Report Industry Investment Rating - No industry investment rating is provided in the report. Report's Core View - The Asian high - sulfur fuel oil market structure has weakened due to sufficient immediate supply, but the spot spread of 380 CST high - sulfur fuel oil has turned positive because of the increased buying interest in November - shipped cargoes. Singapore's high - sulfur fuel oil inventories are expected to remain high in the rest of this month and November. The market is currently neutral with the fuel oil following the movement of oil prices as there are no obvious fundamental highlights. FU2601 is expected to trade in the range of 2700 - 2780, and LU2511 in the range of 3200 - 3280 [3]. - The supply side is affected by geopolitical risks, and the demand is neutral. The potential risks include the breakdown of OPEC+ unity and the escalation of war risks. There are concerns that sanctions against Russia may be tightened and Russia's fuel export restrictions may be extended, while the optimism on the demand side remains to be verified [4]. Summary by Directory 1. Daily Prompt - The previous FU主力合约期货 price was 2813, the current price is 2803, a decrease of 10 or 0.36%. The previous LU主力合约期货 price was 3329, the current price is 3332, an increase of 3 or 0.09%. The previous FU基差 was 58, the current is 37, a decrease of 21 or 36.20%. The previous LU基差 was 27, the current is 24, a decrease of 3 or 10.49% [5]. - The previous price of Zhoushan high - sulfur fuel was 484.00, the current is 473.00, a decrease of 11.00 or 2.27%. The previous price of Zhoushan low - sulfur fuel was 503.00, the current is 490.00, a decrease of 13.00 or 2.58%. The previous price of Singapore high - sulfur fuel was 393.22, the current is 382.29, a decrease of 10.93 or 2.78%. The previous price of Singapore low - sulfur fuel was 462.50, the current is 452.50, a decrease of 10.00 or 2.16%. The previous price of Middle - East high - sulfur fuel was 369.76, the current is 359.46, a decrease of 10.30 or 2.79%. The previous price of Singapore diesel was 649.46, the current is 639.81, a decrease of 9.64 or 1.48% [6]. 2. Multi - Short Attention - Bullish factors: None mentioned. - Bearish factors: The optimism on the demand side remains to be verified; sanctions against Russia may be tightened; Russia's fuel export restrictions may be extended [4]. 3. Fundamental Data - Fundamentals: The Asian high - sulfur fuel oil market structure has weakened due to sufficient immediate supply. The spot spread of 380 CST high - sulfur fuel oil has turned positive because of the increased buying interest in November - shipped cargoes. A Singapore trader said that high - sulfur fuel oil inventories in Singapore are expected to remain high in the rest of this month and November, with a neutral outlook [3]. - Basis: The basis of Singapore high - sulfur fuel oil is 37 yuan/ton at 382.29 dollars/ton, and the basis of Singapore low - sulfur fuel oil is 24 yuan/ton at 452.5 dollars/ton. The spot is at par with the futures, showing a neutral situation [3]. - Inventory: Singapore's fuel oil inventory in the week of October 8 was 2061.9 million barrels, a decrease of 164 million barrels, which is a bullish signal [3]. - Disk: The price is below the 20 - day line, and the 20 - day line is flat, indicating a neutral situation [3]. - Main positions: The main positions of high - sulfur fuel oil are short, with an increase in short positions, showing a bearish trend. The main positions of low - sulfur fuel oil have changed from long to short, also showing a bearish trend [3]. 5. Spread Data - No specific spread data analysis is provided other than the price changes of different fuel types in the daily prompt section. 6. Inventory Data - Singapore fuel oil inventory on July 30 was 2027.9 million barrels, an increase of 37 million barrels; on August 6, it was 2074.9 million barrels, an increase of 47 million barrels; on August 13, it was 2263.9 million barrels, an increase of 189 million barrels; on August 20, it was 2391.9 million barrels, an increase of 128 million barrels; on August 27, it was 2188.9 million barrels, a decrease of 203 million barrels; on September 3, it was 2330.9 million barrels, an increase of 142 million barrels; on September 10, it was 2303.9 million barrels, a decrease of 27 million barrels; on September 17, it was 2315.9 million barrels, an increase of 12 million barrels; on September 24, it was 2316.9 million barrels, an increase of 1 million barrels; on October 1, it was 2225.9 million barrels, a decrease of 91 million barrels; on October 8, it was 2061.9 million barrels, a decrease of 164 million barrels [8].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The fuel oil market is expected to show a range - bound oscillation pattern. Ample inventory levels may curb any significant increase in spot valuations. With upstream crude oil prices falling due to geopolitical events, fuel oil prices are under pressure and are expected to operate at a low level today. Specifically, FU2601 is expected to trade in the range of 2820 - 2880, and LU2511 in the range of 3360 - 3420 [3]. - The supply of blending raw materials is sufficient, but traders expect no oversupply of 0.5% sulfur - compliant low - sulfur fuel oil in the downstream marine fuel supply. However, the crack spread of low - sulfur fuel oil has been weak since early September. The high - sulfur fuel oil market may face pressure from concentrated arrivals of arbitrage cargoes from late September to early October, which may exacerbate the already ample inventory levels at the Singapore hub [3]. 