Report Industry Investment Rating - Not provided Core Viewpoints - The downstream marine fuel demand showed seasonal strength before the Spring Festival holiday, but the marine fuel bunkering activities were mostly sluggish during the holiday. After the holiday, the downstream marine fuel bunkering activities will gradually regain momentum. Affected by the holiday, the sales volume of marine fuels in Singapore in February will decline significantly [3]. - The spot prices of Singapore high - sulfur and low - sulfur fuel oils are at par with the futures prices [3]. - Singapore's fuel oil inventory in the week of February 25 was 23.879 million barrels, a decrease of 2.77 million barrels, which is favorable [3]. - The price is above the 20 - day line, and the 20 - day line is upward, which is favorable [3]. - The main positions of high - sulfur and low - sulfur fuel oils are short positions. The short positions of high - sulfur are decreasing and low - sulfur are increasing, which is unfavorable [3]. - Overnight, the oil price fluctuated greatly around the Iran - US negotiation process, and fuel oil fluctuated sharply with crude oil. After the Spring Festival holiday, the Asian low - sulfur fuel oil market strengthened, while the Asian high - sulfur fuel oil market continued to be under pressure due to sufficient supply in Singapore recently. Overall, it fluctuates with crude oil. FU2605 is expected to operate in the range of 2900 - 2950, and LU2605 in the range of 3420 - 3470 [3]. - The market is driven by the resonance of supply affected by geopolitical risks and neutral demand [4]. Summary by Directory 1. Daily Tips - The previous price of the FU main contract futures was 2934, the current price is 2989, with a rise of 55 and an increase rate of 1.87%. The previous price of the LU main contract futures was 3464, the current price is 3465, with a rise of 1 and an increase rate of 0.03%. The previous FU basis was 18, the current is - 1, with a decrease of 18.55 and a decrease rate of - 102.78%. The previous LU basis was 29, the current is - 2, with a decrease of 31 and a decrease rate of - 106% [5]. - The previous price of Zhoushan high - sulfur fuel oil was 500.00, the current price is 505.00, with a rise of 5.00 and an increase rate of 1.00%. The previous price of Zhoushan low - sulfur fuel oil was 505.00, the current price is 514.00, with a rise of 9.00 and an increase rate of 1.78%. The previous price of Singapore high - sulfur fuel oil was 419.99, the current price is 424.38, with a rise of 4.39 and an increase rate of 1.05%. The previous price of Singapore low - sulfur fuel oil was 493.50, the current price is 493.33, with a decrease of 0.17 and a decrease rate of - 0.03%. The previous price of Middle - East high - sulfur fuel oil was 388.86, the current price is 393.17, with a rise of 4.31 and an increase rate of 1.11%. The previous price of Singapore diesel was 671.50, the current price is 670.12, with a decrease of 1.38 and a decrease rate of - 0.21% [6]. 2. Multi - Short Concerns - Bullish factors include the turmoil in Iran and the issuance of China's import quotas. Bearish factors include the unproven optimistic demand and the pressure on upstream crude oil [4]. 3. Fundamental Data - The fundamentals of fuel oil are affected by seasonal demand, and the sales volume in February will decline significantly due to the Spring Festival holiday. The basis shows that the spot is at par with the futures. The inventory decrease is favorable, the price trend is favorable, but the main positions being short are unfavorable [3]. 5. Spread Data - A chart of the high - low sulfur futures spread is provided, but specific data is not further elaborated [10]. Inventory Data - Singapore's fuel oil inventory on December 17, 2025, was 22.559 million barrels, with an increase of 0.14 million barrels; on December 24, 2025, it was 21.789 million barrels, with a decrease of 0.77 million barrels; on December 31, 2025, it was 22.659 million barrels, with an increase of 0.87 million barrels; on January 7, 2026, it was 22.709 million barrels, with an increase of 0.05 million barrels; on January 14, 2026, it was 22.909 million barrels, with an increase of 0.2 million barrels; on January 21, 2026, it was 23.529 million barrels, with an increase of 0.62 million barrels; on January 28, 2026, it was 24.579 million barrels, with an increase of 1.05 million barrels; on February 4, 2026, it was 25.529 million barrels, with an increase of 0.95 million barrels; on February 11, 2026, it was 26.379 million barrels, with an increase of 0.85 million barrels; on February 18, 2026, it was 26.649 million barrels, with an increase of 0.27 million barrels; on February 25, 2026, it was 23.879 million barrels, with a decrease of 2.77 million barrels [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall oil price will continue to fluctuate weakly in the short - term, and attention should be paid to the