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 stable, with sufficient supply offsetting strong downstream marine fuel demand before the Lunar New Year. The Asian high - sulfur fuel oil market cools after a recent rise due to moderate demand and sufficient supply. The market is neutral overall. Short - term fuel oil still has support, with FU2604 expected to operate in the 2800 - 2850 range and LU2604 in the 3260 - 3320 range [3]. 3. Summary According to the Directory 3.1 Daily Tips - The Asian low - sulfur fuel oil market has stable structure, high - sulfur market cools. The basis shows spot premium over futures. Singapore fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week of February 4. The price is above the 20 - day line. High - sulfur and low - sulfur主力持仓 are both short positions and the short positions are increasing. Investors should focus on the Middle East geopolitical situation. Short - term fuel oil has support, with specific price ranges for FU2604 and LU2604 [3]. 3.2 Long and Short Concerns - **Likely Positive Factors**: Iran's situation is unstable, and China's import quota is issued [4]. - **Likely Negative Factors**: The optimism of the demand side remains to be verified, and the upstream crude oil is under pressure [4]. - **Market Drivers**: The supply side is affected by geopolitical risks and the demand is neutral [4]. 3.3 Fundamental Data - **Futures Market**: The previous FU主力合约期货 price was 2808, the current price is 2785, a decrease of 23 or 0.82%. The previous LU主力合约期货 price was 3288, the current price is 3253, a decrease of 35 or 1.06%. The previous FU basis was 178, the current basis is 167, a decrease of 11.19 or 6.28%. The previous LU basis was - 10, the current basis is - 43, a decrease of 33 or 336% [5]. - **Spot Market**: The previous price of Zhoushan high - sulfur fuel oil was 478.00, the current price is 472.00, a decrease of 6.00 or 1.26%. The previous price of Zhoushan low - sulfur fuel oil was 492.00, the current price is 487.00, a decrease of 5.00 or 1.02%. The previous price of Singapore high - sulfur fuel oil was 422.24, the current price is 416.19, a decrease of 6.05 or 1.43%. The previous price of Singapore low - sulfur fuel oil was 462.50, the current price is 451.52, a decrease of 10.98 or 2.37%. The previous price of Middle - East high - sulfur fuel oil was 390.56, the current price is 384.60, a decrease of 5.96 or 1.53%. The previous price of Singapore diesel was 642.21, the current price is 649.24, an increase of 7.03 or 1.10% [6]. 3.4 Inventory Data - Singapore fuel oil inventory on February 4, 2026, was 25.529 million barrels, an increase of 950,000 barrels compared to the previous period. The inventory data from November 26, 2025, to February 4, 2026, shows fluctuations in inventory levels [8]. 3.5 Spread Data - The report provides a chart of the high - low sulfur futures spread, but no specific numerical analysis of the spread is given [10].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - Last week, fuel oil prices fluctuated with the first - falling - then - rising trend of crude oil. The high - sulfur fuel oil closed at 2809 yuan/ton, down 0.39% for the week, and the low - sulfur fuel oil closed at 3281 yuan/ton, up 0.46% for the week [5]. - Despite strong downstream marine fuel demand before the Lunar New Year, the 0.5% sulfur marine fuel market is under pressure due to sufficient short - term supply and expected arrival of arbitrage cargoes from the Western market in February. However, as the arbitrage economy declines, the inflow of arbitrage cargoes from Europe to Singapore is expected to decrease in March, which may provide some support [5]. - Supported by relatively tight spot supply and stable downstream marine fuel demand, the fundamentals of the high - sulfur fuel oil market have strengthened. The spot price difference of Singapore 380CST high - sulfur fuel oil has reached the highest premium level in more than seven months. Recently, the arrival volume from the Middle East has decreased, and the spot supply of high - sulfur fuel oil is relatively tight, while the downstream ship refueling demand is stable, especially from Capesize vessels [5]. - Crude oil prices are likely to fluctuate significantly, and fuel oil prices are expected to continue to fluctuate with the market. For operation, the short - term operation range for high - sulfur fuel oil is 2750 - 2900, and for low - sulfur fuel oil is 3200 - 3350 [5]. 