地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/2/12 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 1.53%报 5107.80 美元/盎司， COMEX 白银期货涨 4.60%报 84.08 美元/盎司。 2. 美油主力合约收涨 1.45%，报 64.89 美元/桶；布油主力合约涨 1.15%，报 6 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The latest price data in January 2026 in China shows a mild recovery at a low level with structural differentiation, while the non - farm data in the US in January greatly exceeded expectations, leading to an adjustment of the market's expectations for the Fed's interest rate cuts. Domestic price repair depends on the optimization of "new supply" and the unblocking of the transmission chain in the middle and lower reaches. The economic opportunities from the visit and domestic growth - stabilizing policies may lead to a valuation repair of pro - cyclical sectors [2]. - In the short term, for the RMB exchange rate, pre - holiday seasonal settlement demand may support the RMB's appreciation, but after the holiday, its endogenous appreciation power may decline, and its linkage with the US dollar index may increase [3]. - For the stock index, the Fed's interest rate cut rhythm may be postponed, putting pressure on the stock index before the holiday. After the holiday, there may be opportunities for the IC contract [7]. - For the bond market, it is recommended to be cautious before the holiday, with a small amount of medium - term long positions in T2606 and to exit the March contract at high prices [8]. - For the container shipping European line, the market is in a small - scale shock, and funds are cautious. The spot price decline has slowed down, but there are still uncertainties in the market [11][12]. - For new energy products, the spot market for lithium carbonate is trading lightly, and it is recommended to sell volatility strategies before the holiday. For industrial silicon and polysilicon, due to high inventory, it is recommended to hold a light position or be empty before the holiday [15][17]. - For non - ferrous metals, aluminum, alumina, and cast aluminum alloy may be in a shock adjustment. Copper may be weak in its rebound, zinc may be in a shock, nickel - stainless steel may be affected by quota disturbances, tin may be adjusted in a wide - range shock, and lead may fluctuate weakly [20][26][28]. - For oilseeds and fats, for oilseeds, there are few unilateral opportunities, and it is recommended to pay attention to reverse arbitrage opportunities. For fats, the domestic market has limited driving forces and is expected to be in a shock before the holiday [31][33]. - For energy and oil and gas, for fuel oil and low - sulfur fuel oil, due to geopolitical uncertainties, it is recommended to control positions before the holiday. For asphalt, its price may follow the cost - end crude oil, and there may be a decline after the holiday [35][37][39]. - For precious metals, for platinum and palladium, the long - term bull market foundation still exists, and it is recommended to buy in steps at low prices and control positions. For gold and silver, the long - term upward trend remains, and it is recommended to reduce or empty positions before the holiday [43][45]. - For chemical products, for pulp and offset paper, it is recommended to conduct range trading. For pure benzene - styrene, pay attention to cost - end fluctuations. For LPG, pay attention to geopolitical uncertainties. For PTA - PX, it is advisable to buy at low prices. For MEG - bottle chips, it is expected to fluctuate in a wide range. For methanol, it is recommended to be empty before the holiday. For plastics and PP, the short - term driving force is limited, and it is expected to be in a shock before the holiday. For rubber, it is recommended to hold a light position before the long holiday, and it is expected to be in a range - bound shock. For urea, it is recommended to be empty before the holiday. For glass and soda ash, it is recommended to wait and see before the holiday. For propylene, pay attention to cost and risk [51][54][57][62][65][67][69][80][82][83][86]. - For black products, for rebar and hot - rolled coils, the price may be in a weak shock. For iron ore, it is advisable to wait and see cautiously before the holiday. For coking coal and coke, pay attention to the resumption rhythm after the holiday. For ferrosilicon and ferromanganese, they are in a bottom - shock state [88][91][94][95]. - For agricultural and soft commodities, for live pigs, it is recommended to go long on the 05 contract. For cotton, it is expected to be in a shock in the short term. For sugar, the upward space is limited. For eggs, the main contract is expected to decline in a shock. For rubber, it is recommended to hold a light position before the long holiday and is expected to be in a range - bound shock. For apples, the short - term demand weakens, but the decline space is limited. For red dates, the short - term price may be in a low - level shock, and the long - term price is under pressure. For logs, it is recommended to wait and see [99][100][103][104][111][113][114][116]. 