燃料油日报 | 2025-11-19 俄罗斯燃料油发货量维持偏低水平 市场分析 上期所燃料油期货主力合约夜盘收跌1.82%，报2539元/吨；INE低硫燃料油期货主力合约夜盘收跌1.47%，报3225 元/吨。 策略 高硫方面：短期中性，中期偏空 低硫方面：短期中性，中期偏空 跨品种：前期多LU-FU价差头寸可适当止盈 跨期：无 期现：无 期权：无 风险 宏观风险、关税风险、制裁风险、原油价格大幅波动等、发电端需求超预期、欧佩克增产幅度不及预期、船燃需 求超预期 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 原油价格延续弱势震荡态势，短期虽然有宏观与地缘因素的扰动，但中期油市供过于求的预期在逐步兑现，对燃 料油单边价格存在一定压制。就燃料油自身基本面而言，目前处于高低硫强弱格局收敛的阶段，前期偏强的高硫 燃料油基本面边际转松，市场结构调整，但下方支撑因素依然存在。其中，受到乌克兰无人机袭击的影响，俄罗 斯炼厂计划外检修量较高，导致成品油供应收紧。参考船期数据，俄罗斯11月高硫燃料油发货量预计在171万吨， 环比下降18万吨，同比减少63万吨。低硫燃料油方面，由于装置检修的变化，本月尼 ...

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The fundamentals of high - and low - sulfur fuel oils have no significant changes. The supply of high - sulfur fuel oil is expected to tighten, while the supply of low - sulfur fuel oil remains relatively abundant. The upstream crude oil price fluctuates, and it is expected that fuel oil will follow the same trend. The FU2601 is expected to trade in the range of 2580 - 2620, and the LU2601 is expected to trade in the range of 3260 - 3300 [3]. Summary by Directory 1. Daily Hints - The fundamentals of fuel oil are neutral. The Asian low - sulfur fuel oil market structure has strengthened slightly, and the Asian high - sulfur fuel oil market is under pressure due to sufficient short - term supply. The basis shows that the spot is at a premium to the futures. The Singapore fuel oil inventory decreased by 190,000 barrels in the week of November 12, reaching 20.879 million barrels. The price is below the 20 - day line, and the 20 - day line is flat. The high - sulfur main position is short, with short positions decreasing; the low - sulfur main position is long, changing from short to long [3]. 2. Long - Short Focus - **Likely to be Bullish**: Russian fuel oil export restrictions and the cancellation of the US - Russia talks and the sanctions on Russian oil - related enterprises [4]. - **Likely to be Bearish**: The optimism on the demand side remains to be verified, and the upstream crude oil is under pressure [4]. 3. Fundamental Data - **Fundamentals**: The Asian low - sulfur fuel oil market structure has strengthened slightly, and the Asian high - sulfur fuel oil market is under pressure due to sufficient short - term supply, which is neutral. - **Basis**: The basis of Singapore high - sulfur fuel oil is 11 yuan/ton, and that of Singapore low - sulfur fuel oil is 32 yuan/ton, with the spot at a premium to the futures, which is bullish. - **Inventory**: The Singapore fuel oil inventory in the week of November 12 was 20.879 million barrels, a decrease of 190,000 barrels, which is neutral. - **Market Chart**: The price is below the 20 - day line, and the 20 - day line is flat, which is neutral. - **Main Position**: The high - sulfur main position is short, with short positions decreasing, which is bearish; the low - sulfur main position is long, changing from short to long, which is bullish [3]. 4. Spread Data - The report does not provide specific analysis of spread data, only shows the high - and low - sulfur futures spread chart. 5. Inventory Data - The Singapore fuel oil inventory on November 12 was 20.879 million barrels, a decrease of 190,000 barrels compared to the previous period. The historical inventory data from September 3 to November 12 is also provided, showing the inventory changes during this period [3][8].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Last week, crude oil showed a trend of rising first and then falling, while Singapore fuel oil prices fluctuated narrowly. The market structure of low - sulfur fuel oil weakened, and that of high - sulfur fuel oil remained stable, but the relatively abundant supply pressured prices. High - sulfur fuel oil closed at 2,609 yuan/ton, down 3.91% for the week, and low - sulfur fuel oil closed at 3,251 yuan/ton, down 0.70% for the week [4]. - The supply of low - sulfur fuel oil in Asia increased, leading to a weakening of the market structure. Singapore is expected to receive about 2.9 - 3 million tons of low - sulfur fuel oil arbitrage cargo from the West in November. The overall sentiment in the Asian low - sulfur fuel oil market is still pessimistic, and sufficient inventory is expected to suppress the market fundamentals for the rest of the year, with no obvious signs of recovery in downstream bunker demand. The market structure of high - sulfur fuel oil in Asia remained at the current level. Although the stable arrival of shipments from the Middle East led to an abundant supply, relatively healthy downstream bunker demand still supported the high - sulfur fuel oil market. However, high freight rates may lead to a tightening of arrivals in December, and the high - low sulfur price spread remains at a high level and its contraction still needs time. Operationally, high - sulfur fuel oil should be traded in the range of 2,550 - 2,750 yuan/ton in the short term, and low - sulfur fuel oil in the range of 3,200 - 3,350 yuan/ton in the short term [4]. 