3. Summary by Directory 3.1 Week - ly Viewpoints - Fuel oil prices fluctuated with crude oil last week. High - sulfur fuel oil had a weekly decline of 0.39% to 2809 yuan/ton, and low - sulfur fuel oil had a weekly increase of 0.46% to 3281 yuan/ton. The 0.5% sulfur marine fuel market is pressured, but the high - sulfur fuel oil market fundamentals are strong. Crude oil prices are expected to fluctuate, and fuel oil prices will follow. Operation ranges are given for high - and low - sulfur fuel oils [5]. 3.2 Futures and Spot Prices - **Futures prices**: The FU main contract's previous value was 2777, the current value is 2766, with a decrease of 11 and a decline rate of - 0.38%. The LU main contract's previous value was 3229, the current value is 3244, with an increase of 15 and an increase rate of 0.46% [6]. - **Spot prices**: For various types of fuel oils and diesel, prices mostly decreased. For example, the price of Zhoushan high - sulfur fuel oil decreased from 481.00 to 478.00, a decrease of 3.00 and a decline rate of - 0.62%. Only Singapore diesel increased by 1.86, with an increase rate of 0.29% [7]. 3.3 Fundamental Data - There are charts showing Singapore fuel oil consumption, China fuel oil consumption, and Shandong fuel oil coking profit margins from 2021 - 2025, but no specific numerical analysis is provided in the text [8][9][10]. 3.4 Inventory Data - Singapore fuel oil inventory data from 2025 - 11 - 26 to 2026 - 02 - 04 shows fluctuations. For example, on 2025 - 11 - 26, the inventory was 2059.9万桶 with a decrease of 285万桶, and on 2026 - 02 - 04, it was 2552.9万桶 with an increase of 95万桶 [11]. - There are also charts about Singapore fuel oil inventory seasonal chart and Zhoushan Port fuel oil inventory trend, but no specific numerical analysis is provided [12][14]. 3.5 Spread Data - There is a chart showing the high - low sulfur futures spread, with no specific numerical analysis in the text [16].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - Last week, geopolitical concerns supported the price of fuel oil to fluctuate upward. High - sulfur fuel oil closed at 2,894 yuan/ton, up 9.50% for the week, and low - sulfur fuel oil closed at 3,356 yuan/ton, up 7.70% for the week [5] - The market structure of low - sulfur fuel oil remained stable, while the high - sulfur fuel oil market was running strongly. High freight is suppressing the arbitrage economy of transporting from Europe to Asia, and the demand for marine fuel usually rebounds before the Lunar New Year, providing support to the market. The high - sulfur fuel oil market structure in Asia has strengthened due to strong downstream demand, and the overall supply is still sufficient. There are uncertainties in supply and trade flows [5] - Crude oil prices may continue to rise, and it is expected that fuel oil prices will continue to fluctuate upward following the market. For operation, the short - term range for high - sulfur fuel oil is 2,750 - 3,000 yuan/ton, and for low - sulfur fuel oil is 3,250 - 3,450 yuan/ton [5] Group 3: Summary by Directory 3.1 Week - ly Views - Geopolitical concerns supported fuel oil prices to rise last week. High - sulfur fuel oil had a weekly increase of 9.50% to 2,894 yuan/ton, and low - sulfur fuel oil had a 7.70% weekly increase to 3,356 yuan/ton. The low - sulfur market structure was stable, and the high - sulfur market was strong. It is expected that fuel oil prices will continue to fluctuate upward, with specific operation ranges provided [5] 3.2 Futures and Spot Prices - **Futures prices**: The FU main contract rose from 2,565 yuan/ton to 2,777 yuan/ton, an increase of 8.25%; the LU main contract rose from 3,094 yuan/ton to 3,229 yuan/ton, an increase of 4.38% [6] - **Spot prices**: The prices of various types of fuel oil in Zhoushan, Singapore, and the Middle East showed different changes. For example, the price of Zhoushan high - sulfur fuel oil decreased from 475.00 to 470.00, a decrease of 1.05% [7] 3.3 Fundamental Data - There are charts showing Singapore fuel oil consumption, China fuel oil consumption, and Shandong fuel oil coking profit margins from 2021 to 2025 [8][9][10] 3.4 Inventory Data - Singapore fuel oil inventory data from 2025 - 11 - 19 to 2026 - 01 - 28 is provided, showing fluctuations in inventory levels and changes [11] 3.5 Spread Data - There is a chart showing the spread between high - sulfur and low - sulfur fuel oil futures [15]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Last week, geopolitical events supported the fuel oil price to