1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The fuel oil market is affected by multiple factors, with a neutral supply - demand situation. The low - sulfur market has sufficient supply, and the high - sulfur market also maintains an abundant supply. The demand for marine fuel oil is expected to increase before the Spring Festival. The market follows the trend of crude oil, with the low - sulfur fuel oil market structure being weak and the high - sulfur fuel oil market performing slightly stronger. FU2603 is expected to operate in the 2760 - 2810 range, and LU2603 in the 3250 - 3300 range [3] 3. Summary According to the Table of Contents 3.1 Daily Hints - The fundamentals of fuel oil show a neutral supply - demand situation. The 2 - month inflow of arbitrage cargoes from the West is expected to be high, keeping the low - sulfur market well - supplied. The high - sulfur fuel oil market also maintains abundant supply due to stable arrivals at the Singapore port. The demand for marine fuel oil is expected to increase before the Spring Festival. The basis shows that the spot is at a premium to the futures. The inventory in Singapore increased by 950,000 barrels to 25.529 million barrels in the week of February 4. The price is above the 20 - day line, and the 20 - day line is upward. The main positions in both high - sulfur and low - sulfur are short positions, with short positions decreasing. The overnight crude oil fluctuated, and the fuel oil followed. The low - sulfur fuel oil market structure is weak, and the high - sulfur fuel oil market is slightly stronger [3] - The prices of the FU and LU main contracts increased by 1.40% and 1.14% respectively, and the basis increased by 19.72% and 16%. The spot prices of various types of fuel oil also increased, with the Singapore high - sulfur fuel oil rising by 2.12% [5][6] 3.2 Long and Short Concerns - Bullish factors: Iranian situation turmoil and the issuance of Chinese import quotas [4] - Bearish factors: The optimism on the demand side remains to be verified, and the upstream crude oil is under pressure [4] - Market driver: The supply side is affected by geopolitical risks, and the demand is neutral [4] 3.3 Fundamental Data - The supply of fuel oil is abundant, with high inflows of arbitrage cargoes from the West for low - sulfur and stable arrivals at Singapore port for high - sulfur. The demand for marine fuel oil is expected to increase before the Spring Festival [3] 3.4 Spread Data - The report provides the spread between high - and low - sulfur futures, but no specific numerical analysis is given [10] 3.5 Inventory Data - The Singapore fuel oil inventory on February 4, 2026, was 25.529 million barrels, an increase of 950,000 barrels compared to the previous period. Historical inventory data from November 26, 2025, to February 4, 2026, are also provided [3][8]

Oil Market - WTI prices were not available due to the Martin Luther King Jr. Day holiday, while Brent crude for March closed at $63.94 per barrel, down $0.19, a decrease of 0.30% [2][15] - Domestic crude oil production in China for 2025 is projected to be 21,605 million tons, a year-on-year increase of 1.5%, with processing volume at 73,759 million tons, up 4.1% [2][15] - The market is currently experiencing a seasonal decline in diesel and gasoline demand, with oil prices showing no significant driving force, maintaining a volatile trend [2][15] Fuel Oil - The main contract for fuel oil (FU2603) rose by 0.12% to 2,538 yuan per ton, while low-sulfur fuel oil (LU2603) increased by 0.07% to 3,060 yuan per ton [16] - Supply of low-sulfur fuel oil is expected to be sufficient, with Singapore receiving approximately 290-300 million tons in January, up from 260-270 million tons in December [16] - The geopolitical situation in Iran continues to significantly impact oil prices, with fluctuations expected to follow oil price movements [16][4] Asphalt - The main contract for asphalt (BU2602) increased by 0.29% to 3,142 yuan per ton, with concerns over raw material supply easing slightly [17] - The market is currently facing a "weak demand