Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report anticipates that the fuel oil market may continue its weak consolidation due to the decline in crude oil prices and insufficient support from the news. The bunker fuel market lacks positive factors, resulting in low trading enthusiasm and a weak performance of fuel oil. The FU2601 is expected to trade in the range of 2660 - 2720, and the LU2601 in the range of 3210 - 3270 [3]. 3. Summary by Directory 3.1 Daily Prompt - The fuel oil market may continue its weak consolidation. The bunker fuel market lacks positive support, and trading enthusiasm is low. The FU2601 is expected to trade between 2660 - 2720, and the LU2601 between 3210 - 3270 [3]. 3.2 Multi - Short Focus - **Likely Positive Factors**: Russia has extended its fuel oil export restrictions, and the cancellation of the US - Russia talks and sanctions on Russian oil - related enterprises [4]. - **Likely Negative Factors**: The optimism on the demand side remains to be verified [4]. - **Market Drivers**: The supply side is affected by geopolitical risks, and the demand is neutral [4]. 3.3 Fundamental Data - **Market Structure**: The market structure of Asian low - sulfur fuel oil remains at the current level. The spot discount of 0.5% sulfur marine fuel oil has widened for the first time in four trading days. However, due to the weakening of the East - West arbitrage economy, the supply in December is expected to tighten, and the fundamentals of the low - sulfur fuel oil market may be supported in the coming weeks [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is - 55 yuan/ton, and that of low - sulfur fuel oil is - 12 yuan/ton, with the spot at a discount to the futures [3]. - **Inventory**: Singapore's fuel oil inventory in the week of November 5 was 21.069 million barrels, an increase of 140,000 barrels [3]. - **Market Chart**: The price is near the 20 - day moving average, and the 20 - day moving average is downward [3]. - **Main Positions**: The main position in high - sulfur fuel oil is short, with short positions decreasing; the main position in low - sulfur fuel oil is long, with long positions increasing [3]. 3.4 Spread Data The report presents the price difference chart between high - sulfur and low - sulfur futures, but no specific data analysis is provided [10]. 3.5 Inventory Data - Singapore's fuel oil inventory data from August 27 to November 5 is provided, showing fluctuations in inventory levels [8].

Report Industry Investment Rating - Not provided Core Viewpoints - The Asian low - sulfur fuel oil market faces oversupply and weak downstream bunker activities, but the unfeasibility of East - West arbitrage may reduce December European arbitrage cargoes and ease oversupply; the Asian high - sulfur fuel oil market is supported by stable bunker demand, but competitive quotes for November shipments suppress spot spreads [3] - The current situation of Singapore's fuel oil market is overall weak. The FU2601 is expected to trade in the 2750 - 2790 range, and LU2601 in the 3300 - 3340 range [3] - Crude oil is oscillating, with some support from news, but market sentiment is still cautious, and the bunker market lacks support [3] Summary by Directory 1. Daily Prompt - Singapore fuel oil inventory on the week of October 29 was 20.929 billion barrels, a decrease of 652 million barrels [3][8] - The spot prices of various fuel oils decreased. For example, the price of Zhoushan high - sulfur fuel oil decreased from 476.00 to 469.00 dollars/ton, a decrease of 1.47% [6] - The futures prices of FU and LU decreased. The FU futures price dropped from 2785 to 2769, a decrease of 0.57%; the LU futures price dropped from 3322 to 3315, a decrease of 0.21% [5] 2. Multi - Short Concerns - Bullish factors: Russia extended fuel export restrictions; the cancellation of US - Russia talks and sanctions on Russian oil - related enterprises [4] - Bearish factors: The optimism on the demand side remains to be verified [4] - Market drivers: Supply is affected by geopolitical risks, and demand is neutral [4] 3. Fundamental Data - Fundamental situation: The Asian low - sulfur fuel oil market has sufficient supply and weak downstream activities; the high - sulfur fuel oil market is supported by stable bunker demand [3] - Basis: Singapore high - sulfur fuel oil basis is - 54 yuan/ton, low - sulfur fuel oil basis is - 4 yuan/ton, with spot at a discount to futures [3] - Inventory: Singapore fuel oil inventory decreased in the week of October 29, which is bullish [3] - Disk: Prices are near the 20 - day line, and the 20 - day line is downward [3] - Main positions: High - sulfur main positions are short, with short positions increasing; low - sulfur main positions are long, with long positions decreasing [3] 5. Spread Data - The report shows a chart of high - low sulfur futures spreads [11] Inventory Data - Singapore fuel oil inventory data from August 20 to October 29 shows fluctuations, with a significant decrease in the week of October 29 [8]

Report Summary 1) Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, medium - term bearish [2] - Low - sulfur fuel oil: Short - term neutral, medium - term bearish [2] - Cross - variety: Go long on the spread of LU2601 - FU2601 at low prices [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2) Core Viewpoints - After important macro events, crude oil prices are in a volatile state, and the short - term guidance for FU and LU directions is limited. The strength - weakness pattern of high - and low - sulfur fuel oils has shown marginal changes [1]. - For high - sulfur fuel oil, the spot market has loosened, the market structure has adjusted. OPEC's production increase and the decline in power generation terminal demand will drive the growth of Middle - East exports, while the situations in Russia and Iran are uncertain [1]. - For low - sulfur fuel oil, with the restart of the RFCC unit of Dangote refinery, the local supply pressure has eased. Kuwait's November shipments are expected to decline due to the maintenance of Azur refinery's units. The low - sulfur fuel oil market structure has short - term repair conditions but lacks continuous positive drivers [1]. 3) Directory - based Summaries Market Analysis - The main contract of SHFE fuel oil futures closed up 1.42% at 2,790 yuan/ton; the main contract of INE low - sulfur fuel oil futures closed up 1.93% at 3,335 yuan/ton [1]. - Crude oil prices are volatile as the market assesses the impact of sanctions on Russian supply, with limited short - term guidance for FU and LU [1]. - High - sulfur fuel oil spot has become looser, and the market structure has adjusted. OPEC's production increase and lower power - generation demand will boost Middle - East exports, while Russia and Iran's situations are variable [1]. - Low - sulfur fuel oil supply pressure has eased locally with the restart of Dangote refinery's RFCC unit. Kuwait's November shipments are expected to fall due to Azur refinery's unit maintenance, and the market has short - term repair conditions but no continuous positive drivers [1]. Strategy - High - sulfur: Short - term neutral, medium - term bearish [2] - Low - sulfur: Short - term neutral, medium - term bearish [2] - Cross - variety: Go long on the spread of LU2601 - FU2601 at low prices [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] Figures - There are multiple figures showing prices, spreads, and trading volumes of Singapore's high - and low - sulfur fuel oil spot, swaps, and domestic fuel oil futures contracts, with their respective units (e.g., dollars/ton, yuan/ton, hands) [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The fundamental outlook for fuel oil prices is weak, lacking stimulating factors. With the halt in the upward trend of upstream crude oil, fuel oil prices have also declined. Future attention should be paid to the extent of sanctions on Russia and the progress of China - US trade negotiations. The FU2601 