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燃料油期货

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燃料油日报-20250610

Yin He Qi Huo· 2025-06-10 10:53

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - High - sulfur fuel oil spot window transactions are active with high transaction prices, supporting the continuous recovery of high - sulfur spot discounts. Short - term factors to watch include the progress of Russia - Ukraine negotiations and the return of Russian refineries from spring seasonal maintenance. Mexican high - sulfur exports are falling as secondary production capacity at refineries improves. Middle - East high - sulfur exports declined in May due to lack of progress in US - Iran negotiations. On the demand side, high - sulfur seasonal power generation demand provides support, and import demand from Egypt and Saudi Arabia remains high [8]. - Low - sulfur fuel oil spot discounts fluctuate. Supply is increasing while downstream demand is weak. The operation of the Nigerian Dangote gasoline plant is still unstable, resulting in continuous low - sulfur output. South Sudan's low - sulfur raw material supply has gradually returned to the level of early 2024, with 8 shipments expected from May to June. Al - Zour's low - sulfur exports have rebounded to the high level of normal refinery operation. China's low - sulfur production is expected to increase in June, with sufficient domestic supply and stable demand [8]. 3. Summary by Directory First Part: Relevant Data - **Price and Position Data**: On June 10, 2025, the FU main contract price was 2966, up 39 from the previous day and 53 from the previous week; the LU main contract price was 3559, up 45 from the previous day and 93 from the previous week. The FU main contract position was 7.1 million hands, down 1.4 million hands from the previous day and 4.0 million hands from the previous week; the LU main contract position was 7.0 million hands, up 0.2 million hands from the previous day and 0.6 million hands from the previous week [3]. - **Warehouse Receipt Data**: FU high - sulfur fuel oil warehouse receipts were 24,750 tons, down 4,200 tons from the previous day; LU low - sulfur fuel oil warehouse receipts were 10,000 tons, unchanged from the previous day. The LU warehouse receipts decreased by 24,000 tons compared to the previous week [3][5]. - **Spread Data**: The FU7 - 9 spread was 42, down 11 from the previous day and 43 from the previous week; the LU7 - 8 spread was 66, down 3 from the previous day and up 23 from the previous week. The LU - FU main contract spread was 593, up 6 from the previous day and 40 from the previous week. The FU07 - foreign market 07 spread was - 22.5, down 0.9 from the previous day and 25.6 from the previous week; the LU08 - foreign market 07 spread was 9.6, up 2.5 from the previous day and 1.8 from the previous week [3]. Second Part: Market Analysis - **Market Overview**: High - sulfur Jun/July month - spread decreased from 18.4 to 16.5 US dollars/ton, and low - sulfur Jun/July month - spread decreased from 7.5 to 6.8 US dollars/ton [6]. - **Important Information**: Egypt's EGPC tendered to purchase 1 million tons of HSFO for July loading. The company has already purchased about 2 million tons of HSFO for May and June loading [7]. Third Part: Relevant Drawings The report provides six figures related to Singapore's high - sulfur and low - sulfur fuel oil, including spot discounts, price differences, and cracking spreads, with data sources from Galaxy Futures and Reuters [11].