reality" against a backdrop of "strong cost expectations," particularly as winter weather impacts demand [17] Rubber - The main contract for rubber (RU2605) fell by 90 yuan per ton to 15,745 yuan per ton, with NR and BR contracts also experiencing declines [18] - China's rubber tire exports for 2025 are expected to reach 9.65 million tons, a year-on-year increase of 3.6% [18] - Inventory levels for natural rubber in Qingdao increased, indicating a seasonal accumulation trend [18] PX, PTA, and MEG - TA605 closed at 5,030 yuan per ton, up 0.24%, while EG2605 fell by 1.08% to 3,755 yuan per ton [19] - PX futures closed at 7,106 yuan per ton, with a slight increase of 0.28%, and the market is expected to see some support due to supply reductions [19] Methanol - Methanol prices in Taicang were reported at 2,207 yuan per ton, with CFR China prices ranging from $262 to $266 per ton [21] - Domestic supply remains stable, but demand is under pressure due to reduced operating rates in MTO facilities [21] Polyolefins - Polypropylene prices are under pressure, with production margins for various methods showing negative values [22] - Demand is expected to recover slightly in early January, but inventory levels are anticipated to rise as the month progresses [22] PVC - PVC prices have decreased, with the market experiencing a supply-demand imbalance and overall bearish sentiment [23] - The upcoming end of export tax rebates is expected to increase upward pressure on long-term contracts [23] Urea - Urea futures prices are experiencing weak fluctuations, with the main contract closing at 1,772 yuan per ton, down 1.45% [24] - Market sentiment is declining, with production rates and demand showing signs of weakness ahead of the Spring Festival [24] Soda Ash - Soda ash futures prices are fluctuating, with the main contract closing at 1,192 yuan per ton, down 0.33% [25] - The industry is facing pressure from supply and demand dynamics, with cautious sentiment prevailing in the market [25] Glass - Glass futures prices fell significantly, with the main contract closing at 1,070 yuan per ton, down 2.9% [26] - The market is experiencing a supply recovery, but demand remains cautious, leading to a bearish outlook [26]

1. Report Industry Investment Rating - No specific investment rating provided in the report 2. Core Viewpoints - The spot spread of 0.5% sulfur marine fuel oil turned into a premium in early January after being in the negative range for most of December and reached the highest level since September 16 on January 13, which supports the price. However, the overnight geopolitical concerns continued to decline, and attention should be paid to the callback risk of fuel oil. FU2603 is expected to trade in the range of 2540 - 2590, and LU2603 in the range of 3050 - 3100 [3] - The market structure of Asian low - sulfur fuel oil remains around the current level. The spot premium of 0.5% sulfur marine fuel oil rose for the second consecutive trading day to the highest level in nearly four months. Asian low - sulfur fuel oil market will receive more arbitrage cargoes from the West in January and February [3] - The market is affected by the resonance of supply influenced by geopolitical risks and neutral demand [4] 3. Summary by Directory 3.1 Daily Tips - The expected trading ranges for FU2603 and LU2603 are 2540 - 2590 and 3050 - 3100 respectively. Attention should be paid to the callback risk of fuel oil due to the decline in geopolitical concerns [3] 3.2 Multi - and Short - term Concerns - **Likely Positive Factors**: Iranian situation instability and the issuance of China's import quotas [4] - **Likely Negative Factors**: The optimism on the demand side remains to be verified, and the upstream crude oil is under pressure [4] - **Market Drivers**: The market is driven by the resonance of supply affected by geopolitical risks and neutral demand [4] 3.3 Fundamental Data - **Fundamentals**: The market structure of Asian low - sulfur fuel oil remains stable. The spot premium of 0.5% sulfur marine fuel oil reached a nearly four - month high. More Western arbitrage