3. Summary by Directory 3.1 Daily Prompt - The fuel oil market is expected to be range - bound. FU2601 is expected to operate between 2820 - 2880, and LU2511 between 3360 - 3420. The market is under pressure from upstream crude oil price drops and ample inventories [3]. 3.2 Long - Short Focus - Bullish factors: Not clearly stated. - Bearish factors: The demand side's optimism remains to be verified. There are risks such as potential intensification of sanctions against Russia and the extension of Russia's fuel oil export restrictions [4]. 3.3 Fundamental Data - **Supply - demand situation**: The supply of blending raw materials is sufficient, but there is no expected oversupply of low - sulfur fuel oil in the downstream. The high - sulfur fuel oil market may face pressure from concentrated cargo arrivals [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is 117 yuan/ton, and that of low - sulfur fuel oil is 64 yuan/ton, with the spot price higher than the futures price [3]. - **Inventory**: Singapore's fuel oil inventory in the week of September 24 was 2316.9 million barrels, an increase of 1 million barrels [3][8]. - **Market trend**: Prices are above the 20 - day moving average, which is flat [3]. - **Main positions**: High - sulfur main positions are long, with a reduction in long positions; low - sulfur main positions are short, with an increase in short positions [3]. 3.4 Spread Data No specific analysis of spread data is provided in the text. 3.5 Inventory Data - Singapore fuel oil inventory data from July 16 to September 24 shows fluctuations, with an inventory of 2316.9 million barrels on September 24, an increase of 1 million barrels compared to the previous period [8].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Last week, international crude oil prices increased, and fuel oil prices also rose strongly due to the extension of Russia's export ban. High - sulfur fuel oil closed at 2,972 yuan/ton, up 6.29% for the week, and low - sulfur fuel oil closed at 3,525 yuan/ton, up 3.92% for the week [5]. - The main problem in the 0.5% sulfur marine fuel market is sufficient inventory. Under the current market structure, low - sulfur fuel oil supply is difficult to release as no one wants to sell at a discounted price. Near - term demand for low - sulfur fuel oil will remain moderate with limited inquiries. The weak trend of low - sulfur marine fuel has narrowed the Hi - 5 spread between Singapore's low - sulfur and high - sulfur fuel oil. However, Asian refinery autumn maintenance may cut regional supply in the coming weeks, which may support the low - sulfur fuel oil market structure [5]. - The Asian high - sulfur fuel oil market structure has strengthened slightly, with the spot premium of 380CST high - sulfur fuel oil reaching its highest level in more than two months. There has been some raw material demand for high - sulfur fuel oil recently, especially from China. Although the power generation demand in the public utility sector is weak, the support for high - sulfur fuel oil currently comes mainly from the marine fuel market and refinery raw material demand. Affected by the geopolitical situation, crude oil prices still have room to rise, and fuel oil prices will also rise with the trend. Operationally, trade high - sulfur fuel oil in the 2,850 - 3,050 range and low - sulfur fuel oil in the 3,450 - 3,600 range [5]. 3. Summary by Directory 3.1 Week - to - Week View - High - sulfur fuel oil closed at 2,972 yuan/ton, up 6.29% for the week, and low - sulfur fuel oil closed at 3,525 yuan/ton, up 3.92% for the week. Crude oil prices have room to rise, and fuel oil prices will follow. Trade high - sulfur fuel oil in the 2,850 - 3,050 range and low - sulfur fuel oil in the 3,450 - 3,600 range [5]. 3.2 Futures and Spot Prices - **Futures Prices**: The previous value of the FU main contract was 2,804 yuan/ton, the current value is 2,842 yuan/ton, up 38 yuan/ton or 1.35%. The previous value of the LU main contract was 3,406 yuan/ton, the current value is 3,404 yuan/ton, down 2 yuan/ton or 0.05% [6]. - **Spot Prices**: The prices of Zhoushan high - sulfur fuel oil, Zhoushan low - sulfur fuel oil, Singapore high - sulfur fuel oil, Singapore low - sulfur fuel oil, Middle East high - sulfur fuel oil, and Singapore diesel all increased, with increases ranging from 0.10% to 2.26% [7]. 3.3 Fundamental Data - **Consumption**: Charts show the consumption of Singapore fuel oil, Chinese fuel oil, and Shandong fuel oil coking margins from 2021 to 2025 [8][9][10]. 3.4 Inventory Data - Singapore fuel oil inventory as of September 24 was 2,316.9 million barrels, an increase of 1 million barrels from the previous period [11]. 3.5 Spread Data - A chart shows the spread between high - and low - sulfur futures [15].

