交易咨询业务资格：证监许可【2012】1091号 2026-03-25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。 利空： 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：据贸易消息人士称，市场情绪仍集中在供应偏紧上，预计供应偏紧情况至少将持续到4月份，高硫燃料油和 低硫燃料油市场均是如此；一位驻新加坡的贸易商表示，过去几天，高硫燃料油市场获得一些来自西方的套利船货，与 低硫燃料油相比，整体供应状况相对较好，但非制裁来源的供应仍然相对有限；中性 2、基差：新加坡高硫燃料油835.37美元/吨，基差为208元/吨，新加坡低硫燃料油为852.72美元/吨，基差为659元/吨， 现货升水期货；偏多 3、库存：新加坡燃料油3月18日当周库存为2486.9万桶，增加3 ...

1. Report Industry Investment Ratings - Crude oil: ☆☆☆ [1] - Fuel oil: ★☆★ [1] - Low-sulfur fuel oil: ★☆☆ [1] - Asphalt: ☆☆ [1] 2. Core Views - The crude oil price rebounded significantly, but the long - term supply - demand relaxation suppresses the upward space of oil prices [1] - The fuel oil market is expected to follow the crude oil and continue to fluctuate strongly, with the pattern of differentiation between high - and low - sulfur fundamentals continuing [2] - The asphalt showed a strong performance, with cost - side multiple boosts [3] 3. Summary by Related Catalogs Crude Oil - Brent crude rose to nearly $67 per barrel, and WTI to nearly $63 per barrel [1] - Winter storms caused the US energy infrastructure and power grid to be under pressure, and oil producers lost up to 2 million barrels per day of production last weekend, accounting for about 15% of the national output [1] - The Tengiz oilfield could not recover less than half of its normal production by February 7, and its recovery has been falling short of expectations [1] - API inventory data showed a draw in crude oil, which was bullish [1] - The continuous weakening of the US dollar index also boosted the oil price [1] - The global crude oil market in January 2026 has significant inventory pressure, and the supply - demand relaxation is a long - term factor suppressing the upward space of oil prices [1] Fuel Oil & Low - Sulfur Fuel Oil - High - sulfur fuel oil continued to strengthen structurally, with the spot premium widening, due to port congestion in Singapore and geopolitical tensions in the Middle East [2] - For low - sulfur fuel oil, the cold wave pushed up the natural gas price, and the strengthening of diesel cracking supported the low - sulfur cracking spread [2] - In the medium term, the supply of low - sulfur fuel oil is expected to show a slight growth trend, with increased exports from Kuwait and a postponed return of the RFCC unit of Nigeria's Dangote refinery [2] Asphalt - The asphalt main contract rose nearly 4%, with limited supply pressure as some refineries in Shandong stopped production and major refineries in the South maintained normal production [3] - The shipment volume of 54 sample enterprises increased by 15% month - on - month, and downstream consumption improved [3] - Since January, the shipment of Venezuelan oil to China has decreased significantly, and refineries may face higher costs of alternative raw materials in the later first quarter [3] - The cost - side boosts made the asphalt perform strongly [3]