Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View - Due to the implementation of the cease - fire agreement between Hamas and Israel, geopolitical concerns have weakened. With no new news on Russian sanctions and lack of geopolitical support, oil prices are expected to decline. Fuel oil is likely to follow, and considering the lack of improvement in shipping demand and weakening power generation demand, there is significant pressure in the future market. The expected operating range for FU2601 is 2770 - 2820, and for LU2511 is 3300 - 3360 [3]. Summary by Directory 1. Daily Prompt - The expected operating range for FU2601 is 2770 - 2820, and for LU2511 is 3300 - 3360. The market is affected by geopolitical factors, shipping and power generation demand [3]. 2. Multi - Short Focus - **Likely Positive Factors**: None mentioned. - **Likely Negative Factors**: Optimism on the demand side remains to be verified; there is a possibility of increased sanctions on Russia and an extension of Russia's fuel oil export restrictions. The market is driven by the resonance of supply affected by geopolitical risks and neutral demand [4]. 3. Fundamental Data - **Supply**: The inflow of component oils for blending low - sulfur fuel oil is increasing, and with the end of the peak power - consumption season in the Middle East, the inflow of high - sulfur fuel oil from this region will increase, keeping the Asian market well - supplied [3]. - **Demand**: High - sulfur fuel oil bunker demand remains stable, but overall shipping demand has not improved, and power generation demand has weakened [3]. - **Basis**: The basis for Singapore high - sulfur fuel oil is 58 yuan/ton, and for low - sulfur fuel oil is 0 yuan/ton, with the spot price at par with the futures price [3]. - **Inventory**: Singapore's fuel oil inventory in the week of September 24 was 2316.9 million barrels, an increase of 1 million barrels [3]. - **Market Trend**: Prices are above the 20 - day line, which is flat [3]. - **Main Positions**: High - sulfur main positions are long, with a reduction in long positions; low - sulfur main positions are short, with an increase in short positions [3]. 4. Spread Data - **Futures Price Changes**: The price of the FU main contract decreased from 2937 to 2870, a decrease of 67, or 2.28%. The price of the LU main contract decreased from 3482 to 3402, a decrease of 80, or 2.30%. The FU basis decreased from 117 to 97, a decrease of 20, or 16.80%. The LU basis decreased from 64 to 45, a decrease of 18, or 28.35% [5]. - **Spot Price Changes**: The price of Zhoushan high - sulfur fuel oil decreased from 482.00 to 481.00, a decrease of 1.00, or 0.21%. The price of Zhoushan low - sulfur fuel oil decreased from 500.00 to 498.00, a decrease of 2.00, or 0.40%. The price of Singapore high - sulfur fuel oil decreased from 395.17 to 393.22, a decrease of 1.95, or 0.49%. The price of Singapore low - sulfur fuel oil decreased from 463.34 to 458.78, a decrease of 4.56, or 0.98%. The price of Middle - East high - sulfur fuel oil decreased from 372.09 to 370.89, a decrease of 1.20, or 0.32%. The price of Singapore diesel increased from 635.97 to 642.13, an increase of 6.16, or 0.97% [6]. 5. Inventory Data - Singapore's fuel oil inventory on July 23 was 1990.9 million barrels, a decrease of 45 million barrels; on July 30, it was 2027.9 million barrels, an increase of 37 million barrels; on August 6, it was 2074.9 million barrels, an increase of 47 million barrels; on August 13, it was 2263.9 million barrels, an increase of 189 million barrels; on August 20, it was 2391.9 million barrels, an increase of 128 million barrels; on August 27, it was 2188.9 million barrels, a decrease of 203 million barrels; on September 3, it was 2330.9 million barrels, an increase of 142 million barrels; on September 10, it was 2303.9 million barrels, a decrease of 27 million barrels; on September 17, it was 2315.9 million barrels, an increase of 12 million barrels; on September 24, it was 2316.9 million barrels, an increase of 1 million barrels; on October 1, it was 2225.9 million barrels, a decrease of 91 million barrels [8].

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].