cargoes are expected in January and February. The assessment is neutral [3] - **Basis**: Singapore high - sulfur fuel oil is at $358/ton with a basis of - 10 yuan/ton, and low - sulfur fuel oil is at $429/ton with a basis of - 16 yuan/ton. The spot is nearly flat to the futures, and the assessment is neutral [3] - **Inventory**: Singapore's fuel oil inventory in the week of January 3 was 25.41 million barrels, a decrease of 1.34 million barrels. The assessment is bullish [3] - **Market Chart**: The price is near the 20 - day line, and the 20 - day line is upward. The assessment is bullish [3] - **Main Positions**: The main positions of high - sulfur fuel oil are short, with short positions decreasing; for low - sulfur fuel oil, the main positions are short, with short positions increasing. The assessment is bearish [3] 3.4 Spread Data - **Futures Price Changes**: The price of the FU main contract futures remained unchanged at 2586, while the LU main contract futures price decreased by 11 to 3087. The basis of FU increased by 4.41 to - 10, with an increase rate of 31.36%, and the basis of LU decreased by 38 to - 16, with a decrease rate of 175% [5] - **Spot Price Changes**: The prices of Zhoushan high - sulfur fuel oil decreased by 1 to 443, with a decrease rate of - 0.23%. Zhoushan low - sulfur fuel oil remained unchanged at 460. Singapore high - sulfur fuel oil increased by 1.06 to 358, with an increase rate of 0.30%. Singapore low - sulfur fuel oil decreased by 6.5 to 429, with a decrease rate of - 1.49%. Middle - East high - sulfur fuel oil decreased by 0.94 to 332.35, with a decrease rate of - 0.28%. Singapore diesel increased by 8.41 to 598.05, with an increase rate of 1.43% [6] 3.5 Inventory Data - Singapore's fuel oil inventory on January 3 was 25.41 million barrels, a decrease of 1.34 million barrels compared to the previous period. Inventory data from October 25, 2025, to January 3, 2026, are also presented [3][8]

Group 1: Report Core View - This week, the high-sulfur cracking of Singapore 380cst fluctuated at a high level. The near-month spread weakened, the basis weakened month-on-month, the EW spread continued to weaken, the high-sulfur in the ARA region strengthened, and the FU internal and external prices fluctuated between 8 - 10 US dollars. The low-sulfur cracking weakened month-on-month but was at a historical low year-on-year, the month spread weakened slightly, the LU internal and external prices fell to 7 - 8 US dollars, and the MF0.5 basis stabilized in the second half of the week [5]. - Fundamentally, Singapore's residue inventory increased, reaching a historical high year-on-year. The floating storage stabilized after destocking, also at a high level year-on-year. The ARA residue inventory increased slightly, at a historical low for the same period. The EIA residue inventory increased slightly at a low level. Fujairah's inventory increased month-on-month, at a low level year-on-year. The high-sulfur floating storage in the Middle East increased significantly this week [6]. - Recently, the high-sulfur spot in Singapore has weakened. The cracking is supported by raw material procurement, and the short-term downside space is limited. It is expected that the 380 cracking will maintain a fluctuating pattern. The FU internal and external prices will be viewed in the near-term range, and the 01 contract is bearish at the end. This week, the LU market was still weak. In the fourth quarter, the overseas low-sulfur market is in a pattern of shorting on rallies. Pay attention to the quota usage for internal and external trading [6]. Group 2: Data Summary Rotterdam Fuel Oil Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 377.19 | 374.02 | 367.92 | 365.63 | 366.59 | 0.96 | | Rotterdam 0.5% VLS FO Swap M1 | 401.89 | 398.34 | 393.96 | 394.21 | 397.20 | 2.99 | | Rotterdam HSFO - Brent M1 | -2.37 | -2.65 | -2.92 | -3.00 | -3.30 | -0.30 | | Rotterdam 10ppm Gasoil Swap M1 | 613.54 | 617.89 | 607.89 | 614.83 | 617.83 | 3.00 | | Rotterdam VLSFO - Gasoil M1 | -211.65 | -219.55 | -213.93 | -220.62 | -220.63 | -0.01 | | LGO - Brent M1 | 22.69 | 24.14 | 22.57 | 23.69 | 23.78 | 0.09 | | Rotterdam VLSFO - HSFO M1 | 24.70 | 24.32 | 26.04 | 28.58 | 30.61 | 2.03 | [3] Singapore Fuel Oil Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 369.25 | 370.01 | 359.76 | 362.82 | 363.59 | 0.77 | | Singapore 180cst M1 | 376.00 | 378.01 | 369.96 | 370.44 | 372.42 | 1.98 | | Singapore VLSFO M1 | 436.14 | 434.16 | 420.01 | 420.94 | 425.95 | 5.01 | | Singapore Gasoil M1 | 83.06 | 82.66 | 80.60 | 82.11 | 82.70 | 0.59 | | Singapore 380cst - Brent M1 | -3.87 | -3.70 | -3.71 | -3.57 | -3.77 | -0.20 | | Singapore VLSFO - Gasoil M1 | -178.50 | -177.52 | -176.43 | -186.67 | -186.03 | 0.64 | [3][9] Singapore Fuel Oil Spot Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 368.34 | 369.96 | 361.29 | - | 361.52 | - | | FOB VLSFO | 432.14 | 430.47 | 421.95 | - | 421.67 | - | | 380 Basis | -0.75 | -0.50 | -0.65 | - | -1.00 | - | | High - Sulfur Internal - External Spread | 8.9 | 9.7 | 9.0 | 8.0 | 8.6 | 0.6 | | Low - Sulfur Internal - External Spread | 6.3 | 5.7 | 7.0 | 4.9 | 4.3 | -0.6 | [4] Domestic FU Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2683 | 2694 | 2627 | 2646 | 2647 | 1 | | FU 05 | 2653 | 2658 | 2600 | 2616 | 2612 | -4 | | FU 09 | 2600 | 2608 | 2560 | 2575 | 2566 | -9 | | FU 01 - 05 | 30 | 36 | 27 | 30 | 35 | 5 | | FU 05 - 09 | 53 | 50 | 40 | 41 | 46 | 5 | | FU 09 - 01 | -83 | -86 | -67 | -71 | -81 | -10 | [4] Domestic LU Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3159 | 3158 | 3064 | 3081 | 3070 | -11 | | LU 05 | 3161 | 3172 | 3099 | 3117 | 3093 | -24 | | LU 09 | 3160 | 3183 | 3110 | 3139 | 3105 | -34 | | LU 01 - 05 | -2 | -14 | -35 | -36 | -23 | 13 | | LU 05 - 09 | 1 | -11 | -11 | -22 | -12 | 10 | | LU 09 - 01 | 1 | 25 | 46 | 58 | 35 | -23 | [5]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - The fundamentals of the fuel oil market are affected by multiple factors. The expected increase in low - sulfur fuel oil arrivals from the West in October may suppress the market in the short term, but the recovery of ship - owner procurement activities in the North Asian market after the long - holiday is expected to boost downstream low - sulfur fuel oil inquiries. - The current situation of the fuel oil market is complex, with a mix of long and short factors. The inventory in Singapore decreased in the week of October 8, which is positive. However, the price is below the 20 - day line, and the main positions have different trends for high - sulfur and low - sulfur fuel oils. - The market sentiment is stable overnight. OPEC + increased production steadily in September, and there is no new news of energy sanctions on Russia for now. The demand side still faces pressure, and the shipping demand for fuel oil is weak in the short term. The prices of FU2601 and LU2511 are expected to fluctuate within specific ranges: FU2601 between 2710 - 2760 and LU2511 between 3200 - 3250 [3]. 3. Summary by Directory 3.1 Daily Tips - The fundamentals of fuel oil are neutral. The expected increase in low - sulfur fuel oil arrivals from the West in October may suppress the market, but downstream inquiries are expected to rise. The basis is neutral as the spot is at par with the futures. The inventory in Singapore decreased by 164 barrels to 2061.9 barrels in the week of October 8, which is positive. The price is below the 20 - day line, and the 20 - day line is downward, which is negative. The main positions of high - sulfur fuel oil are short (with short positions decreasing), and for low - sulfur fuel oil, the main positions changed from short to long, both being negative. The prices of FU2601 and LU2511 are expected to fluctuate in the ranges of 2710 - 2760 and 3200 - 3250 respectively [3]. 3.2 Multi - and Short - Term Concerns - The driving force of the market is the resonance between the supply affected by geopolitical risks and the neutral demand. The risk points include the breakdown of OPEC + internal unity and the escalation of war. The optimism on the demand side remains to be verified, and there are potential negative factors such as the possible intensification of sanctions on Russia and the extension of Russia's fuel oil export restrictions [4]. 