1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The prices of fuel oil and low - sulfur fuel oil have recently shown large fluctuations, with the price trend reversing frequently. For high - sulfur fuel oil, Saudi Arabia and Iraq's exports remain high, Venezuelan heavy oil is gradually resuming supply to the US Gulf, and the geopolitical conflict in Iran has subsided. However, Russian high - sulfur exports are showing a downward trend, providing some support to the downside. For low - sulfur fuel oil, although the Al Zour refinery will gradually resume production and Japan's exports are increasing, there are still positive factors. Some Brazilian exports are decreasing, the Dangote refinery's maintenance will end in January, and European refineries are expected to process more heavy components, limiting low - sulfur exports. In the short term, the low - sulfur market has a bottom support and is unlikely to weaken significantly [4]. - The valuation range for FU is 2400 - 2590, and for LU is 2900 - 3150 [4]. - Strategies include: 1) For single - side trading, fuel oil prices are in a high - volatility environment in the short term, and the price direction is unclear. 2) For inter - period trading, the month - spread structures of FU and LU have returned to backwardation, and may return to contango after the geopolitical issues cool down. 3) For inter - variety trading, the crack spreads of FU and LU have reached short - term lows, and the LU - FU spread will enter a short - term oscillation [4]. 3. Summary According to the Table of Contents 3.1 Supply - The report presents data on the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries), global refinery maintenance (including hydrocracking, FCC, coking, and CDU units), and domestic refinery fuel oil production and commercial volume [6][10][17]. 3.2 Demand It shows domestic and international fuel oil demand data, such as the sales volume of fuel oil for ship supply in Singapore, the apparent consumption of fuel oil in China, and the actual consumption of marine fuel oil in China [23][24][26]. 3.3 Inventory The report provides data on global fuel oil spot inventories, including heavy oil inventories in Singapore, heavy distillate inventories in Fujairah, fuel oil inventories in European ARA, and residual fuel oil inventories in the US [28]. 3.4 Price and Spread - **Regional Spot FOB Prices**: It includes spot FOB prices in the Asia - Pacific region (Singapore and Fujairah for 3.5% and 0.5% fuel oil), European region (North - West Europe for 3.5% and 1% fuel oil), and the US (US Gulf and New York Harbor for high - sulfur and low - sulfur fuel oil) [32][35][36]. - **Paper and Derivative Prices**: It shows prices of various fuel oil swaps, such as Singapore 380 bunker swaps, North - West Europe high - sulfur and low - sulfur swaps, and Singapore low - sulfur fuel oil swaps [37][38]. - **Fuel Oil Spot Spreads**: It presents the high - low sulfur spread and viscosity spread in Singapore [44]. - **Global Fuel Oil Crack Spreads**: It includes crack spreads in Singapore (high - sulfur and low - sulfur) and North - West Europe (3.5% and 1%) [47][49][51]. - **Global Fuel Oil Paper Month Spreads**: It shows month spreads in Singapore and North - West Europe for high - sulfur and low - sulfur fuel oil [57][58][59]. 3.5 Import and Export - **Domestic Fuel Oil Import and Export Data**: It shows the import and export quantities of fuel oil (excluding biodiesel) in China [62][64]. - **Global High - Sulfur Fuel Oil Import and Export Data**: It presents the weekly changes in global high - sulfur fuel oil import and export quantities by region [65]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in global low - sulfur fuel oil import and export quantities by region [67]. 3.6 Futures Market Indicators and Internal - External Spreads - The prices of fuel oil in the Asia - Pacific region have fluctuated greatly this week, and the Zhoushan market has followed the same trend. The impact of geopolitical issues on the spot price of the outer market has gradually diminished, and the spread between domestic futures prices and overseas spot prices has gradually been repaired as the number of warehouse receipts decreases. In the short term, as the geopolitical events cool down and the number of warehouse receipts of FU and LU decreases, the spreads between FU, LU and the Singapore market are expected to increase [70]. - The report also provides data on spot and futures internal - external spreads, including 380 spot, 0.5% spot, FU main contract, FU continuous - one, LU continuous, LU continuous - one, and LU continuous - two against the Singapore market [71]. 3.7 FU and LU Position and Volume Changes The report shows the trading volume and open interest data of fuel oil main contract, low - sulfur fuel oil continuous, and their corresponding first - month contracts [84][91][95]. 