3. Summary According to the Table of Contents 3.1 Week - on - Week Viewpoints - Crude oil showed a rising - then - falling trend last week, and Singapore fuel oil prices fluctuated narrowly. The market structure of low - sulfur fuel oil weakened, and that of high - sulfur fuel oil remained stable. High - sulfur fuel oil closed at 2,609 yuan/ton, down 3.91% for the week, and low - sulfur fuel oil closed at 3,251 yuan/ton, down 0.70% for the week. The supply of low - sulfur fuel oil in Asia increased, and the market sentiment was pessimistic. The supply of high - sulfur fuel oil was also abundant, but downstream demand provided support. High - sulfur fuel oil should be traded in the range of 2,550 - 2,750 yuan/ton in the short term, and low - sulfur fuel oil in the range of 3,200 - 3,350 yuan/ton in the short term [4]. 3.2 Futures and Spot Prices - **Futures Prices**: The FU main contract's previous value was 2,744 yuan/ton, the current value is 2,655 yuan/ton, down 89 yuan/ton or 3.25%. The LU main contract's previous value was 3,290 yuan/ton, the current value is 3,255 yuan/ton, down 35 yuan/ton or 1.05% [5]. - **Spot Prices**: The prices of various types of fuel oil in Zhoushan, Singapore, and the Middle East showed different degrees of increase or decrease. For example, the price of high - sulfur fuel oil in Zhoushan increased from 459.00 US dollars to 466.00 US dollars, an increase of 7.00 US dollars or 1.53%, while the price of Singapore diesel decreased from 704.06 US dollars to 677.18 US dollars, a decrease of 26.88 US dollars or 3.82% [6]. 3.3 Fundamental Data - **Consumption Data**: There are data on Singapore fuel oil consumption, Chinese fuel oil consumption, and Shandong fuel oil coking profit margins from 2021 - 2025, presented in graphical form [7][8][9]. 3.4 Spread Data - No specific spread data analysis content provided 3.5 Inventory Data - **Singapore Fuel Oil Inventory**: From August 27th to November 12th, Singapore's fuel oil inventory showed fluctuations. For example, on October 22nd, the inventory increased by 5.09 million barrels to 27.449 million barrels, and on October 29th, it decreased by 6.52 million barrels to 20.929 million barrels [12].

Report Summary 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View The report anticipates that fuel oil will trade in a range due to a small intraday increase in crude oil, a lack of substantial positive news in the bunker market, and continued wait - and - see sentiment among downstream players. Specifically, FU2601 is expected to trade between 2660 - 2720, and LU2601 between 3240 - 3280 [3]. 3. Summary by Directory 3.1 Daily Tips - The Asian low - sulfur fuel oil market structure remains stable, with some support from a mild recovery in downstream bunker activities, but the spot spread of 0.5% sulfur marine fuel has reached its largest discount in over a week. - The Asian high - sulfur fuel oil market is supported by stable downstream bunker demand, but competitive quotes for November second - half shipments have limited the spot spread. - The basis shows that Singapore high - sulfur fuel oil has a basis of - 55 yuan/ton, and low - sulfur fuel oil has a basis of - 12 yuan/ton, indicating that the spot is at a discount to the futures. - Singapore's fuel oil inventory in the week of November 5 was 21.069 million barrels, an increase of 140,000 barrels. - The price is near the 20 - day moving average, with the 20 - day moving average trending downward. - High - sulfur main position is short, with an increase in short positions, while low - sulfur main position is long, with an increase in long positions [3]. 3.2 Multi - and Short - term Concerns - **Likely positives**: Russia has extended its fuel export restrictions; the cancellation of US - Russia talks and sanctions on Russian oil - related enterprises [4]. - **Likely negatives**: The optimism on the demand side remains to be verified. - **Market drivers**: The market is driven by the resonance of geopolitical risks affecting supply and neutral demand [4]. 