fluctuate upwards. The high - sulfur fuel oil closed at 2,737 yuan/ton, a weekly increase of 8.52%, and the low - sulfur fuel oil closed at 3,187 yuan/ton, a weekly increase of 4.59% [5] - The spot price spread of Asian low - sulfur fuel oil has risen to the highest premium level in more than four months. Demand warmed up slightly after the year - end holidays, and bunkering activities are expected to be stronger before the Lunar New Year in February. However, sufficient arbitrage cargoes from the West will pressure the market fundamentals. The volume of low - sulfur fuel oil arbitrage cargoes arriving in Singapore in January is expected to rebound, and the inflow of cargoes will increase the regional inventory in January and February [5] - The Asian high - sulfur fuel oil market fluctuates within a range under stable bunker demand and sufficient immediate supply. Seasonal demand shortage in the power generation industry may suppress the Singapore high - sulfur fuel oil market [5] - International crude oil prices will mainly fluctuate slightly upwards. Geopolitical events may continue to support the fuel oil price to fluctuate upwards. Operation suggestions: trade high - sulfur fuel oil in the 2,650 - 2,850 range and low - sulfur fuel oil in the 3,100 - 3,300 range in the short term [5] 3. Summary by Catalog 3.1 Week - ly Views - Geopolitical events supported fuel oil prices to rise. High - sulfur and low - sulfur fuel oil prices increased by 8.52% and 4.59% respectively. The Asian low - sulfur fuel oil spot spread reached a four - month high. Downstream demand warmed up, but Western arbitrage cargoes will pressure the market. The high - sulfur fuel oil market fluctuates within a range, and the power generation demand shortage suppresses the market. International crude oil prices may rise slightly, and operation suggestions are given [5] 3.2 Futures and Spot Prices - **Futures prices**: The FU main contract price rose from 2,463 to 2,523, an increase of 2.44%, and the LU main contract price rose from 2,931 to 3,066, an increase of 4.61% [6] - **Spot prices**: Among various spot products, the price of Zhoushan low - sulfur fuel oil increased by 0.43%, while the prices of Singapore high - sulfur fuel oil, Singapore low - sulfur fuel oil, Middle - East high - sulfur fuel oil, and Singapore diesel decreased by - 0.26%, - 1.34%, - 0.36%, and - 0.85% respectively. The price of Zhoushan high - sulfur fuel oil remained unchanged [7] 3.3 Fundamental Data - The report presents charts of Singapore fuel oil consumption, China fuel oil consumption, and Shandong fuel oil coking gross margin, but lacks specific data descriptions in the text [8][9][10] 3.4 Inventory Data - In Singapore, from November 12, 2025, to January 21, 2026, the fuel oil inventory showed fluctuations. For example, on November 19, 2025, the inventory increased by 2570,000 barrels, and on November 26, 2025, it decreased by 2850,000 barrels [11] - The report also includes a Singapore fuel oil inventory season chart and a Zhoushan Port fuel oil inventory trend chart, but lacks specific data descriptions in the text [12][13] 3.5 Spread Data - The report shows a chart of the high - low sulfur futures spread, but lacks specific data descriptions in the text [15]

1. Report Industry Investment Rating - No specific investment rating provided in the report 2. Core Viewpoints - The spot spread of 0.5% sulfur marine fuel oil turned into a premium in early January after being in the negative range for most of December and reached the highest level since September 16 on January 13, which supports the price. However, the overnight geopolitical concerns continued to decline, and attention should be paid to the callback risk of fuel oil. FU2603 is expected to trade in the range of 2540 - 2590, and LU2603 in the range of 3050 - 3100 [3] - The market structure of Asian low - sulfur fuel oil remains around the current level. The spot premium of 0.5% sulfur marine fuel oil rose for the second consecutive trading day to the highest level in nearly four months. Asian low - sulfur fuel oil market will receive more arbitrage cargoes from the West in January and February [3] - The market is affected by the resonance of supply influenced by geopolitical risks and neutral demand [4] 3. Summary by Directory 3.1 Daily Tips - The expected trading ranges for FU2603 and LU2603 are 2540 - 2590 and 3050 - 3100 respectively. Attention should be paid to the callback risk of fuel oil due to the decline in geopolitical