Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. However, for fuel oil, it indicates a short - term outlook of a moderately strong and volatile run, with a neutral assessment for most fundamental factors [3]. Core View - The report states that with the upward movement of crude oil prices during trading sessions, continuous positive news, pre - holiday market stocking, and the persistent price - holding attitude of blenders, the high - sulfur fuel oil fundamentals are still slightly better than those of low - sulfur fuel oil. Fuel oil is expected to run with a moderately strong and volatile trend in the short term. The expected trading ranges are 2870 - 2920 for FU2601 and 3420 - 3450 for LU2511 [3]. Summary by Directory Daily Tips - The fundamentals of high - sulfur fuel oil have some demand from the shipping fuel market and refinery raw material needs, while the low - sulfur fuel oil market is troubled by sufficient inventory. The base - difference shows that the spot price is at a premium to the futures price. Singapore's fuel oil inventory increased by 120,000 barrels to 23.159 million barrels in the week of September 17. The price is above the 20 - day line with a flat 20 - day line. High - sulfur and low - sulfur main positions are both long - biased. The short - term outlook is a moderately strong and volatile run [3]. Multi - Short Concerns - **Likely Positive Factors**: Supply - side influenced by geopolitical risks and neutral demand. The high - sulfur fuel oil has some raw material demand, especially from China. The main positions are long - biased, and there is pre - holiday stocking and price - holding by blenders [3][4]. - **Likely Negative Factors**: The demand optimism remains to be verified, and the upstream crude oil prices are weak. The low - sulfur fuel oil market has sufficient inventory [3][4]. Fundamental Data - **Supply - Demand**: High - sulfur fuel oil has demand from the shipping fuel market and refinery raw material needs. Low - sulfur fuel oil has sufficient inventory, and it's difficult to release supply due to the market structure [3]. - **Base - Difference**: Singapore high - sulfur fuel oil has a base - difference of 38 yuan/ton, and low - sulfur fuel oil has a base - difference of 10 yuan/ton, with the spot price at a premium to the futures price [3]. Spread Data - The report does not provide specific spread data analysis, only showing a chart of high - and low - sulfur futures spreads [12]. Inventory Data - Singapore fuel oil inventory in the week of September 17 was 23.159 million barrels, an increase of 120,000 barrels. The report also shows historical inventory data from July 9 to September 17 [3][8].