3.3 Fundamental Data - **Futures prices**: The previous FU main contract futures price was 2692, and the current price is 2683, a decrease of 9 or - 0.33%. The previous LU main contract futures price was 3257, and the current price is 3268, an increase of 11 or 0.34%. - **Spot prices**: The previous and current prices of Zhoushan high - sulfur fuel oil are 469.00 and 470.00 respectively, an increase of 1.00 or 0.21%. The price of Zhoushan low - sulfur fuel oil remains unchanged at 478.00. Singapore high - sulfur fuel oil decreased from 363.90 to 363.56, a decrease of - 0.34 or - 0.09%. Singapore low - sulfur fuel oil decreased from 453.50 to 449.36, a decrease of - 4.14 or - 0.91%. Middle - East high - sulfur fuel oil decreased from 334.02 to 332.91, a decrease of - 1.11 or - 0.33%. Singapore diesel increased from 687.45 to 704.48, an increase of 17.04 or 2.48% [5][6]. 3.4 Inventory Data Singapore's fuel oil inventory data from August 27 to November 5 shows fluctuations. In the week of November 5, the inventory was 21.069 million barrels, an increase of 140,000 barrels compared to the previous period [8]. 3.5 Spread Data The report presents a chart of the high - and low - sulfur futures spread, but no specific numerical analysis is provided other than the scale on the chart [10].

Group 1: Report Summary - Investment Rating: Not provided - Core View: Last week, crude oil showed a trend of rising first and then falling, and fuel oil prices also mainly rose first and then fell. Both high - and low - sulfur fuel oil markets were dragged down by sufficient supply, with weak overall trends. High - sulfur fuel oil closed at 2677 yuan/ton, down 2.48% for the week, and low - sulfur fuel oil closed at 3255 yuan/ton, down 0.40% for the week. The Asian low - sulfur fuel oil market still faces the dilemma of sufficient immediate supply and sluggish downstream bunker fuel activities, but the current East - West arbitrage economy is basically unfeasible, which may help reduce arbitrage cargoes from Europe in December and relieve the current oversupply situation. The Asian high - sulfur fuel oil market is still supported by stable downstream bunker fuel demand, but competitive quotes for shipments in the second half of November have suppressed spot spreads. International crude oil prices may fluctuate slightly lower, and fuel oil prices are expected to continue to decline weakly. Operationally, high - sulfur fuel oil should be traded in the 2600 - 2800 range in the short term, and low - sulfur fuel oil in the 3200 - 3350 range in the short term [5] Group 2: Periodic and Spot Price Summary - Futures Price: The previous value of the FU main contract was 2790, and the current value is 2744, a decrease of 46 or 1.66%. The previous value of the LU main contract was 3253, and the current value is 3290, an increase of 37 or 1.12% [6] - Spot Price: The previous value of Zhoushan high - sulfur fuel oil was 465.00, and the current value is 469.00, an increase of 4.00 or 0.86%. The previous value of Zhoushan low - sulfur fuel oil was 477.00, and the current value is 478.00, an increase of 1.00 or 0.21%. The previous value of Singapore high - sulfur fuel oil was 364.42, and the current value is 363.42, a decrease of 1.00 or - 0.27%. The previous value of Singapore low - sulfur fuel oil was 452.50, and the current value is 449.50, a decrease of 3.00 or - 0.66%. The previous value of Middle East high - sulfur fuel oil was 333.59, and the current value is 334.02, an increase of 0.43 or 0.13%. The previous value of Singapore diesel was 675.32, and the current value is 677.96, an increase of 2.65 or 0.39% [7] Group 3: Fundamental Data Summary - Consumption Data: There are charts showing Singapore fuel oil consumption, Chinese fuel oil consumption, and Shandong fuel oil coking profit margins from 2021 - 2025, but specific numerical summaries are not provided [8][9][10] Group 4: Inventory Data Summary - Singapore Fuel Oil Inventory: On November 5, the inventory was 2106.9 million barrels, an increase of 14 million barrels. There are also inventory data from August 20 to October 29, showing fluctuations in inventory [11] - Inventory Trends: There are descriptions of Singapore inventory seasonal trends and Zhoushan Port fuel oil inventory trends, but specific numerical summaries are not provided [12][13] Group 5: Spread Data Summary - High - and Low - Sulfur Futures Spread: There is a chart showing the high - and low - sulfur futures spread, but specific numerical summaries are not provided [15]

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].