concerns [3] 3.2 Multi - and Short - term Concerns - **Likely Positive Factors**: Iranian situation instability and the issuance of China's import quotas [4] - **Likely Negative Factors**: The optimism on the demand side remains to be verified, and the upstream crude oil is under pressure [4] - **Market Drivers**: The market is driven by the resonance of supply affected by geopolitical risks and neutral demand [4] 3.3 Fundamental Data - **Fundamentals**: The market structure of Asian low - sulfur fuel oil remains stable. The spot premium of 0.5% sulfur marine fuel oil reached a nearly four - month high. More Western arbitrage cargoes are expected in January and February. The assessment is neutral [3] - **Basis**: Singapore high - sulfur fuel oil is at $358/ton with a basis of - 10 yuan/ton, and low - sulfur fuel oil is at $429/ton with a basis of - 16 yuan/ton. The spot is nearly flat to the futures, and the assessment is neutral [3] - **Inventory**: Singapore's fuel oil inventory in the week of January 3 was 25.41 million barrels, a decrease of 1.34 million barrels. The assessment is bullish [3] - **Market Chart**: The price is near the 20 - day line, and the 20 - day line is upward. The assessment is bullish [3] - **Main Positions**: The main positions of high - sulfur fuel oil are short, with short positions decreasing; for low - sulfur fuel oil, the main positions are short, with short positions increasing. The assessment is bearish [3] 3.4 Spread Data - **Futures Price Changes**: The price of the FU main contract futures remained unchanged at 2586, while the LU main contract futures price decreased by 11 to 3087. The basis of FU increased by 4.41 to - 10, with an increase rate of 31.36%, and the basis of LU decreased by 38 to - 16, with a decrease rate of 175% [5] - **Spot Price Changes**: The prices of Zhoushan high - sulfur fuel oil decreased by 1 to 443, with a decrease rate of - 0.23%. Zhoushan low - sulfur fuel oil remained unchanged at 460. Singapore high - sulfur fuel oil increased by 1.06 to 358, with an increase rate of 0.30%. Singapore low - sulfur fuel oil decreased by 6.5 to 429, with a decrease rate of - 1.49%. Middle - East high - sulfur fuel oil decreased by 0.94 to 332.35, with a decrease rate of - 0.28%. Singapore diesel increased by 8.41 to 598.05, with an increase rate of 1.43% [6] 3.5 Inventory Data - Singapore's fuel oil inventory on January 3 was 25.41 million barrels, a decrease of 1.34 million barrels compared to the previous period. Inventory data from October 25, 2025, to January 3, 2026, are also presented [3][8]

1. Report's Industry Investment Rating - No relevant information provided 2. Core View of the Report - Last week, crude oil fluctuated, and fuel oil prices moved in tandem. The high - and low - sulfur fuel oil markets were pressured due to sufficient supply. High - sulfur fuel oil closed at 2,447 yuan/ton, down 1.77% for the week, and low - sulfur at 2,935 yuan/ton, down 2.72% [3]. - Singapore is expected to receive a steady supply of low - sulfur fuel oil arbitrage cargoes and blending components in the coming weeks, with the low - sulfur market in Singapore likely to remain well - supplied from January to possibly February 2026. The arrival of high - sulfur cargoes from various sources will also increase. Overall, Singapore's fuel oil supply is expected to be in surplus in January [3]. - Currently, the bunker demand for 0.5% sulfur marine fuel is weak due to holidays. The continuous supply surplus is expected to pose resistance to the low - sulfur fuel oil market in January 2026. The high - sulfur bunker demand remains strong due to the increase in the number of ships equipped with desulfurization towers, providing some support to the high - sulfur fuel oil market in January 2026. The short - term Venezuela geopolitical event has some support on prices, leading to a fluctuating upward trend. For trading, the short - term operation range for high - sulfur is 2,400 - 2,600 yuan/ton, and for low - sulfur is 2,900 - 3,100 yuan/ton [3]. 3. Summary by Directory 3.1 Week - ly View - Crude oil fluctuated last week, and fuel oil prices followed. High - sulfur fuel oil price decreased by 1.77% to 2,447 yuan/ton, and low - sulfur by 2.72% to 2,935 yuan/ton. Singapore's fuel oil supply will be in surplus in January. Low - sulfur market faces resistance, while high - sulfur has some support. Short - term price may rise due to Venezuela event, with specific trading ranges provided [3]. 