交易咨询业务资格：证监许可【2012】1091号 2025-09-29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：交易商表示，亚洲高硫燃料油供应在套利货流入增加的背景下，近期将保持供应充足，而下游现货 需求在近几个交易日内表现参差不齐；近期低硫燃料油市场在充足库存背景下可能保持健康，相比往常紧张的 即期驳船运力或将为即期交付溢价提供一定短期支撑，由于库存充足，10月供应的低硫燃料油码头交货估值承 压，而买兴总体维持温和水平；中性 2、基差：新加坡高硫燃料油412.94美元/吨，基差为117元/吨，新加坡低硫燃料油为483.5美元/吨，基差为64元 /吨，现货升水期货；偏多 3、库存：新加坡燃料油9月24日当周 ...

交易咨询业务资格：证监许可【2012】1091号 2025-09-26燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：受到稳定的下游船燃活动及炼厂部分原料需求的支撑，亚洲高硫燃料油市场结构微幅走强。此外， 380CST高硫燃料油现货溢价攀升至两个多月来最高水平；一位新加坡燃料油交易商称，当前含硫0.5%船用燃油 市场的主要问题仍在于库存充足，在当前市场结构下，低硫燃料油供应难以释放，因为无人愿意以贴水价格销 售；中性 2、基差：新加坡高硫燃料油406.76美元/吨，基差为102元/吨，新加坡低硫燃料油为470.5美元/吨，基差为-6元/ 吨，现货升水期货；偏多 3、库存：新加坡燃料油9月17日当周库存为2315. ...

交易咨询业务资格：证监许可【2012】1091号 2025-09-22燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：亚洲低硫燃料油市场结构维持在近期水平，主要因即期供应充足且下游需求疲软。由于实物货品报 价竞争激烈，含硫0.5%船用燃油现货价差四个交易日来首次转为贴水；新加坡380CST高硫燃料油10-11月互换合 约价差报+3.80美元/吨，与18日持平。由于中国石油收盘估价过程中提出更坚挺的买盘， 380CST高硫燃料油现 货价差在一周多来首次转为溢价；中性 2、基差：新加坡高硫燃料油397.48美元/吨，基差为115元/吨，新加坡低硫燃料油为475.5美元/吨，基差为73元 /吨，现货升水期货；偏多 3、 ...

交易咨询业务资格：证监许可【2012】1091号 2025-09-17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 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： 6、预期：油价收盘上涨，乌克兰频繁袭击俄罗斯能源设施以及俄油供应减少的担忧支撑油价，短期高低硫燃油 均有较强上行动力，基本面短期亦有一定助力，低硫供应预期存在小幅紧张，燃油价格偏强运行。FU2601： 2830-2880区间运行，LU2511：3430-3480区间运行 1、基本面：贸贸易消息人士称，虽然秋季炼厂检修季预计将部分收紧亚洲地区低硫燃料油供应，但由于来自苏 伊士以西市场的低硫燃料油调油组分定期流入亚洲，市场在10月前仍将保持相对充足供应；一位新加坡贸易商 表示，高硫燃料油市场从9月到10月变化不大，需求相对稳定，未见显著变化，数据显示，9月15日，新加坡 380CST高硫燃料油现货贴水为1.48美元/吨，较9月12日的1.27美元/吨贴水有所扩大；中性 2、基差：新加坡高硫燃料油3 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - This week, the cracking of high-sulfur 380cst in Singapore fluctuated, the spread of near-month contracts oscillated, the basis strengthened, the EW spread oscillated at a high level, and the fluctuation of the near-month spread between domestic and foreign FU contracts intensified due to delivery factors. The cracking of low-sulfur fuel oil weakened rapidly, the spread of contracts weakened at an accelerated pace, and the spread between domestic and foreign LU contracts compressed to $6 - 7 per ton, with the basis of MF0.5 oscillating [4]. - Fundamentally, Singapore's residue inventory decreased by 871,000 barrels, floating storage decreased slightly, ARA residue inventory increased significantly, and EIA residue inventory continued to increase. The peak season for high-sulfur fuel oil in the Middle East has passed. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provides support, and the EW spread has completed its repair. The spread between domestic and foreign high-sulfur fuel oil has risen again due to the impact of delivery warehouses, with short-term repair between domestic and foreign markets. This week, LU prices declined at an accelerated pace, and the basis of the overseas MF0.5 contract was weak. Given the support of gasoline and diesel cracking in Europe and the United States, the opportunity for the spread between low-sulfur and high-sulfur fuel oil to widen in the fourth quarter can be monitored [5]. Group 3: Summary of Related Catalogs Rotterdam Fuel Oil Swap Prices - From September 8 - 12, 2025, prices of Rotterdam 3.5% HSF O swap M1 fluctuated between $372.49 - $380.24, Rotterdam 0.5% VLS FO swap M1 between $429.51 - $439.86, etc., with some prices remaining unchanged on September 11 - 12 [2]. Singapore Fuel Oil Swap Prices - From September 8 - 12, 2025, prices of Singapore 380cst M1 fluctuated between $388.46 - $395.14, Singapore 180cst M1 between $397.37 - $399.61, etc., with the spread of Singapore 380cst - Brent M1 