Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Short - term fuel oil exports and production are expected to be continuously disturbed by geopolitical and macro - strategic factors, and the unilateral fluctuations of fuel oil will intensify. Geopolitical factors are the main bullish drivers. High - sulfur fuel oil shows a weak fundamental situation of stable supply and weak demand in the first quarter, while low - sulfur fuel oil has a significant increase in near - end supply exports [7]. Group 3: Summary by Directory First Part: Related Data - **Futures Prices and Changes**: On January 26, 2026, the FU main contract price was 2791, up 148 from the previous day; the LU main contract price was 3206, up 90 from the previous day [3]. - **Futures Positions and Changes**: The FU main contract position was 226,000 lots, up 39,000 lots from the previous day; the LU main contract position was 122,000 lots, up 7,000 lots from the previous day [3]. - **Warehouse Receipts and Changes**: The FU warehouse receipts were 66,550 tons, unchanged from the previous day; the LU warehouse receipts were 6,530, down 4,950 from the previous day [3]. - **Spreads and Changes**: The FU5 - 9 spread was 99, up 38 from the previous day; the LU3 - 4 spread was 6, up 5 from the previous day; the LU - FU main contract spread was 415, down 58 from the previous day; the FU05 - outer - market 04 spread was 15.6, up 1.8 from the previous day; the LU03 - outer - market 02 spread was 16.4, up 0.6 from the previous day [3]. Second Part: Market Research and Judgment - **Market Overview**: In the Singapore paper - cargo market, the high - sulfur Feb/Mar month - spread rose 1.50 to 11.75 US dollars/ton, and the low - sulfur Feb/Mar month - spread rose 0.25 to 2.00 US dollars/ton [5]. - **Important Information**: Venezuela's interim president Delcy Rodriguez said on Monday that the country expects to invest about 1.4 billion US dollars in government - promoted oil production - sharing contract projects this year, compared with about 900 million US dollars last year [6]. - **Market Judgment**: High - sulfur fuel oil has high - price transactions in the Singapore spot window, and the high - sulfur spot discount has risen rapidly recently. The high - sulfur fuel oil cracking is at a neutral and seasonal low level in the same period, reflecting the weak fundamental situation of stable supply and weak demand in the first quarter. The near - end Singapore fuel oil inventory is still high, and the logistics of exports from major supply regions is stable in the short term. Geopolitical factors are the main bullish drivers. The near - end supply and export of low - sulfur fuel oil have increased significantly. The gasoline unit of the Dangote refinery has a delayed return from maintenance, and the low - sulfur supply remains at a high level during this period. The Kuwaiti Al - Zour refinery has fully resumed production after a long - term unplanned shutdown, and its low - sulfur exports in January reached a record high, and the exports to the pan - Singapore area also reached a new high. South Sudan has taken over the main security control of the Heglig oilfield, and the energy supply is expected to gradually recover. A new low - sulfur crude oil tender for February has been issued [7]. Third Part: Related Attached Figures - The report includes figures such as Singapore high - sulfur cracking, Singapore low - sulfur cracking, Singapore gasoline cracking, Singapore 10ppm diesel cracking, high - low sulfur spread, and LSFO - GO, with data sources from Galaxy Futures and Reuters [10][14][16].