3.2 Futures and Spot Prices - **Futures Prices**: The FU main contract's previous value was 2,480 yuan/ton, the current value is 2,460 yuan/ton, down 21 yuan or 0.83%. The LU main contract's previous value was 3,000 yuan/ton, the current value is 2,980 yuan/ton, down 20 yuan or 0.65% [4]. - **Spot Prices**: For various fuel oil types in different regions, prices mostly decreased slightly, except for Singapore diesel which increased by 0.45%. For example, Singapore high - sulfur fuel oil decreased by 0.77%, and Singapore low - sulfur fuel oil by 0.48% [5]. 3.3 Fundamental Data - **Consumption Data**: There are charts showing Singapore fuel oil consumption from 2021 - 2025, China fuel oil consumption from 2021 - 2025, and Shandong fuel oil coking gross profit from 2021 - 2025, but no specific data values are provided in the text [6][7][8]. 3.4 Inventory Data - Singapore fuel oil inventory data from October 15th to December 24th shows fluctuations. For example, on October 22nd, the inventory increased by 509 barrels to 2,744.9 barrels, and on December 24th, it decreased by 77 barrels to 2,178.9 barrels [9]. - There are also charts about Singapore inventory seasonal trends and Zhoushan Port fuel oil inventory trends, but no specific data values in the text [10][11]. 3.5 Spread Data - There is a chart showing the high - and low - sulfur futures spread, but no specific data values in the text [13].

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian fuel oil market structure will remain near the current level. The market supply is sufficient recently, and the market demand has slowed down due to the holidays. With the increasing geopolitical risks, it provides short - term support for prices. It is expected that fuel oil will fluctuate. The FU2603 will operate in the range of 2450 - 2500, and the LU2603 will operate in the range of 2980 - 3030 [3] 3. Summary According to the Directory 3.1 Daily Prompt - The fundamentals show that the Asian low - sulfur fuel oil market will face resistance in 2026 due to poor demand and supply surplus. The high - sulfur fuel oil market will fluctuate within a certain range with relatively weak downstream demand. The basis indicates that spot is at a discount to futures. The inventory in Singapore increased by 140,000 barrels to 22.559 million barrels in the week of December 17. The price is above the 20 - day line, and the 20 - day line is flat. High - sulfur main positions are short and increasing, while low - sulfur main positions are long and increasing. [3] - The previous day's FU and LU futures prices were 2503 and 3023 respectively, and the current values are 2473 and 2984, down 1.20% and 1.29% respectively. The previous day's FU and LU basis were - 1 and 19 respectively, and the current values are - 15 and - 13, down 955.70% and 168.82% respectively [5] - The previous day's prices of Zhoushan high - sulfur, Zhoushan low - sulfur, Singapore high - sulfur, Singapore low - sulfur, Middle East high - sulfur fuel oil and Singapore diesel were 433.00, 460.00, 343.44, 421.50, 317.01 and 588.05 respectively. The current values are 430.00, 455.00, 337.24, 411.08, 311.06 and 584.21 respectively, with decreases ranging from 0.65% to 2.47% [6] 3.2 Long and Short Concerns - Bullish factors: Russia's fuel export restrictions; cancellation of US - Russia talks and sanctions on Russian oil - related enterprises [4] - Bearish factors: The optimism of the demand side remains to be verified; the upstream crude oil is under pressure [4] - Market drivers: The supply side is affected by geopolitical risks, and the demand is neutral [4] 3.3 Fundamental Data - The Asian low - sulfur fuel oil market has been troubled by oversupply in 2025, and similar inflows are expected to increase inventory in 2026. The high - sulfur fuel oil market will fluctuate within a certain range, and the downstream demand is relatively weak [3] 3.4 Spread Data - The report presents the price differences between high - sulfur and low - sulfur fuels, but specific data analysis is not provided in the text [11] 3.5 Inventory Data - Singapore fuel oil inventory data from October 8 to December 17 shows fluctuations. The inventory on December 17 was 22.559 million barrels, an increase of 140,000 barrels from the previous week [8]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - Last week, crude oil prices first rose and then fell, and fuel oil prices moved in tandem. High - sulfur fuel oil closed at 2,484 yuan/ton, up 3.93% for the week, while low - sulfur fuel