1. Report Industry Investment Rating - The report does not provide an explicit industry investment rating [1][2][3] 2. Core View of the Report - The Asian low - sulfur fuel oil market structure declined slightly, but the further decline is limited due to limited supply of qualified refined products in the next two weeks. The fuel oil is expected to run strongly overall, with FU2507 operating strongly in the range of 3000 - 3050 and LU2507 in the range of 3550 - 3600, influenced by the overnight sharp rise in crude oil and the subsequent decline in cargo arrivals [3] 3. Summary by Relevant Catalogs 3.1 Daily Prompt - The fuel oil market has different influencing factors. The cash premium of 0.5% sulfur marine fuel has been weak for four consecutive days, the Asian low - sulfur fuel oil market structure has declined slightly, and the decline is limited. The Singapore fuel oil inventory decreased by 362000 barrels to 22.019 million barrels in the week ending May 28. The high - sulfur main position has more long orders and an increase in longs, while the low - sulfur main position has short orders and a decrease in shorts. The overnight crude oil rose sharply due to geopolitical fluctuations, and the fuel oil is expected to run strongly [3] 3.2 Long and Short Concerns - **Likely Positive Factors**: OPEC+ additional production cuts are extended (but implementation needs to be tracked), and China's import quotas are released [4] - **Likely Negative Factors**: The optimism on the demand side remains to be verified, and there is a possibility of relaxation of sanctions on Russia [4] - **Market Drivers**: The supply - side production cuts need to be observed, and the demand is neutral [4] 3.3 Fundamental Data - **Fundamentals**: The cash premium of 0.5% sulfur marine fuel has been weak for four consecutive days, and the Asian low - sulfur fuel oil market structure has declined slightly, but the decline is limited due to limited supply in the next two weeks; neutral [3] - **Basis**: The basis of Singapore high - sulfur fuel oil is $428.39 per ton with a basis of 125 yuan per ton, and the basis of Singapore low - sulfur fuel oil is $495.5 per ton with a basis of 170 yuan per ton, with the spot at a premium to the futures; bullish [3] - **Inventory**: Singapore fuel oil inventory in the week ending May 28 was 22.019 million barrels, a decrease of 3.62 million barrels; bullish [3] - **Market Trend**: The price is above the 20 - day moving average, and the 20 - day moving average is flat; neutral [3] - **Main Position**: The high - sulfur main position has long orders and an increase in longs, bullish; the low - sulfur main position has short orders and a decrease in shorts, bearish [3] 3.4 Spread Data - The report does not provide a specific summary of spread data, but only presents the historical data chart of the high - low sulfur futures spread [13] 3.5 Inventory Data - Singapore fuel oil inventory data from March 19 to May 28 shows fluctuations, with a significant decrease in the week ending May 28. There are also charts of Singapore inventory seasonal trends and Zhoushan Port fuel oil inventory trends [8]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The supply of low - sulfur fuel oil may be quite tight before June due to the continuous closure of the east - west arbitrage window, while the downstream bunker fuel demand (especially at the terminal direct supply end) has limited support. The Asian high - sulfur fuel oil market structure has strengthened driven by the seasonal increase in power generation demand and strong buying in the downstream bunker fuel market [3]. - Overnight crude oil continued to decline, while fuel oil was slightly stronger than crude oil due to short - term fundamental support and showed obvious resistance to decline. It is expected to continue this performance today. FU2507 is expected to operate in the range of 2980 - 3040, and LU2507 in the range of 3585 - 3640 [3]. - The market is driven by the combination of the uncertain supply - side production cuts and neutral demand [4]. 3. Summary by Directory 3.1 Daily Prompt - Singapore fuel oil inventory on the week of May 14 was 24.909 billion barrels, an increase of 780 million barrels, which is bearish [3]. - The price of fuel oil is running near the 20 - day line, and the 20 - day line is flat, showing a neutral trend [3]. - High - sulfur main positions are long positions with a decrease in long positions, which is bullish; low - sulfur main positions are short positions with an increase in short positions, which is bearish [3]. - The basis of Singapore high - sulfur fuel oil is 159 yuan/ton, and that of Singapore low - sulfur fuel oil is 236 yuan/ton, with the spot at a premium to the futures, which is bullish [3]. 3.2 Multi - Short Concerns - **Likely Positives**: OPEC+ additional production cuts are extended, but implementation needs to be tracked; China's import quota is released [4]. - **Likely Negatives**: The reduction in supply needs further observation, and demand is neutral; there is a possibility of relaxation of sanctions on Russia [4]. 3.3 Fundamental Data - The price of Singapore high - sulfur fuel oil is 433.89 US dollars/ton, and the price of Singapore low - sulfur fuel oil is 526.5 US dollars/ton [3]. - The previous value of the FU main contract futures price was 3048, and the current value is 3026, a decrease of 22 or 0.72%. The previous value of the LU main contract futures price was 3617, and the current value is 3639, an increase of 22 or 0.61% [5]. - The previous value of the basis of FU was 166, and the current value is 159, a decrease of 8 or 4.64%. The previous value of the basis of LU was 212, and the current value is 236, an increase of 24 or 11.41% [5]. - The previous value of the price of Zhoushan high - sulfur fuel oil was 519.00 US dollars/ton, and the current value is 508.00 US dollars/ton, a decrease of 11.00 or 2.12%. The previous value of the price of Zhoushan low - sulfur fuel oil was 520.00 US dollars/ton, and the current value is 510.00 US dollars/ton, a decrease of 10.00 or 1.92% [6]. 3.4 Inventory Data - Singapore fuel oil inventory on February 26 was 27.969 billion barrels, a decrease of 200 million barrels; on March 5, it was 28.319 billion barrels, an increase of 350 million barrels; on March 12, it was 28.309 billion barrels, a decrease of 100 million barrels; on March 19, it was 28.549 billion barrels, an increase of 240 million barrels; on March 26, it was 28.019 billion barrels, a decrease of 530 million barrels; on April 2, it was 26.669 billion barrels, a decrease of 1.35 billion barrels; on April 9, it was 27.109 billion barrels, an increase of 440 million barrels; on April 16, it was 25.989 billion barrels, a decrease of 1.12 billion barrels; on April 23, it was 25.989 billion barrels, with no change; on April 30, it was 23.729 billion barrels, a decrease of 2.26 billion barrels; on May 7, it was 24.129 billion barrels, an increase of 400 million barrels [8]. 3.5 Spread Data No specific analysis of spread data is provided, only a graph of the high - low sulfur futures spread is shown [12].