contract is expected to trade in the range of 2770 - 2810, and the LU2601 contract in the range of 3200 - 3250 [3]. - The market structure of Asian low - sulfur fuel oil has remained at recent levels. However, sufficient supply is expected to suppress the low - sulfur fuel oil market fundamentals and limit significant upside in the coming weeks. The strengthening of high - sulfur fuel oil refining margins has curbed refinery raw material demand [3]. Summary by Catalog 1. Daily Hints - The FU2601 contract is expected to trade in the range of 2770 - 2810, and the LU2601 contract in the range of 3200 - 3250 [3]. - The market structure of Asian low - sulfur fuel oil has remained at recent levels, but supply may suppress fundamentals. High - sulfur fuel oil refining margins have curbed refinery demand [3]. - The Singapore high - sulfur fuel oil has a price of 386.01 dollars/ton with a basis of - 12 yuan/ton, and the low - sulfur fuel oil has a price of 445.85 dollars/ton with a basis of - 2 yuan/ton, indicating that the spot is at par with the futures [3]. - Singapore's fuel oil inventory in the week of October 22 was 2744.9 million barrels, an increase of 509 million barrels [3]. - The price is above the 20 - day line, and the 20 - day line is flat. The high - sulfur main position holds short positions with a decrease in shorts, and the low - sulfur main position holds long positions with a decrease in longs [3]. 2. Multi - and Short - Term Concerns - Bullish factors include the extension of Russia's fuel oil export restrictions and the cancellation of US - Russia talks along with sanctions on Russian oil - related enterprises [4]. - Bearish factors are that the optimism on the demand side remains to be verified [4]. - The market is driven by the resonance of geopolitical risks on the supply side and neutral demand [4]. 3. Fundamental Data - The previous value of the FU main contract futures price was 2839, the current value is 2830, a decrease of 9 with a decline rate of - 0.32%. The previous value of the LU main contract futures price was 3250, the current value is 3264, an increase of 14 with an increase rate of 0.43%. The previous value of the FU basis was - 12, the current value is - 20, a decrease of 7 with a decline rate of - 56.82%. The previous value of the LU basis was 24, the current value is - 55, a decrease of 79 with a decline rate of - 331.81% [5]. - The previous value of Zhoushan high - sulfur fuel oil was 471.00, the current value is 466.00, a decrease of 5.00 with a decline rate of - 1.06%. The previous value of Zhoushan low - sulfur fuel oil was 485.00, the current value is 480.00, a decrease of 5.00 with a decline rate of - 1.03%. The previous value of Singapore high - sulfur fuel oil was 386.01, the current value is 382.37, a decrease of 3.64 with a decline rate of - 0.94%. The previous value of Singapore low - sulfur fuel oil was 449.50, the current value is 441.46, a decrease of 8.04 with a decline rate of - 1.79%. The previous value of Middle - East high - sulfur fuel oil was 358.80, the current value is 354.63, a decrease of 4.17 with a decline rate of - 1.16%. The previous value of Singapore diesel was 673.74, the current value is 677.44, an increase of 3.70 with an increase rate of 0.55% [6]. 4. Inventory Data - Singapore's fuel oil inventory on October 22 was 2744.9 million barrels, an increase of 509 million barrels compared to the previous period. Historical data shows fluctuations in inventory from August 13 to October 22 [3][8].