decreasing by $0.12 [2]. Singapore Fuel Oil Spot Prices - From September 8 - 12, 2025, FOB 380cst prices fluctuated between $388.92 - $396.90, FOB VLSFO between $463.14 - $469.80, etc., with no change in prices on September 11 - 12 [3]. Domestic FU Contract Prices - From September 8 - 12, 2025, FU 01 prices fluctuated between 2679 - 2802, FU 05 between 2693 - 2754, etc., with changes of -85, -61, -37 for FU 01, FU 05, FU 09 respectively [3]. Domestic LU Contract Prices - From September 8 - 12, 2025, LU 01 prices fluctuated between 3259 - 3385, LU 05 between 3259 - 3347, etc., with changes of -105, -74, -74 for LU 01, LU 05, LU 09 respectively [4].

周度观点 交易咨询业务资格：证监许可【2012】1091号 燃料油周报 （9.8-9.12） 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 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 燃料油周评：上周，国际原油整体震荡运行，燃料油价格震荡较大，高硫报收2797元/吨，周涨1.38%， 低硫报收3348元/吨，周跌1.30%。 低硫燃料油呈震荡下跌走势，高硫燃料油则震荡上涨。从基本面看，低硫燃料油市场结构走弱，高硫燃 料油市场稍有支撑。具体来看：市场消息人士称，尽管9月西方至亚洲的低硫燃料油套利货量环比下降，但由 于即期供应充足导致码头船燃需求持续疲软，亚洲低硫燃料油市场短期内仍将承压。预计9月新加坡将从西方 接收约240-250万吨低硫燃料油，低于8月的约270-280万吨。 高硫方面， ...

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, medium - term downward [3] - Low - sulfur fuel oil: Short - term neutral, medium - term downward [3] - Cross - variety: None [3] - Cross - period: None [3] - Spot - futures: None [3] - Options: None [3] Group 2: Core View of the Report - The market sentiment has slightly recovered from the news of OPEC's production increase, and oil prices have stabilized. However, due to the unclear situation of the Russia - Ukraine conflict and US sanctions, oil prices may fluctuate repeatedly, providing limited guidance for the unilateral price direction of downstream fuel oil [1] - High - sulfur fuel oil is in a stage of market adjustment and re - balancing, with both long and short factors intertwined. Supply is tightening due to sanctions on Russia and Iran and attacks on Russian refineries, and downstream bunker demand is fair. But Middle East fuel oil exports are increasing, and Singapore's inventory is high [1] - Low - sulfur fuel oil currently has limited market pressure. Domestic production has slightly rebounded but remains at a relatively low level. In the medium - term, it faces the contradiction of demand share being replaced and having more surplus capacity, with upward resistance despite some support at the lower valuation [2] Group 3: Summary by Related Content Market Analysis - The main contract of SHFE fuel oil futures closed up 1.13% at 2,764 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 0.68% at 3,385 yuan/ton [1] - Although OPEC has lifted the second - layer production limit, the increase in quotas does not necessarily mean an increase in actual production, and the short - term pressure on the market is limited [1] - High - sulfur fuel oil: Supply is affected by sanctions and attacks on refineries, while Middle East exports are expected to increase, and Singapore's inventory is high [1] - Low - sulfur fuel oil: Domestic production in August was 1.06 million tons, a month - on - month increase of 46,000 tons or 4.51%. There are no obvious signs of increased production in September, and the production trend this year is expected to be more stable than last year. The supply of arbitrage cargoes from the Western region is expected to decrease in September [2] Strategy - High - sulfur: Short - term neutral, medium - term downward [3] - Low - sulfur: Short - term neutral, medium - term downward [3] - Cross - variety: None [3] - Cross - period: None [3] - Spot - futures: None [3] - Options: None [3]