3. Summaries According to Relevant Catalogs Financial Futures - **Macro**: China's CPI and PPI data in January 2026 showed a mild recovery at a low level. The US non - farm data in January was strong, affecting the market's expectations for the Fed's interest rate cuts. Indonesia plans to cut the output of the world's largest nickel mine by 70%, and the US Congressional Budget Office expects the 2026 deficit to be $1.9 trillion [1]. - **RMB Exchange Rate**: The US non - farm report in January was strong, delaying the market's expectations for the Fed's first interest rate cut. The RMB exchange rate was under the central bank's regulation and maintained a mild appreciation. Pre - holiday seasonal settlement demand may support the RMB's appreciation, but after the holiday, its endogenous appreciation power may decline [3]. - **Stock Index**: The Fed's interest rate cut rhythm may be postponed, putting pressure on the stock index before the holiday. After the holiday, there may be opportunities for the IC contract [7]. - **Treasury Bond**: It is recommended to be cautious before the holiday, with a small amount of medium - term long positions in T2606 and to exit the March contract at high prices [8]. - **Container Shipping European Line**: The market is in a small - scale shock, and funds are cautious. The spot price decline has slowed down, but there are still uncertainties in the market [11][12]. Commodities New Energy - **Lithium Carbonate**: The spot market is trading lightly. The downstream pre - holiday stocking is basically over, and the supply - demand pattern has not changed significantly. It is recommended to sell volatility strategies before the holiday [15]. - **Industrial Silicon and Polysilicon**: The market is in a wide - range shock. Due to high inventory, it is recommended to hold a light position or be empty before the holiday [16][17]. Non - Ferrous Metals - **Aluminum Industry Chain**: The non - farm data in the US was better than expected, reducing the probability of interest rate cuts. The fundamentals of aluminum have not changed much, and it may be in a shock adjustment. Alumina is expected to be weak in the long - term, and cast aluminum alloy may follow aluminum [20]. - **Copper**: The probability of a March interest rate cut has decreased, and the copper price's rebound is weak. It is recommended to hold a light position or wait and see before the holiday [20][23]. - **Zinc**: It follows the sector's adjustment, and the non - farm data suppresses the price. It is expected to be in a wide - range shock [26]. - **Nickel - Stainless Steel**: It is affected by quota disturbances. The market is in a supply - demand double - weak situation, and it is necessary to pay attention to the risk of capital withdrawal before the holiday [27][28]. - **Tin**: Its price is mainly driven by the macro situation and is expected to be in a wide - range shock adjustment [29][30]. - **Lead**: It follows the sector's fluctuation and is expected to be in a weak shock [30]. Oilseeds and Fats - **Oilseeds**: The external market of US soybeans is strong in the short - term, and the domestic soybean meal may rebound in the short - term but may be restricted by new supplies in the long - term. There are few unilateral opportunities, and it is recommended to pay attention to reverse arbitrage opportunities [31]. - **Fats**: The domestic market has limited driving forces. The palm oil market needs to observe the de - stocking process, the soybean oil has support from policies, and the rapeseed oil supply is loose. It is expected to be in a shock before the holiday [32][33]. Energy and Oil and Gas - **Fuel Oil**: It opened high and went high. The supply of high - sulfur fuel oil is being repaired, and the demand is weak in some areas. The logic is mainly related to geopolitics, and it is recommended to control positions before the holiday [35]. - **Low - Sulfur Fuel Oil**: The cost has increased, and it opened high and went high. The supply is relatively abundant in the short - term, the demand is stable, and the inventory has decreased. It is recommended to control positions before the holiday [36][37]. - **Asphalt**: Its price increase is weak. The demand has reached the freezing point before the holiday, and it may follow the cost - end crude oil. There may be a decline after the holiday [38][39]. Precious Metals - **Platinum and Palladium**: The long - term bull market foundation