Report Industry Investment Rating - Not provided Core Viewpoints - The supply of fuel oil from the Middle East is restricted due to the blockade of the Strait of Hormuz, increasing concerns about supply disruptions. The market structure of high - sulfur and low - sulfur fuel oil in Asia has strengthened, and the spot price difference has reached a high point. Terminal marine fuel demand is strong, and buyers are stocking up before short - term price increases. The market is in a state of supply shortage [3]. - The Middle East situation has deteriorated, some oil - producing countries have started passive production cuts, market sentiment is high, and enterprises are hoarding. It is expected that high - sulfur and low - sulfur fuel oil will hit the daily limit today. The FU2605 is expected to operate in the range of 4500 - 4549, and the LU2605 in the range of 5000 - 5032 [3]. Summary by Directory 1. Daily Prompt - The price of the FU main contract futures decreased by 20 to 3888, a decrease of 0.51%. The price of the LU main contract futures increased by 84 to 4376, an increase of 1.96%. The FU basis increased by 229.94 to 578, an increase of 65.98%. The LU basis increased by 355 to 700, an increase of 103% [5]. - The price of Zhoushan high - sulfur fuel oil increased by 125 to 790, an increase of 18.80%. The price of Zhoushan low - sulfur fuel oil increased by 150 to 850, an increase of 21.43%. The price of Singapore high - sulfur fuel oil increased by 52.46 to 646.6, an increase of 8.83%. The price of Singapore low - sulfur fuel oil increased by 77.33 to 738.83, an increase of 11.69%. The price of Middle East high - sulfur fuel oil increased by 55.39 to 548.92, an increase of 11.22%. The price of Singapore diesel increased by 58.51 to 1110.92, an increase of 5.56% [6]. 2. Multi - empty Concerns - **Likely to rise**: Iran's situation is turbulent, and China's import quota has been issued [4]. - **Likely to fall**: The optimism of the demand side remains to be verified, and the upstream crude oil is under pressure [4]. - **Market driver**: The supply side is affected by geopolitical risks, and the demand is neutral [4]. 3. Fundamental Data - **Fundamentals**: The blockade of the Strait of Hormuz restricts fuel oil supply from the Middle East, strengthening the market structure of high - sulfur and low - sulfur fuel oil in Asia and pushing the spot price difference to a high point. Terminal marine fuel demand is strong, and the market is in a state of supply shortage [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is 578 yuan/ton, and that of Singapore low - sulfur fuel oil is 700 yuan/ton. The spot price is higher than the futures price [3]. - **Inventory**: On March 4, 2026, the inventory of Singapore fuel oil was 2574.9 million barrels, an increase of 187 million barrels [3][7]. - **Disk surface**: The price is above the 20 - day line, and the 20 - day line is trending upward [3]. - **Main positions**: The main positions of high - sulfur fuel oil are short positions, with a decrease in short positions. The main positions of low - sulfur fuel oil are short positions, changing from long to short [3]. 5. Spread Data - A graph of the high - low sulfur futures spread is provided, but specific numerical analysis is not given [9]. Inventory Data - A table shows the inventory and its changes of Singapore fuel oil from December 24, 2025, to March 4, 2026 [7].