latest developments of the OPEC meeting [1]. - The fuel oil market will fluctuate. The Asian high - sulfur market will remain firm in the short - term, but the demand for high - sulfur raw materials from refineries is still suppressed. The previous positions of the LU - FU spread can be gradually closed for profit [3]. - The asphalt market will fluctuate. The upward space of asphalt is limited, and there is a risk of inventory accumulation. A strategy of shorting the far - month cracking spread can be considered [3][5]. - The polyester market will fluctuate. The PX price and PXN have support at the bottom, and attention should be paid to the supply pressure relief brought by the increase in PX restart. The short - term PTA basis is strongly volatile, and the ethylene glycol price can be considered to be in a strong - oscillating trend [5][7]. - The rubber market will fluctuate. The rubber price shows a weakly - oscillating trend, and the butadiene rubber price is under pressure [7]. - The methanol market will fluctuate. The methanol price is expected to maintain an oscillating trend [8]. - The polyolefin market will fluctuate. The polyolefin is expected to maintain an oscillating trend, but there is still pressure on the valuation [8]. - The PVC market will fluctuate weakly. As the devices gradually resume production, the PVC price is expected to fluctuate weakly [9]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, the oil price center declined. OPEC + may agree to further accelerate oil production increases. The US - Iran nuclear negotiation has no obvious progress, and the market's concern about supply has eased. The short - term oil price will continue to fluctuate weakly [1]. - **Fuel Oil**: On Tuesday, the main fuel oil contracts showed different trends. The Singapore marine fuel sales in April had a certain change. In May, the sales are expected to rise steadily. The Asian high - sulfur market is strong in the short - term, but the refinery's demand for high - sulfur raw materials is restricted [3]. - **Asphalt**: On Tuesday, the main asphalt contract rose slightly. The domestic asphalt production in June is expected to decline slightly month - on - month and increase year - on - year. The short - term supply pressure of refineries is limited, but the demand may be lower than expected [3]. - **Polyester**: On Tuesday, the polyester - related contracts had different price changes. Multiple PX devices have plans for load increase or restart. The polyester start - up rate is high, and the PX price and PXN have support at the bottom [5]. - **Rubber**: On Tuesday, the rubber - related contracts rose. The Sino - Thai zero - tariff negotiation has not reached a final result, the supply - side raw material price has fallen, and the butadiene rubber price is under pressure [7]. - **Methanol**: On Tuesday, the methanol - related prices are given. The domestic methanol supply has decreased due to increased device maintenance, but it is still at a high level in the past 5 years. The methanol price is expected to oscillate [8]. - **Polyolefin**: On Tuesday, the polyolefin - related prices and profits are provided. The upstream maintenance is high, the supply pressure is not large, and the downstream inventory is decreasing. The polyolefin is expected to oscillate [8]. - **Polyvinyl Chloride**: On Tuesday, the PVC market prices in different regions decreased. The supply is expected to increase as the maintenance devices resume, and the demand is relatively stable. The PVC price is expected to fluctuate weakly [9]. 3.2 Daily Data Monitoring - The report provides the spot price, futures price, basis, basis rate, and their changes of various energy - chemical varieties on May 27 and May 26, 2025, as well as the historical data of basis rate changes and other information [10]. 3.3 Market News - A preliminary survey shows that the US crude oil, distillate, and gasoline inventories may increase last week [12]. - Norway's oil and gas industry investment will reach a record high this year, with an estimated total investment of $26.6 billion, a 6% increase from the previous quarter's forecast [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, etc. [14][15][18] - **4.2 Main Contract Basis**: It shows the basis charts of main contracts of various energy - chemical varieties from 2021 to 2025, such as crude oil, fuel oil, etc. [31][36][43] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of different contracts of various energy - chemical varieties, including fuel oil, asphalt, etc. [46][48][54] - **4.4 Inter - variety Spreads**: It presents the spread charts of different varieties of energy - chemical products, such as crude oil internal and external markets, fuel oil high - low sulfur, etc. [61][63][65] - **4.5 Production Profits**: The report shows the production profit charts of some energy - chemical products, such as ethylene - based ethylene glycol, PP, etc. [70]