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - Last week, fuel oil prices rose in tandem with crude oil due to geopolitical impacts. High - sulfur fuel oil closed at 2844 yuan/ton, up 8.26% for the week, and low - sulfur fuel oil closed at 3267 yuan/ton, up 6.73% for the week [3]. - The market structure of Asian low - sulfur fuel oil has weakened due to weak downstream demand and sufficient supply. The spot discount of 0.5% sulfur marine fuel remains at its widest level in more than five years. Singapore's low - sulfur fuel oil arbitrage arrivals in October are expected to increase to 2.7 - 2.9 million tons from 2.3 - 2.4 million tons in September, and the market fundamentals are under pressure [3]. - The Asian high - sulfur fuel oil market is expected to fluctuate within a range. The supply of non - sanctioned resources is relatively tight, and stable marine fuel demand provides some support. However, recent supply may put pressure on the market. Crude oil is expected to remain strongly volatile in the short term, and fuel oil is expected to follow suit. High - sulfur fuel oil can be traded in the 2750 - 2900 yuan/ton range, and low - sulfur fuel oil in the 3200 - 3350 yuan/ton range [3]. Group 3: Summary by Directory 1. Weekly Viewpoint - Fuel oil prices followed crude oil higher last week. High - sulfur fuel oil closed at 2844 yuan/ton with a weekly increase of 8.26%, and low - sulfur fuel oil closed at 3267 yuan/ton with a weekly increase of 6.73%. The low - sulfur fuel oil market is under pressure, while the high - sulfur fuel oil market is expected to range - bound. Operation suggestions are given for both high - and low - sulfur fuel oils [3]. 2. Futures and Spot Prices - **Futures prices**: The FU main contract futures price rose from 2688 to 2710, an increase of 0.81%. The LU main contract futures price dropped from 3175 to 3128, a decrease of 1.47% [4]. - **Spot prices**: Prices of various types of fuel oil in different regions all increased. For example, the price of Zhoushan high - sulfur fuel oil rose from 469.00 to 475.00, an increase of 1.28%, and the price of Singapore high - sulfur fuel oil rose from 364.60 to 383.73, an increase of 5.25% [5]. 3. Fundamental Data - **Consumption data**: Graphs show the consumption data of Singapore fuel oil, Chinese fuel oil, and Shandong fuel oil coking margin from 2021 - 2025, but specific numerical summaries are not provided in the text [6][7][8]. 4. Inventory Data - Singapore fuel oil inventory data from August 6 to October 22 is presented. For example, on October 22, the inventory was 2744.9 barrels, an increase of 509 barrels compared to the previous record [9]. 5. Spread Data - A graph shows the high - low sulfur futures spread, but specific numerical summaries are not provided in the text [13].

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but gives a neutral assessment of the fuel oil market based on multiple factors [3] Core Viewpoints - The Asian low - sulfur fuel oil market structure has slightly recovered, and the spot premium of Singapore 380CST high - sulfur fuel oil has narrowed. The fuel oil market is affected by multiple factors and is expected to be bullish due to positive signals from Sino - US trade negotiations and ongoing sanctions against Russia. The report suggests continuing to monitor the progress of Sino - US trade negotiations and waiting for the recovery of the shipping market. FU2601 is expected to operate in the range of 2820 - 2860, and LU2601 in the range of 3240 - 3280 [3] Summary by Directory 1. Daily Prompt - The Asian low - sulfur fuel oil market has a slight upward trend as the spot discount of 0.5% sulfur marine fuel has narrowed from its widest level in over five years, driven by stronger bids from Chinese ship fuel during the market closing assessment. The spot discount of Singapore 380CST high - sulfur fuel oil has narrowed for the first time in five trading days, pushed by stronger bids from Trafigura during the physical trading window. The weekend Sino - US trade negotiations released positive signals, and the impact of sanctions against Russia continues. Fuel oil is expected to be bullish. FU2601 is expected to operate between 2820 - 2860, and LU2601 between 3240 - 3280 [3] 2. Multi - Short Concerns - Bullish factors include the extension of Russia's fuel oil export restrictions and the cancellation of US - Russia talks along with sanctions on Russian oil - related enterprises. Bearish