still exists. It is recommended to buy in steps at low prices and control positions. Pay attention to the impact of Fed officials' speeches and relevant events [43]. - **Gold and Silver**: The long - term upward trend remains, but the short - term operation is difficult. It is recommended to reduce or empty positions before the holiday [45]. Chemical Products - **Pulp - Offset Paper**: The pulp market is relatively neutral, and the offset paper futures may be in a range - bound shock. It is recommended to conduct range trading [51][52]. - **Pure Benzene - Styrene**: Pay attention to cost - end fluctuations. The supply of pure benzene increases, and the demand is flat. The supply of styrene will increase in February, and the demand will decrease during the Spring Festival [54][55]. - **LPG**: There are still uncertainties in geopolitics. The supply is neutral - low, and the demand is at a low level. It is necessary to pay attention to risk management before the holiday [56][57]. - **PTA - PX**: It benefits from the good supply - demand structure of PX. The first quarter may see inventory accumulation, and the second quarter may be in short supply. It is advisable to buy at low prices [59][62]. - **MEG - Bottle Chips**: The demand is seasonally weak, and the supply - demand balance has improved. It is expected to fluctuate in a wide range, and pay attention to geopolitical risks [63][65]. - **Methanol**: It follows geopolitics and non - ferrous metals. It is recommended to be empty before the holiday [66][67]. - **Plastics and PP**: The short - term driving force is limited. PE has a pattern of increasing supply and decreasing demand, and PP has limited supply pressure in the short - term. It is expected to be in a shock before the holiday [68][69]. - **Rubber**: It rose and then fell, with synthetic rubber leading the decline. The fundamentals have both support and pressure, and it is recommended to hold a light position before the long holiday and is expected to be in a range - bound shock [72][80]. - **Urea**: It is in a stage of over - supply due to new capacity release. The 05 contract may have a price increase expectation, but it is recommended to exit long positions and be empty before the holiday [81][82]. - **Glass and Soda Ash**: For soda ash, the demand is expected to weaken, and it is in a weak shock. For glass, there may be concentrated cold repairs before the Spring Festival, and it is recommended to wait and see before the holiday [83][84]. - **Propylene**: The fundamentals still have support, but the cost has uncertainties. Pay attention to cost, supply - demand, and risk [85][86]. Black Products - **Rebar and Hot - Rolled Coils**: The price may be in a weak shock. The supply is relatively strong compared to the demand, and the inventory is accumulating. The price may test the lower limit of the shock range [88][89]. - **Iron Ore**: The overall supply - demand is weak, and the iron water is expected to rise. It is advisable to wait and see cautiously before the holiday [90][91]. - **Coking Coal and Coke**: There are many disturbances in the overseas market, and the domestic driving force is insufficient. Pay attention to the resumption rhythm after the holiday [92][94]. - **Ferrosilicon and Ferromanganese**: They are in a bottom - shock state. The cost provides support, but the downstream inventory accumulation and high inventory of ferromanganese put pressure on the price [95]. Agricultural and Soft Commodities - **Live Pigs**: The futures price has rebounded, and it is recommended to go long on the 05 contract [98][99]. - **Cotton**: It is expected to be in a shock in the short term. The supply - demand is in a tight - balance state, and the external - internal cotton price difference restricts the upward space [99][100]. - **Sugar**: The international raw sugar price is weak, and the domestic sugar's upward space is limited [101][103]. - **Eggs**: The main contract is expected to decline in a shock. The pre - holiday demand has weakened, and the supply is sufficient [104]. - **Rubber**: It rose and then fell, with synthetic rubber leading the decline. The fundamentals have both support and pressure, and it is recommended to hold a light position before the long holiday and is expected to be in a range - bound shock [104][111]. - **Apples**: The pre - holiday stocking is basically over, and the short - term demand weakens, but the decline space is limited [112][113]. - **Red Dates**: The short - term price may be in a low - level shock, and the long - term price is under pressure due to sufficient supply [114]. - **Logs**: The liquidity is insufficient, and the industry is optimistic about the post - holiday market. It is recommended to wait and see [115][116].