3.3 Fundamental Data - The prices of Singapore high - sulfur and low - sulfur fuel oils are 382.29 dollars/ton and 452.5 dollars/ton respectively, with the basis of 37 yuan/ton and 24 yuan/ton. The spot is at par with the futures. The inventory in Singapore on October 8 was 2061.9 barrels, a decrease of 164 barrels compared to the previous period [3]. 3.4 Spread Data - No specific spread data analysis is provided other than the basis information mentioned above. 3.5 Inventory Data - The inventory data of Singapore fuel oil shows that on October 8, the inventory was 2061.9 barrels, a decrease of 164 barrels from the previous week. The inventory has fluctuated from July 30 to October 8, with some weeks showing increases and others showing decreases [3][8].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The fuel oil market is expected to show a range - bound oscillation pattern. Ample inventory levels may curb any significant increase in spot valuations. With upstream crude oil prices falling due to geopolitical events, fuel oil prices are under pressure and are expected to operate at a low level today. Specifically, FU2601 is expected to trade in the range of 2820 - 2880, and LU2511 in the range of 3360 - 3420 [3]. - The supply of blending raw materials is sufficient, but traders expect no oversupply of 0.5% sulfur - compliant low - sulfur fuel oil in the downstream marine fuel supply. However, the crack spread of low - sulfur fuel oil has been weak since early September. The high - sulfur fuel oil market may face pressure from concentrated arrivals of arbitrage cargoes from late September to early October, which may exacerbate the already ample inventory levels at the Singapore hub [3]. 3. Summary by Directory 3.1 Daily Prompt - The fuel oil market is expected to be range - bound. FU2601 is expected to operate between 2820 - 2880, and LU2511 between 3360 - 3420. The market is under pressure from upstream crude oil price drops and ample inventories [3]. 3.2 Long - Short Focus - Bullish factors: Not clearly stated. - Bearish factors: The demand side's optimism remains to be verified. There are risks such as potential intensification of sanctions against Russia and the extension of Russia's fuel oil export restrictions [4]. 3.3 Fundamental Data - **Supply - demand situation**: The supply of blending raw materials is sufficient, but there is no expected oversupply of low - sulfur fuel oil in the downstream. The high - sulfur fuel oil market may face pressure from concentrated cargo arrivals [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is 117 yuan/ton, and that of low - sulfur fuel oil is 64 yuan/ton, with the spot price higher than the futures price [3]. - **Inventory**: Singapore's fuel oil inventory in the week of September 24 was 2316.9 million barrels, an increase of 1 million barrels [3][8]. - **Market trend**: Prices are above the 20 - day moving average, which is flat [3]. - **Main positions**: High - sulfur main positions are long, with a reduction in long positions; low - sulfur main positions are short, with an increase in short positions [3]. 3.4 Spread Data No specific analysis of spread data is provided in the text. 3.5 Inventory Data - Singapore fuel oil inventory data from July 16 to September 24 shows fluctuations, with an inventory of 2316.9 million barrels on September 24, an increase of 1 million barrels compared to the previous period [8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - China may announce the third batch of about 10 million tons of clean oil export quotas at the end of August or early September, with the overall export quota slightly higher than last year but lower than the previous expectation of 14 million tons [6] - High - sulfur supply and inventory in Asia remain high in the near - term. The supply pressure in the third quarter is slightly lower than expected, while the seasonal power - generation demand is gradually declining, and the feedstock demand is still supported. Low - sulfur fuel oil spot premiums continue to decline, with