factors are that the optimism on the demand side remains to be verified. The market is driven by the resonance of geopolitical risks on the supply side and neutral demand [4] 3. Fundamental Data - **Supply and Demand**: The market structure of Asian low - sulfur and Singapore high - sulfur fuel oil has recovered slightly [3] - **Basis**: Singapore high - sulfur fuel oil has a basis of 69 yuan/ton, and low - sulfur fuel oil has a basis of 31 yuan/ton, with the spot price higher than the futures price [3] - **Inventory**: Singapore's fuel oil inventory in the week of October 22 was 2744.9 million barrels, an increase of 509 million barrels [3] - **Market**: The price is above the 20 - day line, and the 20 - day line is flat. The high - sulfur main position has short positions with a decrease in shorts, and the low - sulfur main position has long positions with an increase in longs [3] 4. Spread Data - The report does not provide specific spread data analysis content 5. Inventory Data - Singapore fuel oil inventory data from August 13 to October 22 shows fluctuations. The inventory on October 22 was 2744.9 million barrels, an increase of 509 million barrels compared to the previous period [8]

Report Industry Investment Rating - High-sulfur fuel oil: Neutral, short-term wait-and-see [2] - Low-sulfur fuel oil: Neutral, short-term wait-and-see [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] Core View of the Report - The fuel oil market rebounded following the crude oil market, but its own market drivers are currently limited. The market is in a window period with important macro events undecided, so it's necessary to be cautious about news disturbances. The fundamentals of high-sulfur fuel oil are okay with some market structure support, but the end of the power demand peak season in the Northern Hemisphere will lead to a decline in fuel oil consumption from power generation terminals, which is negative for the market. The low-sulfur fuel oil fundamentals are weak, but the restart of the RFCC unit at the Dangote refinery is expected to marginally ease local supply pressure [1]. Summary by Related Catalogs Market Analysis - The main contract of SHFE fuel oil futures closed up 2.13% at 2,691 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 2.32% at 3,135 yuan/ton. After continuous declines, market sentiment recovered, and the significant rebound in crude oil prices drove up the FU and LU prices. However, the market is in a window period with important macro events undecided, and news disturbances need attention. The fundamentals of high-sulfur fuel oil are okay with some market structure support, but the end of the power demand peak season in the Northern Hemisphere will lead to a decline in fuel oil consumption from power generation terminals, which is negative for the market. Recently, the contango structure in the overseas market has shown signs of weakening, indicating resistance above the market. The fundamentals of low-sulfur fuel oil are currently weak, and the market structure is operating weakly. But with the restart of the RFCC unit at the Dangote refinery, local supply pressure is expected to ease marginally. Overall, apart from the influence of the crude oil market, the fuel oil market lacks its own drivers [1]. Strategy - High-sulfur fuel oil: Neutral, short-term wait-and-see [2] - Low-sulfur fuel oil: Neutral, short-term wait-and-see [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2]

交易咨询业务资格：证监许可【2012】1091号 2025-10-22燃料油早报 6、预期：隔夜原油企稳回升，地缘担忧重升，不过燃油市场短期缺乏更多刺激，供应仍相对充裕，预计价格低 位平稳运行。FU2601：2620-2670区间运行，LU2512：3050-3100区间运行 1、基本面：亚洲高硫燃料油市场预计将维持区间波动，未受制裁资源供应相对紧张，同时温吞的船燃需求为市 场基本面提供一定支撑。不过市场消息人士称，近期供应可能对市场构成压力；亚洲低硫燃料油市场结构表现 疲软，主要由于近期供应充足，而新加坡的船燃贸易商预计船东的采购意愿仅属温和；中性 2、基差：新加坡高硫燃料油369.75美元/吨，基差为11元/吨，新加坡低硫燃料油为430.6美元/吨，基差为13元/ 吨，现货平水期货；中性 3、库存：新加坡燃料油10月15日当周库存为2235.9万桶，增加174万桶；偏空 4、盘面：价格在20日线下方，20日线偏下；偏空 5、主力持仓：高硫主力持仓空单，空增，偏空；低硫主力持仓多单，多增，偏多 近期多空分析 利多： 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 ...

