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、基本面：受到即期供应充足和下游需求疲软的拖累，亚洲低硫燃料油市场结构和炼油利润率有所放缓。同时， 因现货交易窗口内交易活动清淡，含硫0.5%船用燃料油的现货贴水在当日保持稳定；受安装脱硫塔的船舶数量增 加的推动，下游船用油销售持续走强，亚洲高硫燃料油市场预计在2026年将继续获得一些支撑。但来自清洁的替 代燃料的竞争以及受制裁船货的充足供应将继续给市场基本面带来压力；中性 2、基差：新加坡高硫燃料油342.74美元/吨，基差为6元/吨，新加坡低硫燃料油为420.5美元/吨，基差为17元/吨， 现货平水期货；中性 3、库存：新加坡燃料油12月17日当周库存为2255.9万桶，增加14万桶；中性 4、盘面：价格在20日线上方，20日线偏平；中性 5、主力持仓：高硫主力持仓多单，多减，偏多；低硫主力持仓多单，多增，偏多 6、预期：近期俄乌谈判仍在进行但双方对能源设施的打击未有停息，仍对原油系价格有所支撑，燃油现货外盘 节假日无价格，低硫燃料油市场结构维持在当前水平，高硫燃料油市场则仍有支撑，短期震荡运行。FU2603： 2500-2550区间运行，LU2603：3010-3050区间运行 交易咨询业务资格：证监 ...

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The Asian low - sulfur fuel oil market structure and refining profit margins have slowed due to sufficient immediate supply and weak downstream demand. The spot premium of 0.5% sulfur marine fuel remained stable. The Asian high - sulfur fuel oil market is expected to get some support in 2026, but competition from clean alternative fuels and sufficient supply of sanctioned cargoes will continue to pressure the market fundamentals. The upstream crude oil has rebounded and stabilized slightly. During the Christmas holiday, the price is expected to be relatively stable. FU2603 will operate in the 2450 - 2500 range, and LU2603 will operate in the 3000 - 3040 range [3] 3. Summary by Directory 3.1 Daily Prompt - The current situation of the fuel oil market is as follows: the fundamentals are neutral; the basis shows that the spot is at par with the futures; the inventory is neutral; the price is above the 20 - day line with the 20 - day line being flat; the high - sulfur and low - sulfur main positions are both long - positions, with high - sulfur long - positions decreasing and low - sulfur long - positions increasing. The expected price ranges for FU2603 and LU2603 are given [3] 3.2 Multi - Short Concerns - **Likely to Rise Factors**: Russian fuel export restrictions; cancellation of US - Russia talks and sanctions on Russian oil - related enterprises [4] - **Likely to Fall Factors**: The optimism on 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 - **Fuel Oil Fundamentals**: Asian low - sulfur fuel oil is affected by supply and demand, while high - sulfur fuel oil has support but also faces pressure [3] - **Basis**: The basis of Singapore high - sulfur fuel oil is 18 yuan/ton, and that of low - sulfur fuel oil is 5 yuan/ton [3] - **Inventory**: Singapore fuel oil inventory in the week of December 17 was 2255.9 million barrels, an increase of 14 million barrels [3] - **Disk**: The price is above the 20 - day line, and the 20 - day line is flat [3] - **Main Positions**: High - sulfur main positions are long - positions with a decrease in long - positions; low - sulfur main positions are long - positions with an increase in long - positions [3] 3.4 Spread Data - **Futures Price Changes**: The price of the FU main contract futures decreased by 8 to 2474, a decrease of 0.32%; the price of the LU main contract futures increased by 6 to 3006, an increase of 0.20%. The FU basis increased by 12.95 to 18, an increase of 267.74%; the LU basis decreased by 4 to 5, a decrease of 43.94% [5] - **Spot Price Changes**: The prices of various types of fuel oil in different regions, such as Zhoushan and Singapore, all showed an upward trend, with the increase range from 0.44% to 2.01% [6] 3.5 Inventory Data - Singapore fuel oil inventory has fluctuated from October 8 to December 17. As of December 17, the inventory was 2255.9 million barrels, with an increase of 14 million barrels compared to the previous period [8]

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： 交易咨询业务资格：证监许可【2012】1091号 2025-12-17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 1、基本面：贸易商称，亚洲低硫燃料油市场预计在整个1月乃至可能延续到2月都将保持供应充足，因为来自苏 伊士以西市场的套利船货将增加当地现有的库存；多位新加坡的贸易商表示，尽管新加坡地区供应相对充足，但 由于稳定的船用燃料需求，高硫燃料油市场基本面在短期内可能继续获得支撑；中性 2、基差：新加坡高硫燃料油327.32美元/吨，基差为-9元/吨，新加坡低硫燃料油为406.96美元/吨，基差为27元/ 吨，现货平水期货；中性 3、库存：新加坡燃料油12月10日当周库存为2241.9万桶，增加118万桶；偏空 4、盘 ...

