Group 1: Report Information - Report Name: Fuel Oil Daily Report, July 29, 2025 [1] - Researcher: Wu Xiaorong [2] - Futures Practitioner Certificate Number: F03108405 [2] - Investment Consulting Practitioner Certificate Number: Z0021537 [2] Group 2: Related Data - FU Main Contract Price on July 29, 2025: 2917, up 48 from the previous day [3] - FU Main Contract Position on July 29, 2025: 192,000 lots, down 9,000 lots from the previous day [3] - FU Warehouse Receipt on July 29, 2025: 110,980 tons, unchanged from the previous day [3] - LU Main Contract Price on July 29, 2025: 3640, up 95 from the previous day [3] - LU Main Contract Position on July 29, 2025: 70,000 lots, down 3,000 lots from the previous day [3] - LU Warehouse Receipt on July 29, 2025: 90 tons, unchanged from the previous day [3] - FU9 - 1 Spread on July 29, 2025: -2, up 8 from the previous day [3] - LU9 - 10 Spread on July 29, 2025: -9, down 7 from the previous day [3] - LU - FU Main Contract Spread on July 29, 2025: 723, up 47 from the previous day [3] - FU09 - Outer Market 08 Spread on July 29, 2025: -1.6, up 3.7 from the previous day [3] - LU09 - Outer Market 08 Spread on July 29, 2025: 7.3, up 4.0 from the previous day [3] Group 3: Market Research and Judgment Market Overview - Important Information: The crude oil processing volume of Mexico's Olmeca refinery at the Dos Bocas port soared to 233,000 barrels per day in June, doubling from May and reaching the highest processing volume since its operation. Pemex management announced this on July 28 [6] Market Judgment - High - Sulfur Fuel Oil: Domestic high - sulfur spot supply in the near - term remains abundant, and the near - month internal - external spread fluctuates at a low level below 0. Asian high - sulfur supply remains at a high level, and the Singapore high - sulfur spot premium continues to fluctuate at a low level. Russian refinery operations continued to decline in July, and near - term exports are expected to decline month - on - month. The Middle East geopolitical conflict has not worsened again but persists. Mexico's high - sulfur exports continue to decline due to the commissioning of Olmeca's second - stage unit and the decline in the operation of some refineries. The supply pressure of high - sulfur fuel oil in the third quarter is slightly less than expected. On the demand side, the peak season of refined oil products combined with the decline in high - sulfur cracking, and the increase in China's fuel oil consumption tax deduction are all beneficial to the growth of high - sulfur feedstock demand. The seasonal power - generation demand for high - sulfur fuel oil is gradually declining. Attention should be paid to the recent import logistics changes in Egypt and Saudi Arabia [7] - Low - Sulfur Fuel Oil: The low - sulfur fuel oil spot premium fluctuates. The low - sulfur supply continues to recover, and there is no specific driver for downstream demand. Nigeria's RFCC unit has returned from maintenance, but its operation is still expected to be unstable. Attention should be paid to the near - term low - sulfur export logistics changes. South Sudan's external low - sulfur raw material supply has gradually returned to the level at the beginning of 2024, and new cargo loading tenders for August have been successively announced. Al - Zour's low - sulfur exports have rebounded to the high level during the normal operation of the refinery, and exports to the Singapore region have increased significantly. The low - sulfur market in China has abundant supply and stable demand. Attention should be paid to the near - term adjustment and issuance rhythm of low - sulfur quotas [7] - Other Information: FU warehouse receipts are 110,980 tons, unchanged from the previous trading day; LU warehouse receipts are 90 tons, unchanged from the previous trading day. In the Singapore paper market, the high - sulfur Aug/Sep monthly spread is -2.8 to -3.0 US dollars per ton, and the low - sulfur Aug/Sep monthly spread is 2.3 to 2.0 US dollars per ton [7] Group 4: Related Attachments - Figures: Singapore high - sulfur spot premium, Singapore low - sulfur spot premium, Singapore high - and low - sulfur spread, Singapore LSFO - GO, high - sulfur fuel oil cracking, low - sulfur fuel oil cracking [10]