Report Industry Investment Rating - The report does not explicitly mention an overall industry investment rating [3] Core Viewpoints - International oil prices continue to decline, there are signs of easing between the US and Russia, and the trade tension between the US and China persists. Fuel oil continues to be under pressure and fluctuates at a low level. With relatively sufficient supply in the spot fundamentals, it will operate weakly in the short term. FU2601 is expected to run in the range of 2640 - 2680, and LU2512 in the range of 3070 - 3110 [3] Summary by Directory 1. Daily Tips - For fuel oil, the fundamentals show that Asia may have sufficient supply in November due to high existing inventories and continuous inflow of Russian high - sulfur products. The recovery of high - sulfur fuel oil refining profit margins suppresses refinery raw material demand. The premium of Singapore's low - sulfur fuel oil terminal delivery term contract declined in October. The inventory in Singapore increased in the week of October 15. The price is below the 20 - day line with the 20 - day line trending down. High - sulfur main positions are short and increasing, while low - sulfur main positions are long and decreasing. The expected price ranges are given for FU2601 and LU2512 [3] 2. Multi - Short Focus - **Likely Positive Factors**: Russia's extension of fuel export restrictions [4] - **Likely Negative Factors**: Uncertainty in demand optimism and the easing of relations between the US and Russia after their talks [4] - **Market Drivers**: The supply side is affected by geopolitical risks while demand remains neutral [4] 3. Fundamental Data - **Fundamentals**: Asia may have sufficient supply in November, and high - sulfur fuel oil refining profit margins suppress raw material demand. The premium of low - sulfur fuel oil term contracts declined in October due to sufficient inventory and weak demand [3] - **Basis**: Singapore high - sulfur fuel oil is at 369.75 dollars/ton with a basis of 26 yuan/ton, and low - sulfur fuel oil is at 430.6 dollars/ton with a basis of - 6 yuan/ton. Spot is at par with futures [3] - **Inventory**: Singapore's fuel oil inventory in the week of October 15 was 2235.9 million barrels, an increase of 174 million barrels [3] - **Market Chart**: The price is below the 20 - day line, and the 20 - day line is trending down [3] - **Main Positions**: High - sulfur main positions are short and increasing, while low - sulfur main positions are long and decreasing [3] 4. Spread Data - The report does not provide specific spread data analysis other than the basis information [3] 5. Inventory Data - Singapore fuel oil inventory data from August 6 to October 15 is provided, showing fluctuations and an increase in the week of October 15 [8]

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - The supply of high - sulfur fuel oil is affected by factors such as the recovery of Russian refineries and the increase in Middle - East exports due to the decline in power - generation demand. The demand side shows that summer power - generation demand has completely subsided, and feedstock demand support is not obvious under the background of high - sulfur cracking decline and low - cost tax reform. High - sulfur near - end inventory at a high level still suppresses market prices. Attention should be paid to the generation of new warehouse receipts and the subsequent inventory digestion rhythm for high - sulfur near - month contracts. [7] - The supply of low - sulfur fuel oil has short - term disturbances. The operation of the Nigerian RFCC device is unstable, and it is reported to have returned in the past two weeks. There is an expected increase in the logistics redirection of low - sulfur heavy raw materials to the Pan - Singapore area due to the conflict between South Sudan and the UAE, but there have been no new tenders since September. The Al - Zour refinery maintains high - level low - sulfur shipments but is affected by the UAE diversion recently. The return of Malaysian refineries increases some low - sulfur straight - run supply. In the Chinese market, the third batch of low - sulfur quotas has been issued, with Sinopec and PetroChina expected to have sufficient quotas in the fourth quarter without increasing production, while CNOOC expects a tight quota. Ship - fuel demand is stable without specific drivers. [7][9] Group 3: Summary by Directory Part 1: Relevant Data - **Futures Prices and Positions**: On October 15, 2025, the price of FU main contract was 2683, down 17 from the previous day; the position was 258,000 lots, up 0.5 lots. The price of LU main contract was 3155, down 48 from the previous day; the position was 66,000 lots, up 0.1 lots. [3] - **Warehouse Receipts**: FU warehouse receipts were 45,800 tons, unchanged from the previous day; LU warehouse receipts were 13,080 tons, unchanged from the previous day. [3] - **Spreads**: FU1 - 5 was 30, unchanged; LU12 - 1 was - 4, down 11; LU - FU main contract spread was 472, down 31; FU01 - outer - market 12 was 9.8, up 0.1; LU12 - outer - market 11 was 9.0, down 0.7. [3] Part 2: Market Judgement - **Important Information**: Russian seaborne crude oil shipments climbed to a 28 - month high in the past four weeks, mainly due to increased production and Ukrainian attacks on refineries, forcing the redirection of crude oil supply to export terminals. [6] - **Market Analysis**: The supply and demand of high - sulfur and low - sulfur fuel oils are affected by multiple factors as described in the core viewpoints. [7][9] Part 3: Relevant Attachments - The report includes figures such as Singapore high - sulfur and low - sulfur spot premiums, high - and low - sulfur spreads, and fuel - oil cracking spreads, with data sources from Galaxy Futures and Reuters. [10]