燃料油周报 （12.8-12.12） 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 交易咨询业务资格：证监许可【2012】1091号 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 周度观点 2 期现价格 3 基本面数据 4 5 价差数据 库存数据 周度观点 燃料油周评：上周，原油整体呈震荡走低走势，燃料油价格也弱势下行为主。高硫报收2438元/吨，周跌 2.25%，低硫报收2978元/吨，周跌1.94%。 尽管因为运费高企导致东西方套利经济不可行，预计新加坡12月来自西方市场的套利到货量将减少。但 11月库存大幅累积之后，亚洲低硫燃料油市场在整个12月以及1月仍将保持供应非常充足的局面，且目前下游 船用燃料油需求看起来缺乏支撑力，亚洲低硫燃料油市场结构持续走弱。 亚洲高硫燃料油市场也面临供应充足的局面，最近几周来自中东的供应量非常可观，尽管下游船用加注 活 ...

Guotai Junan Futures all rights reserved, please do not reprint 国泰君安期货·能源化工 燃料油、低硫燃料油周度报告 国泰君安期货研究所·梁可方 投资咨询从业资格号：Z0019111 日期：2025年12月14日 Special report on Guotai Junan Futures 2 综述 1 本周燃料油、低硫燃料油观点：弱势仍在，底部初现 | 本周燃料油市场仍然偏弱，价格延续小幅下跌趋势。高硫方面，中东出口量再次增长，同时拉美方向高硫出口也有回升迹象，但新加坡、马 | 观点 | 来西亚发货数量维持低位，整个新加坡市场现货库存仍在累积，导致现货价格维持弱势。但同时，从船期数据来看，俄罗斯的出口已经开始 持续下滑，浮仓数量继续上升，意味着后续俄罗斯的供应可能将无法向此前一样流入现货市场，这将对高硫价格形成支撑。低硫方面，巴西 炼厂即将在本月逐步恢复开工，从而对市场产生压力，同时Dangote炼厂的FCC装置检修将持续至1月，非洲方向的低硫现货也将继续流向亚 | | --- | --- | --- | | 太。但最新消息显示，Al-Zour炼 ...

燃料油日报 | 2025-12-05 盘面小幅反弹，短期市场矛盾有限 市场分析 上期所燃料油期货主力合约夜盘收涨0.29%，报2442元/吨；INE低硫燃料油期货主力合约日盘收涨0.73%，报3042 元/吨。 近日原油价格从低位小幅反弹，但油市供过于求的预期在逐步兑现，俄乌和平谈判的进展对短期市场情绪造成影 响，而中期成本端对燃料油单边价格压制将持续存在。 就燃料油自身基本面而言，当前整体市场矛盾有限。其中，高硫燃料油市场结构处于调整阶段，裂解价差已从高 位大幅回落。目前来看，随着中东供应增量释放，高硫燃料油裂解价差连续调整后需要炼厂端的增量需求来托底。 低硫燃料油方面，市场整体供应依然相对充裕，但局部存在减量。由于阿祖尔炼厂装置检修时间延长，科威特11 月至今跟踪到的船运发货量依旧为零，短期低硫燃料油市场支撑仍存。近日高低硫价差短期走势震荡偏强，但预 计上方空间有限。 | 图1：新加坡高硫380燃料油现货价格 | 单位：美元/吨 3 | | --- | --- | | 图2：新加坡低硫燃料油现货价格 | 单位：美元/吨 3 | | 图3：新加坡高硫燃料油掉期近月合约 | 单位：美元/吨 3 | | 图4： ...

交易咨询业务资格：证监许可【2012】1091号 2025-12-02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：由于近期供应充足而交易情绪平淡，同时含硫0.5%船用燃料油现货价差维持在两周来最阔贴水水平， 亚洲低硫燃料油市场结构保持稳定；据市场人士称，亚洲高硫燃料油市场仍面临压力，主要受到套利船货到港充 足以及新加坡地区高库存的拖累；中性 2、基差：新加坡高硫燃料油338.47美元/吨，基差为-16元/吨，新加坡低硫燃料油为425.33美元/吨，基差为40元/ 吨，现货偏平水期货；中性 3、库存：新加坡燃料油11月26日当周库存为2059.9万桶，减少285万桶；偏多 4、盘面：价格在20日线下方，20日线 ...