supply rising and no specific demand drivers [7] 3. Summary by Directory First Part: Related Data - **FU and LU Futures Data**: On August 28, 2025, the FU主力 price was 2823, up 2 from the previous day; the LU主力 price was 3494, up 9. The FU主力持仓 was 7.9 million hands, down 0.3 million hands; the LU主力持仓 was 7.3 million hands, up 0.2 million hands. The FU仓单 was 119,580 tons, unchanged; the LU仓单 was 35,110 tons, unchanged [3] - **Spread Data**: The FU10 - 1 spread was 30, down 1; the LU10 - 11 spread was - 14, down 14; the LU - FU主力价差 was 671, up 7; the FU10 - 外盘10 spread was 0.9, up 0.7; the LU10 - 外盘09 spread was 3.0, down 2.1 [3] Second Part: Market Analysis - **Important Information**: China may announce the third - batch clean oil export quotas at the end of August or early September, with an estimated volume of about 10 million tons, lower than the previous expectation of 14 million tons [6] - **Market Conditions**: High - sulfur supply and inventory in Asia remain high. Bombing of Russian refineries by Ukraine continues, affecting some refinery capacities. Mexican high - sulfur exports are declining, and US sanctions keep Middle - East high - sulfur exports low. High - sulfur power - generation demand is falling seasonally, but feedstock demand is supported. Low - sulfur fuel oil spot premiums are falling, with supply rising and no specific demand drivers [7] - **Additional Notes**: Singapore's high - sulfur Sep/Oct paper - cargo spread is 0.3 - 1.0 USD/ton, and the low - sulfur Sep/Oct spread is 1.5 - 2.5 USD/ton. The Chinese low - sulfur market has sufficient supply and stable demand, focusing on near - term quota adjustments and issuance rhythm [8][9] Third Part: Related Diagrams - The report includes diagrams of Singapore's high - sulfur and low - sulfur spot premiums, high - and low - sulfur price spreads, LSFO - GO spreads, and high - and low - sulfur fuel oil crack spreads [10]

Core Viewpoint - OPEC+ has decided to increase production by 548,000 barrels per day in August, exceeding market expectations, but the immediate impact on oil prices in Q3 is expected to be limited [1] Group 1: OPEC+ Production Decision - OPEC+ has made a decision to increase production by 548,000 barrels per day for August, which is higher than market forecasts [1] - Some oil-producing countries are currently producing above their target levels, and there are constraints from production compensation plans, leading to actual monthly increases being less than the targeted adjustments [1] Group 2: Market Reactions and Price Trends - The Asian market has shown a subdued response to the OPEC+ production increase, with expectations that the demand for gasoline and jet fuel will support the increase during the peak demand season in Q3 [1] - After the peak season, if the U.S. continues its tariff policies, a return to OPEC+ production levels could negatively impact the fundamentals, potentially leading to a downward shift in oil prices [1] Group 3: Fuel Types and Demand Dynamics - High-sulfur fuel oil (FU) is experiencing weak performance due to low demand from shipping and deep processing, with a lack of support from summer power generation needs in the Middle East and North Africa [1] - Low-sulfur fuel oil (LU) has limited supply pressure due to strong coking profits, but overall demand remains weak, leading to fluctuating prices [1] Group 4: Refinery and Inventory Insights - As of now, the shipment volume from 54 sample refineries has slightly decreased, with the year-on-year growth rate dropping from 8% to 7% [1] - Refinery inventories have increased by 15,000 tons, while social inventories remain stable compared to the previous week [1] Group 5: LPG Market and Chemical Demand - The international LPG supply is overall loose, and with OPEC's further production increase expected in August, overseas prices may come under pressure [1] - Recent maintenance has led to a decline in chemical demand, but lower import costs are helping to restore PDH margins, with attention on the rebound pace of PDH operating rates [1]

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].