1. Report Industry Investment Rating - The investment rating for the iron ore in the black building materials industry is "oscillation" [1] 2. Core View of the Report - Iron ore prices declined on Wednesday and in the night session. The market is affected by factors such as the production and sales of new - energy vehicles, real - estate sales, CPI data, and changes in futures trading rules. Before the holiday, iron ore shipments, arrivals, and port transactions all decreased, and it is expected that the strong support level for the main iron ore contract before the holiday is 750. It is recommended to hold a light position or be out of the market [1] 3. Summary by Related Catalog Market Review - Iron ore closed down on Wednesday and in the night session [1] Important Information - In January 2026, the production and sales of new - energy vehicles in China increased by 2.5% and 0.1% year - on - year respectively [1] - The total sales of 16 key real - estate enterprises in January 2026 were 70.263 billion yuan, a year - on - year decrease of 12.8% and a month - on - month decrease of 50.9% [1] - In January 2026, the national consumer price index (CPI) increased by 0.2% year - on - year and 0.2% month - on - month [1] - Since the settlement on February 12, 2026, the daily price limit of iron ore futures contracts has been adjusted to 11%, and the trading margin level has been adjusted to 13%; the daily price limit of coke futures contracts has been adjusted to 10%, and the trading margin level remains unchanged; the daily price limit of coking coal futures contracts has been adjusted to 10%, and the trading margin level has been adjusted to 14% [1] - On February 11, the transaction volume of iron ore at major ports across the country was 237,500 tons, a month - on - month decrease of 57.2% [1] Market Logic - Near the holiday, the molten iron output changed little. The shipments and arrivals of iron ore in this period both decreased, and the port iron ore transactions decreased [1] Trading Strategy - It is expected that the 750 level will still be a strong support for the main iron ore contract before the holiday. Near the holiday, it is recommended to hold a light position or be out of the market [1]

| 申万期货品种策略日报——股指 | 2026/2/12 | 星期四 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 4728.20 | 4724.00 | 4690.20 | 4636.80 | 前日收盘价 | 4716.20 | 4714.80 | 4680.00 | 4625.80 | | | 涨跌 | -7.80 | -5.80 | -8.00 | -10.00 | 沪深300 | 涨跌幅 | -0. ...

大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 2026-02-12甲醇早报 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 检修状况 甲醇2605： 1、基本面：假期临近，预计本周国内甲醇区间震荡为主。内地甲醇市场逐步进入节前休整周期。需求端，甲醛等传统 下游装置已相继停车放假，部分下游也完成节前备货，终端需求逐步缩量。供应端，国内甲醇工厂持续加大出货力度， 企业库存水平低位运行，部分企业已采取限量销售策略，整体供应端保持充足且无明显压力。随着春节长假日益临近， 市场交投活跃度明显下降，预计短期内内地甲醇市场将维持清淡整理格局。港口方面，甲醇期货跟随有色金属板块经历 一轮大涨大跌后再度陷入区间震荡，当前资金情绪消散，美伊地缘风险不定，基本面颓势不改，预计节前港口市场底 ...

