燃料油期货(FU

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大越期货燃料油早报-20250930
Da Yue Qi Huo· 2025-09-30 03:03
交易咨询业务资格:证监许可【2012】1091号 2025-09-30燃料油早报 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。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油: 6、预期:燃料油市场整体呈现区间震荡格局,充足的库存水平可能抑制现货估值的任何大幅上涨,多数码头供 应商正积极出清9月装船及10月供应的月末剩余货物,而上游原油受地缘事件冲击再度下行,对燃油价格带来较 大压力,预计今日低位运行。FU2601:2820-2880区间运行,LU2511:3360-3420区间运行 1、基本面:尽管调油原料供应充足,但贸易商预计符合规格的含硫0.5%低硫燃料油在下游船燃供应领域不会出 现过剩情况。不过自9月初以来,低硫燃料油裂解价差持续表现疲弱;高硫燃料油市场可能面临9月末到10月 ...
大越期货燃料油早报-20250508
Da Yue Qi Huo· 2025-05-08 02:28
Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core View The report analyzes the fuel oil market, indicating that due to increased supply of arbitrage goods and inflow of blending components, the fundamentals of the low - sulfur fuel oil market in Singapore may face greater pressure in the coming weeks. With crude oil prices falling during trading and lack of positive news, fuel oil is expected to trade at low levels. The expected trading ranges are 2800 - 2860 for FU2507 and 3310 - 3370 for LU2506 [3]. 3. Summary by Directory 3.1 Daily Tips - **Fundamentals**: Increased supply of arbitrage goods and blending components may pressure the low - sulfur fuel oil market in Singapore. In April, the total open interest of the near - month contract for high - sulfur fuel oil in Singapore decreased by 11.32% month - on - month to 9.37 million tons, the third consecutive monthly decline [3]. - **Basis**: The basis for Singapore high - sulfur fuel oil is $51/ton, and for low - sulfur fuel oil is $165/ton, with the spot price higher than the futures price [3]. - **Inventory**: As of the week of April 23, Singapore's fuel oil inventory was 25.989 million barrels, unchanged [3]. - **Market Trend**: Prices are below the 20 - day moving average, and the 20 - day moving average is downward [3]. - **Main Position**: High - sulfur main positions have shifted from short to long, and low - sulfur main positions have shifted from long to short [3]. - **Expectation**: With crude oil prices falling during trading and lack of positive news, fuel oil is expected to trade at low levels. The expected trading ranges are 2800 - 2860 for FU2507 and 3310 - 3370 for LU2506 [3]. 3.2 Multi - Short Focus - **Bullish Factors**: Not clearly stated in the report. - **Bearish Factors**: Not clearly stated in the report. - **Market Driver**: The market is driven by the combination of uncertain supply - side production cuts and neutral demand [4]. 3.3 Fundamental Data - **Futures Price Changes**: The current price of the FU main contract is 2865, up 35 (1.24%) from the previous value; the current price of the LU main contract is 3371, up 62 (1.87%) from the previous value [5]. - **Spot Price Changes**: The current price of Zhoushan high - sulfur fuel oil is $488/ton, up $7 (1.46%) from the previous value; the current price of Zhoushan low - sulfur fuel oil is $495/ton, up $5 (1.02%) from the previous value. The current price of Singapore high - sulfur fuel oil is $395.71/ton, up $9.32 (2.41%) from the previous value; the current price of Singapore low - sulfur fuel oil is $482.5/ton, up $10 (2.12%) from the previous value [6]. 3.4 Inventory Data - **Singapore Fuel Oil Inventory**: As of April 23, the inventory was 25.989 million barrels, unchanged from the previous period. The inventory has shown fluctuations in recent months [3][7].