3.8 FU and LU Warehouse Receipt Quantity Changes The report presents the quantity change data of FU and LU warehouse receipts [97][98].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - This week, the prices of fuel oil and low - sulfur fuel oil continued to decline and reached the lowest point of the year. For high - sulfur fuel oil, the impact of the decline in Russian exports still exists, but most refineries plan to end maintenance at the end of October. If the operating rate of Russian refineries recovers, the high - sulfur market may face negative factors. Meanwhile, the crude oil import quotas of domestic local refineries are gradually being consumed, and some small and medium - sized refineries may increase fuel oil imports in the future, which needs continuous attention. For low - sulfur fuel oil, the external market has shown little fluctuation recently. Although the number of domestic LU warehouse receipts is gradually decreasing, the opening of the internal - external price difference will continue to attract foreign spot goods for delivery, which will significantly suppress the near - month valuation, and the monthly spread will remain weak in the near future [4]. - Valuation: FU is valued at 2650 - 2800, and LU is valued at 3050 - 3350 [4]. - Strategies: 1) Unilateral: FU and LU have entered a low - price range, and the short - term downward space is relatively limited. 2) Inter - period: There is a probability that the LU monthly spread will continue to decline. 3) Inter - variety: The FU crack spread fluctuates at a high level; the LU - FU price difference may still shrink slightly in the short term [4]. 3. Summary According to the Table of Contents Supply - Multiple charts show the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries), the maintenance volume of global CDU, hydrocracking, FCC, and coking units, as well as the production and commercial volume of domestic refinery fuel oil over different years [6][10][20]. Demand - Charts present the demand data of fuel oil at home and abroad, including the actual consumption of marine fuel oil in China, the sales volume of fuel oil in Singapore, and the apparent consumption of fuel oil in China over different years [23]. Inventory - Charts show the global fuel oil spot inventory, including the heavy oil inventory in Singapore, the fuel oil inventory in European ARA, the heavy distillate inventory in Fujairah, and the residual fuel oil inventory in the US over different years [26][28][29]. Price and Spread - **Regional Spot FOB Prices**: Include the FOB prices of fuel oil in the Asia - Pacific region (such as in Singapore and Fujairah), the European region (such as in Northwest Europe and the Mediterranean), and the US region (such as in the US Gulf and New York Harbor) over different years [34][36][43]. - **Paper and Derivative Prices**: Show the prices of high - sulfur and low - sulfur swaps in Northwest Europe and Singapore, as well as the prices of fuel oil futures contracts such as FU and LU over different years [46][47]. - **Fuel Oil Spot Spread**: Include the high - low sulfur spread and viscosity spread in Singapore [56][57]. - **Global Fuel Oil Crack Spread**: Present the crack spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe [60][62]. - **Global Fuel Oil Paper Monthly Spread**: Show the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe [64]. Import and Export - **Domestic Fuel Oil Import and Export Data**: Charts show the import and export quantities of fuel oil (excluding biodiesel) in China over different years [69][71]. - **Global High - Sulfur Fuel Oil Import and Export Data**: Present the weekly changes in the import and export quantities of global high - sulfur fuel oil in different regions [73]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: Show the weekly changes in the import and export quantities of global low - sulfur fuel oil in different regions [75]. Futures Market Indicators and Internal - External Price Difference - **Internal - External Price Difference in the Spot Market**: Include the internal - external price differences of 380 - grade and 0.5% fuel oil, as well as the internal - external price differences between LU and Singapore [82][83][85]. - **Internal - External Price Difference in the Futures Market**: Include the internal - external price differences between FU and Singapore (such as FU main contract, FU continuous contract 1) and between LU and Singapore (such as LU continuous contract, LU continuous contract 1, LU continuous contract 2) [86][87]. - **Changes in the Positions and Trading Volumes of FU and LU**: Show the trading volumes and positions of fuel oil main contract, continuous contract 1, low - sulfur fuel oil continuous contract, and continuous contract 1 over different years [90][92][95]. - **Changes in the Warehouse Receipt Quantities of FU and LU**: Present the changes in the warehouse receipt quantities of fu and lu over different years [102][103].