1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Despite an increase in imports at the Singapore port, the commercial inventory of heavy fuel oil in Singapore has dropped to a two - week low. Due to reduced arbitrage economics and the tense Middle East situation, the fuel oil inventory in Singapore is expected to further decline in March and April [3]. - The basis shows that the spot price is at a premium to the futures price, which is a positive factor. The market structure of Asian high - and low - sulfur fuel oil has weakened after reaching a milestone high since the Middle East war, but supply shortages will support spot premiums and refining profits in the short term. The deteriorating Middle East situation over the weekend will support oil prices, and fuel oil is strongly supported. FU2605 is expected to run strongly in the range of 4800 - 5100, and LU2605 in the range of 5700 - 5900 [3]. 3. Summary According to the Directory 3.1 Daily Hints - The price of the FU main contract futures decreased from 4969 to 4774, a decrease of 195 or 3.92%. The price of the LU main contract futures decreased from 6097 to 5777, a decrease of 320 or 5.25%. The FU basis decreased from 451 to 414, a decrease of 37.17 or 8.24%. The LU basis decreased from 1108 to 902, a decrease of 206 or 19% [5]. - The price of Zhoushan high - sulfur fuel decreased from 1053.00 to 979.00, a decrease of 74.00 or 7.03%. The price of Zhoushan low - sulfur fuel decreased from 1050.00 to 990.00, a decrease of 60.00 or 5.71%. The price of Singapore high - sulfur fuel decreased from 781.66 to 736.63, a decrease of 45.03 or 5.76%. The price of Singapore low - sulfur fuel decreased from 1045.50 to 928.29, a decrease of 117.21 or 11.21%. The price of Middle - East high - sulfur fuel decreased from 708.42 to 663.53, a decrease of 44.89 or 6.34%. The price of Singapore diesel increased from 1442.03 to 1627.77, an increase of 185.75 or 12.88% [6]. 3.2 Long and Short Concerns - Bullish factors: The tense Middle East situation and poor channel traffic [4]. - Bearish factors: The Trump administration's TACO situation and the pressure on upstream crude oil [4]. - Market drivers: The supply side is affected by geopolitical risks, and demand is neutral [4]. 3.3 Fundamental Data - Fundamentals: The commercial inventory of heavy fuel oil in Singapore has decreased, and the inventory is expected to further decline in March and April. The basis shows that the spot price is at a premium to the futures price. The price is above the 20 - day line, and the 20 - day line is upward. The high - sulfur main position is short, with short positions decreasing; the low - sulfur main position is long, with long positions decreasing [3]. 3.4 Spread Data - A chart of the high - and low - sulfur futures spread (FU - LU) is provided, with values ranging from - 3000 to 0 [9]. 3.5 Inventory Data - The Singapore fuel oil inventory on March 18, 2026, was 2486.9 million barrels, an increase of 37 million barrels [3][7].

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].