oil closed at 2,999 yuan/ton, up 2.92% for the week [5]. - The market structure of low - sulfur fuel oil remains at the current level, and the high - sulfur fuel oil market still has some support. The Singapore market is expected to receive a stable supply of low - sulfur fuel oil blending components in the next few weeks, increasing local inventories. The Asian low - sulfur fuel oil market is expected to have sufficient supply from January to possibly February. The downstream marine fuel sales continue to strengthen, supporting the Asian high - sulfur fuel oil market, but competition from clean alternative fuels and sufficient supply of sanctioned cargoes will pressure the market [5]. - Crude oil prices are likely to fluctuate within a range, and fuel oil prices are expected to follow suit. For high - sulfur fuel oil, short - term operations are recommended in the range of 2,350 - 2,500 yuan/ton, and for low - sulfur fuel oil, short - term operations are recommended in the range of 2,900 - 3,050 yuan/ton [5]. 3. Summary by Directory 3.1 Week - ly Viewpoints - Crude oil and fuel oil prices moved in tandem last week. High - sulfur fuel oil had a weekly increase of 3.93% to 2,484 yuan/ton, and low - sulfur fuel oil rose 2.92% to 2,999 yuan/ton. The low - sulfur market will have sufficient supply, while the high - sulfur market has some support but also faces pressure. Crude oil prices will range - bound, and fuel oil prices will follow. Short - term operation ranges are given for high - and low - sulfur fuel oils [5]. 3.2 Futures and Spot Prices - **Futures Prices**: The FU main contract rose from 2,416 to 2,480, an increase of 64 or 2.65%. The LU main contract rose from 2,927 to 3,000, an increase of 73 or 2.49% [6]. - **Spot Prices**: Among various spot prices, the price of Zhoushan low - sulfur fuel oil increased by 6.00 to 460.00, a rise of 1.32%. Singapore diesel increased by 8.72 to 579.94, a rise of 1.53%. Other prices remained unchanged or decreased slightly [7]. 3.3 Fundamental Data - **Fuel Oil Consumption**: Graphs show the fuel oil consumption in Singapore, China, and the coking profit margin of Shandong fuel oil from 2021 - 2025 [8][9][10]. 3.4 Inventory Data - **Singapore Fuel Oil Inventory**: From October 8 to December 17, the inventory showed fluctuations. For example, on October 8, it was 2,061.9 million barrels with a decrease of 164 million barrels compared to the previous period, and on December 17, it was 2,255.9 million barrels with an increase of 14 million barrels [11]. 3.5 Spread Data - A graph shows the high - and low - sulfur futures spread [15].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The Asian low - sulfur fuel oil market structure has weakened due to sufficient supply and sluggish downstream bunkering activities during the year - end holiday season [3]. - As of the week of December 22, the petroleum product inventory in Fujairah, UAE increased by 0.9%, with the increase in gasoline and other light fuel oil inventories offsetting the decline in heavy and medium fuel oil inventories [3]. - The Singapore fuel oil inventory in the week of December 17 was 22.559 million barrels, an increase of 140,000 barrels [3]. - The prices of fuel oil are above the 20 - day line, and the 20 - day line is flat [3]. - The high - sulfur fuel oil main position is long, with long positions decreasing; the low - sulfur fuel oil main position is long, with long positions increasing [3]. - The ongoing Russia - Ukraine negotiations and the continuous attacks on energy facilities support the prices of the crude oil sector. The low - sulfur fuel oil market structure will remain at the current level, and the high - sulfur fuel oil market still has support. In the short term, it will operate in a volatile manner. FU2603 will operate in the range of 2470 - 2510, and LU2603 will operate in the range of 2980 - 3030 [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Tips - The Asian low - sulfur fuel oil market structure has weakened, and the Singapore fuel oil inventory increased in the week of December 17. The prices are above the 20 - day line, and the main positions of high - and low - sulfur fuel oils are long with different trends. In the short term, it will operate in a volatile manner [3]. - The futures prices of FU and LU main contracts increased slightly, while the basis of FU decreased by 193.13% and that of LU decreased by 54.47% [5]. - Among the daily spot prices, the price of舟山 low - sulfur fuel oil increased by 1.32%, the price of中东 high - sulfur fuel oil decreased by 0.51%, and the price of Singapore diesel increased by 1.53% [6]. 