金融研究 2026年2月12日 星期四 金融期货早班车 招商期货有限公司 市场表现：2 月 11 日，A 股四大股指多数下跌，其中上证指数上涨 0.09%，报收 4131.99 点；深成 指下跌 0.35%，报收 14160.93 点；创业板指下跌 1.08%，报收 3284.74 点；科创 50 指数下跌 1.11%， 报收 1455.11 点。市场成交 20,010 亿元，较前日减少 1,237 亿元。行业板块方面，建筑材料(+3.29%)， 有色金属(+2.39%)，石油石化(+2.18%)表现较好；通信(-2.17%)，传媒(-1.99%)，社会服务(-1.74%) 表现一般。从市场强弱看，IC>IH>IM>IF，个股涨/平/跌数分别为 2,047/193/3,236。沪深两市，机构、 主力、大户、散户全天资金分别净流入-221、-212、40、393 亿元，分别变动-106、-6、+12、+99 亿元。 股指期货 基差：IM、IC、IF、IH 次月合约基差分别为-1.49、-10.59、-0.98 与-2.94 点，基差年化收益率分别 为 0.21%、1.45%、0.24%与 1.08%，三年期历史 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Both Shanghai rubber and synthetic rubber are expected to run strongly in the short - term and maintain an oscillating trend in the medium - term, with a strong bias in intraday trading [1][5][7] 3. Summary by Related Categories 3.1 Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term views are oscillating, and the intraday view is strong. The reference view is to run strongly [1][5] - **Core Logic**: Domestic Yunnan and Hainan natural rubber producing areas are in the off - season, and Southeast Asian producing areas are in the low - yield season, reducing the supply pressure of domestic full - latex. However, due to the approaching Spring Festival, the downstream tire industry's operating load has decreased, and demand is expected to weaken. Benefiting from the rebound of crude oil futures prices, the bullish atmosphere in the energy and chemical sector has increased. On Wednesday night, Shanghai rubber futures maintained a stable oscillating trend with slightly lower prices. It is expected to maintain an oscillating and strongly - biased trend on Thursday [5] 3.2 Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term views are oscillating, and the intraday view is strong. The reference view is to run strongly [1][7] - **Core Logic**: The supply of butadiene, the core raw material of synthetic rubber, is becoming more abundant. With the approaching Spring Festival, the downstream tire industry's operating load has decreased, and demand is expected to weaken. Benefiting from the rebound of crude oil futures prices, the bullish atmosphere in the energy and chemical sector has increased. On Wednesday night, synthetic rubber futures showed a stable oscillating trend with slightly higher prices. It is expected to maintain an oscillating and strongly - biased trend on Thursday [7]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 2 月 12 日 0 / 46 研究所 期货眼·日迹 | 股指期货：成交下降波动收窄 3 | | --- | | 国债期货：节前情绪延续偏暖 4 | | 蛋白粕：盘面减仓力度增加 | 价格大幅上涨 6 | | --- | --- | | 白糖：美糖跌破下方支撑 | 预计国内价格偏弱 6 | | 油脂板块：假期临近震荡回落，整体维持宽幅震荡 7 | | | 玉米/玉米淀粉：产区现货稳定，盘面高位震荡 9 | | | 生猪：供应压力好转 | 现货整体支撑 9 | | 花生：花生现货稳定，花生盘面窄幅震荡 10 | | | 鸡蛋：节前备货进入尾声 | 蛋价有所下跌 11 | | 苹果：节前走货尚可，苹果价格坚挺 12 | | | 棉花-棉纱：基本面变化不大 | 棉价有所支撑 13 | | 钢材：需求延续下滑，钢价震荡承压 14 | | --- | | 双焦：春节临近煤矿陆续放假，年后需关注国内外煤炭市场变化 14 | | 铁矿：基本面持续弱化，矿价偏弱运行 15 | | 铁合金：长假临近，多单逢高止盈 16 | | 金银： 非农数据现分歧 市场博弈转 ...

