish signal [3][8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The current market structure of fuel oil remains stable, with the short - term fundamentals of high - sulfur and low - sulfur fuel oil being acceptable. However, in the medium term, the contradiction of demand share substitution and surplus production capacity has not been reversed [2]. - The price of crude oil has been fluctuating recently, and its short - term direction is unclear, providing limited guidance for FU and LU prices [2]. - For high - sulfur fuel oil, as summer approaches, the demand from power plants in the Middle East and other regions is entering a seasonal growth stage, but the substitution demand for fuel oil may decline year - on - year this year [2]. 3. Summary According to Relevant Content Market Analysis - The main contract of SHFE fuel oil futures closed up 1.29% at 3,074 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 0.25% at 3,571 yuan/ton [1]. Strategy - High - sulfur fuel oil: Short - term trend is oscillating with a slight upward bias, but there is still pressure in the medium term [3]. - Low - sulfur fuel oil: Short - term trend is oscillating with a slight upward bias, but there is still pressure in the medium term [3]. - Cross - variety: No strategy provided [3]. - Cross - period: Pay attention to the opportunity of going long the spread between FU2507 and FU2509 at low levels (positive spread) [3]. - Futures - spot: No strategy provided [3]. - Options: No strategy provided [3].

近期多空分析 交易咨询业务资格：证监许可【2012】1091号 2025-05-19燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：亚洲低硫燃料油市场结构走强，主要原因在于即期供应紧张。此外，含硫0.5%船用燃料油 现货溢价连续第六个交易日上涨，以及新加坡燃料油库存降至两个月低点都对市场形成支撑；受季节性 发电需求和下游船用燃料油市场看涨推动，亚洲高硫燃料油炼油利润近几周大幅上升；偏多 2、基差：新加坡高硫燃料油为426.03美元/吨，基差为171元/吨，新加坡低硫燃料油为516.5美元/吨，基 差为213元/吨，现货升水期货；偏多 3、库存：新加坡燃料油5月14日当周库存为2490.9万桶，增加78万桶；偏空 ...

交易咨询业务资格：证监许可【2012】1091号 2025-05-15燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 3、库存：新加坡燃料油5月7日当周库存为2412.9万桶，增加40万桶；偏空 4、盘面：价格在20日线附近运行，20日线偏平；中性 5、主力持仓：高硫主力持仓多单，多增，偏多；低硫主力持仓空单，空增，偏空 6、预期：隔夜在消息面影响下油价走低，燃油预计跟随，短期高硫略强于低硫。FU2507：3030-3060区 间运行，LU2507：3610-3670区间运行 近期多空分析 利多： 利空： 燃料油： 1、基本面：新加坡一位贸易商表示，由于东西套利窗口持续关闭，6月之前低硫燃料油市场供应可能会 相当紧张，不过当前下游船燃 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian low - sulfur fuel oil market structure remains near the current level. The spot premium of marine fuel oil has risen due to increased buying interest in the spot market. The commercial fuel oil inventory in Singapore, the world's largest bunkering hub, has dropped to a seven - week low, and imports have declined for the second consecutive week. Crude oil price increases and the easing of Sino - US trade relations are short - term positives for crude - related prices, but there are still significant obstacles in the future, and preparations should be made for the short - term profit - taking. The expected operating ranges are 3010 - 3050 for FU2507 and 3520 - 3560 for LU2506 [3]. 3. Summary According to the Table of Contents 3.1 Daily Hints - **Fundamentals**: Asian low - sulfur fuel oil market structure is stable, spot premium of marine fuel oil rises, and Singapore's fuel oil inventory drops to a seven - week low with declining imports [3]. - **Basis**: Singapore high - sulfur fuel oil basis is 80 yuan/ton at 412.9 dollars/ton, and low - sulfur fuel oil basis is 185 yuan/ton at 499.5 dollars/ton, with spot premiums over futures [3]. - **Inventory**: Singapore fuel oil inventory on May 7 was 2412.9 million barrels, an increase of 40 million barrels [3]. - **Market**: Prices are near the 20 - day line, which is flat [3]. - **Main Positions**: High - sulfur main positions are long and increasing, while low - sulfur main positions are short and increasing [3]. - **Expectations**: Crude oil price increases and Sino - US trade relation easing are short - term positives, but long - term negotiation expectations remain. FU2507 is expected to operate in the 3010 - 3050 range, and LU2506 in the 3520 - 3560 range [3]. 3.2 Long and Short Concerns - **Long Factors**: OPEC+ additional production cuts continue (execution to be tracked), and China's import quotas are released [4]. - **Short Factors**: The optimism of demand side remains to be verified, and there is a possibility of relaxation of sanctions on Russia [4]. - **Market Drivers**: The resonance between the uncertain supply - side production cuts and neutral demand [4]. 3.3 Fundamental Data - **Futures Quotes**: The price of the FU main contract futures increased from 2923 to 2961, a rise of 38 (1.30%); the price of the LU main contract futures increased from 3464 to 3479, a rise of 15 (0.43%). The FU basis increased from 53 to 80, a rise of 27 (51.63%); the LU basis decreased from 190 to 185, a decline of 4 (- 2.28%) [5]. - **Spot Quotes**: The prices of Zhoushan high - sulfur and low - sulfur fuel oils remained unchanged. Singapore high - sulfur fuel oil price increased from 402.43 to 412.90, a rise of 10.47 (2.60%); low - sulfur fuel oil price increased from 493.50 to 499.50, a rise of 6.00 (1.22%); Middle - East high - sulfur fuel oil price increased from 380.39 to 390.86, a rise of 10.47 (2.75%); Singapore diesel price increased from 559.34 to 572.32, a rise of 12.98 (2.32%) [6]. 3.4 Spread Data - Not provided in the given content 3.5 Inventory Data - Singapore fuel oil inventory on May 7 was 2412.9 million barrels, an increase of 40 million barrels compared to the previous period. The inventory data from February 26 to May 7 shows fluctuations [8].

交易咨询业务资格：证监许可【2012】1091号 2025-05-12燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：亚洲低硫燃料油市场结构维持在当前水平附近，由于现货市场买兴升温，船用燃料油现货 溢价上涨，同时，全球最大加油枢纽新加坡的商业燃料油库存降至七周低点，进口量连续第二周下降； 中性 2、基差：新加坡高硫燃料油为402.43美元/吨，基差为53元/吨，新加坡低硫燃料油为493.5美元/吨，基 差为190元/吨，现货升水期货；偏多 3、库存：新加坡燃料油5月7日当周库存为2412.9万桶，增加40万桶；偏空 4、盘面：价格在20日线附近运行，20日线偏平；中性 5、主力持仓：高硫主力持仓多单，多增，偏多； ...