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]

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. ...