Report Overview - The report is a coal and coking morning report from Baocheng Futures on February 12, 2026, covering short - term, medium - term, and intraday views on coking coal and coke, along with their price driving logic [1] Report Industry Investment Rating - Not provided in the report Report's Core View - Coking coal and coke are expected to maintain a low - level oscillatory pattern before the Spring Festival, with coking coal influenced by Middle - East geopolitics and domestic policies, and coke having stable supply - demand and limited price - moving factors [1][5][6] According to Related Catalogs 1. Variety View Reference - For coking coal (2605), short - term view is oscillatory, medium - term view is oscillatory, intraday view is strong, and the overall view is oscillatory, with attention on Middle - East geopolitics and domestic policy impacts [1] - For coke (2605), short - term view is oscillatory, medium - term view is oscillatory, intraday view is oscillatory and slightly strong, and the overall view is oscillatory, due to stable supply - demand and range - bound price [1] 2. Main Variety Price Driving Logic - Commodity Futures Black Sector Coking Coal (JM) - Intraday view is strong, medium - term view is oscillatory, and the reference view is oscillatory [5] - In the spot market, the latest quotation of Mongolian coal at Ganqimaodu Port is 1230.0 yuan/ton, a 2.50% week - on - week increase. Before the Spring Festival, coal mine production decreases, but downstream inventory is sufficient, and production will quickly resume after the festival. The long - term supply - demand is expected to be loose, so the price is expected to oscillate at a low level before the Spring Festival [5] - There are three major upside risks: potential escalation of US - Iran geopolitical conflicts during the Spring Festival, economic policy expectations around the Two Sessions after the Spring Festival, and possible "anti - involution" policies in the coal industry due to low coal prices [5] Coke (J) - Intraday view is oscillatory and slightly strong, medium - term view is oscillatory, and the reference view is oscillatory [6] - In the spot market, the latest quotation of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, with a flat week - on - week change, and the ex - warehouse price at Qingdao Port is 1470 yuan/ton, a 0.68% week - on - week decrease. The supply - demand at both ends has a small increase at a low level, and the futures lack unilateral momentum. The main contract is expected to oscillate at a low level before the Spring Festival [6] - Uncertainties come from "US - Iran geopolitical risks", "Two Sessions policy expectations", and "anti - involution policy expectations" [6]

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints - The Asian low - sulfur fuel oil market structure remains stable, with ample supply offsetting strong downstream marine fuel demand before the Lunar New Year. The Asian high - sulfur fuel oil market has cooled after a recent rise due to moderate demand and sufficient supply [3]. - The spot price of fuel oil is at a premium to the futures price. The price is above the 20 - day line, and the 20 - day line is upward - sloping. However, the high - sulfur and low - sulfur main positions are short, with high - sulfur short positions increasing and low - sulfur short positions decreasing [3]. - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4 [3]. - Trump reached an "oil - for - tariff" agreement with India, revoking the 25% secondary tariff on Indian purchases of Russian oil and reducing the reciprocal tariff from 25% to 18%. India will stop buying Russian oil and turn to the US. The US - Iran negotiation is still uncertain. In the short term, heavy - oil products are supported, and fuel oil will trade at a high level. FU2604 will operate in the range of 2900 - 2980, and LU2604 will operate in the range of 3360 - 3420 [3]. Summary by Directory 1. Daily Prompt - The fundamental situation of fuel oil is neutral, the basis is bullish, the inventory is bearish, the price trend on the disk is bullish, and the main positions are bearish. In the short term, fuel oil will trade at a high level, with FU2604 in the 2900 - 2980 range and LU2604 in the 3360 - 3420 range [3]. 2. Multi - Short Concerns - Bullish factors include the spot premium of fuel oil and the price above the 20 - day line. Bearish factors include the increase in Singapore's fuel oil inventory and the short positions in the main contracts [3]. 3. Fundamental Data - The Asian low - sulfur fuel oil market structure is stable, and the high - sulfur market has cooled. The basis shows that the spot is at a premium to the futures. Singapore's fuel oil inventory increased in the week ending February 4 [3]. 4. Spread Data - The report does not provide specific spread data analysis, only shows a graph of the high - low sulfur futures spread [10]. 5. Inventory Data - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4. Historical inventory data from November 26, 2025, to February 4, 2026, are also provided [3][8].