3.2 Multi - and Short - Term Concerns - Bullish factors include Russia's fuel oil export restrictions and the cancellation of US - Russia talks and the sanctions on Russian oil - related enterprises [4]. - Bearish factors are that the optimism on the demand side remains to be verified and the upstream crude oil is under pressure [4]. - The market is driven by the resonance of geopolitical risks on the supply side and neutral demand [4]. 3.3 Fundamental Data - The fundamentals are neutral. The Asian low - sulfur fuel oil market structure is weak, the inventory in Fujairah, UAE has changed, the basis is in a flat - water state, the inventory in Singapore has increased, the price is above the 20 - day line, and the main positions of high - and low - sulfur fuel oils are long with different trends [3]. 3.4 Spread Data - No detailed analysis provided in the report, only a graph of high - and low - sulfur futures spreads (FU - LU) is shown [11] 3.5 Inventory Data - The Singapore fuel oil inventory data from October 8 to December 17 is presented. For example, on October 8, the inventory was 20.619 million barrels, a decrease of 1.64 million barrels compared to the previous period; on December 17, it was 22.559 million barrels, an increase of 140,000 barrels compared to the previous period [8]

1. Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but it gives a "neutral" assessment for multiple aspects of the fuel oil market, including fundamentals, basis, and inventory [3]. 2. Core Viewpoints - The Asian low - sulfur fuel oil market structure and refining profit margins have slowed due to sufficient immediate supply and weak downstream demand, while the high - sulfur fuel oil market in Asia is expected to get some support in 2026, but faces pressure from alternative fuels and sufficient supply of sanctioned cargoes [3]. - The market is affected by geopolitical factors. The ongoing Russia - Ukraine negotiations and continuous attacks on energy facilities support crude - related prices. The low - sulfur fuel oil market structure remains at the current level, and the high - sulfur fuel oil market still has support. In the short term, it will operate in a volatile manner. The FU2603 is expected to operate in the 2500 - 2550 range, and the LU2603 in the 3010 - 3050 range [3]. - The market is driven by the resonance of supply affected by geopolitical risks and neutral demand. There are both positive and negative factors. Positive factors include Russian fuel export restrictions and sanctions on Russian oil - related enterprises, while negative factors are the unproven optimistic demand and the pressure on upstream crude oil [4]. 3. Summary by Directory 3.1 Daily Tips - The report provides information on the fuel oil market, including fundamentals, basis, inventory, and price trends. It also gives expected price ranges for FU2603 and LU2603 [3]. 3.2 Multi - Short Concerns - **Positive factors**: Russian fuel export restrictions and the cancellation of US - Russia talks with sanctions on Russian oil - related enterprises [4]. - **Negative factors**: The optimistic demand on the demand side remains to be verified, and upstream crude oil is under pressure [4]. 3.3 Fundamental Data - **Supply and demand**: The Asian low - sulfur fuel oil market is affected by sufficient supply and weak demand, while the high - sulfur fuel oil market has support from the increase in ships with desulfurization towers but faces competition from alternative fuels and sufficient supply of sanctioned cargoes [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is 6 yuan/ton, and that of low - sulfur fuel oil is 17 yuan/ton, with the spot at par with the futures [3]. - **Inventory**: Singapore's fuel oil inventory on the week of December 17 was 2255.9 million barrels, an increase of 14 million barrels [3]. - **Market trend**: The price is above the 20 - day line, and the 20 - day line is flat. The high - sulfur and low - sulfur main positions are both long, with the high - sulfur long positions decreasing and the low - sulfur long positions increasing [3]. 3.4 Spread Data - The report shows the price changes and spreads of FU and LU futures contracts, including the previous value, current value, change, and change percentage [5]. 3.5 Inventory Data - The report presents the inventory and its changes of Singapore fuel oil from October 8 to December 17 [8].