Report Industry Investment Rating - Not provided in the content Core Viewpoints - Due to the blockade of the Strait of Hormuz, fuel oil supply from the Middle East is restricted, intensifying concerns about recent market supply disruptions. The market structures of Asian high - sulfur and low - sulfur fuel oil have further strengthened, and the spot price spread of fuel oil has reached a high. Terminal marine fuel demand is strong, and buyers are stocking up before short - term price increases. The market is in a supply shortage state. [3] - Middle East tensions have worsened, some oil - producing countries are starting to cut production passively, market sentiment is high, and enterprises are hoarding. Fuel oil prices are expected to rise in the short term, with high - sulfur and low - sulfur fuel oil expected to hit the daily limit today. The FU2605 contract is expected to run in the 4500 - 4549 range, and the LU2605 contract in the 5000 - 5032 range. [3] - The market is driven by the resonance of supply affected by geopolitical risks and neutral demand. [4] Summary by Directory 1. Daily Prompt - **Futures Market**: The previous FU and LU主力合约期货 prices were 3888 and 4376 respectively, and the current values are 4437 and 4999, with increases of 549 (14.12%) and 623 (14.24%) respectively. The previous FU and LU basis were 578 and 884, and the current values are 1581 and 1865, with increases of 1002.53 (173.31%) and 981 (111%) respectively. [5] - **Spot Market**: The previous prices of Zhoushan high - sulfur fuel, Zhoushan low - sulfur fuel, Singapore high - sulfur fuel, Singapore low - sulfur fuel, Middle - East high - sulfur fuel, and Singapore diesel were 790, 850, 646.6, 765.5, 548.92, and 1110.92 respectively. The current values are 1110, 1200, 877.87, 989.37, 772.77, and 1129.41, with increases of 320 (40.51%), 350 (41.18%), 231.27 (35.77%), 223.87 (29.24%), 223.85 (40.78%), and 18.49 (1.66%) respectively. [6] 2. Multi - and Short - term Concerns - **Likely to be Bullish**: Middle East tensions and poor channel traffic [4] - **Likely to be Bearish**: The Trump administration's TACO situation and upstream crude oil being under pressure [4] 3. Fundamental Data - **Supply and Demand**: The blockade of the Strait of Hormuz has restricted fuel oil supply from the Middle East, and terminal marine fuel demand is strong, with the market in a supply shortage state [3] - **Basis**: The basis of Singapore high - sulfur fuel oil is 578 yuan/ton, and that of Singapore low - sulfur fuel oil is 700 yuan/ton, with the spot price higher than the futures price [3] - **Market Trend**: The price is above the 20 - day line, and the 20 - day line is upward [3] - **Main Position**: High - sulfur main positions are short, with short positions decreasing; low - sulfur main positions are short, changing from long to short [3] 5. Spread Data - A chart of the high - and low - sulfur futures price spread is provided, but specific data is not detailed [9] 6. Inventory Data - Singapore fuel oil inventory on March 4, 2026, was 2574.9 million barrels, an increase of 187 million barrels. Historical inventory data from December 24, 2025, to March 4, 2026, is also provided. [3][7]

Report Industry Investment Rating - Not provided Core Viewpoints - The supply of fuel oil from the Middle East is restricted due to the blockade of the Strait of Hormuz, increasing concerns about supply disruptions. The market structure of high - sulfur and low - sulfur fuel oil in Asia has strengthened, and the spot price difference has reached a high point. Terminal marine fuel demand is strong, and buyers are stocking up before short - term price increases. The market is in a state of supply shortage [3]. - The Middle East situation has deteriorated, some oil - producing countries have started passive production cuts, market sentiment is high, and enterprises are hoarding. It is expected that high - sulfur and low - sulfur fuel oil will hit the daily limit today. The FU2605 is expected to operate in the range of 4500 - 4549, and the LU2605 in the range of 5000 - 5032 [3]. Summary by Directory 1. Daily Prompt - The price of the FU main contract futures decreased by 20 to 3888, a decrease of 0.51%. The price of the LU main contract futures increased by 84 to 4376, an increase of 1.96%. The FU basis increased by 229.94 to 578, an increase of 65.98%. The LU basis increased by 355 to 700, an increase of 103% [5]. - The price of Zhoushan high - sulfur fuel oil increased by 125 to 790, an increase of 18.80%. The price of Zhoushan low - sulfur fuel oil increased by 150 to 850, an increase of 21.43%. The price of Singapore high - sulfur fuel oil increased by 52.46 to 646.6, an increase of 8.83%. The price of Singapore low - sulfur fuel oil increased by 77.33 to 738.83, an increase of 11.69%. The price of Middle East high - sulfur fuel oil increased by 55.39 to 548.92, an increase of 11.22%. The price of Singapore diesel increased by 58.51 to 1110.92, an increase of 5.56% [6]. 2. Multi - empty Concerns - **Likely to rise**: Iran's situation is turbulent, and China's import quota has been issued [4]. - **Likely to fall**: The optimism of 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. Fundamental Data - **Fundamentals**: The blockade of the Strait of Hormuz restricts fuel oil supply from the Middle East, strengthening the market structure of high - sulfur and low - sulfur fuel oil in Asia and pushing the spot price difference to a high point. Terminal marine fuel demand is strong, and the market is in a state of supply shortage [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is 578 yuan/ton, and that of Singapore low - sulfur fuel oil is 700 yuan/ton. The spot price is higher than the futures price [3]. - **Inventory**: On March 4, 2026, the inventory of Singapore fuel oil was 2574.9 million barrels, an increase of 187 million barrels [3][7]. - **Disk surface**: The price is above the 20 - day line, and the 20 - day line is trending upward [3]. - **Main positions**: The main positions of high - sulfur fuel oil are short positions, with a decrease in short positions. The main positions of low - sulfur fuel oil are short positions, changing from long to short [3]. 5. Spread Data - A graph of the high - low sulfur futures spread is provided, but specific numerical analysis is not given [9]. Inventory Data - A table shows the inventory and its changes of Singapore fuel oil from December 24, 2025, to March 4, 2026 [7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian high - sulfur fuel oil market structure has weakened due to sufficient supply and weak demand. The 380CST high - sulfur fuel oil spot price spread has been falling for three consecutive trading days after reaching a nearly 11 - month high in the week ending February 20. The spot spread of Singapore's 0.5% sulfur marine fuel is at a premium of $1.88 per ton, the highest since January 29. The market is expected to see the FU2605 contract trade in the range of 2890 - 2940 and the LU2605 contract in the range of 3450 - 3490. The行情 is driven by the resonance of geopolitical risks on the supply side and neutral demand [3]. 3. Summary by Directory 3.1 Daily Tips - The Asian high - sulfur fuel oil market structure is weakening due to supply and demand factors. The 380CST high - sulfur fuel oil spot price spread is falling, while the 0.5% sulfur marine fuel in Singapore has a high spot premium. The market is expected to trade within specific ranges for different contracts [3]. 3.2 Multi - Short Concerns - **Likely Positive Factors**: Iran's situation is unstable; China's import quota is issued [4]. - **Likely Negative Factors**: The optimism of the demand side remains to be verified; 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 - **Supply - Demand**: Asian high - sulfur fuel oil has sufficient supply and weak demand, weakening the market structure. The 0.5% sulfur marine fuel in Singapore has a strong spot premium [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is -$19 per ton, and that of low - sulfur fuel oil is -$28 per ton, with the spot being nearly at par with the futures [3]. - **Inventory**: Singapore's fuel oil inventory in the week of February 11 was 26.379 million barrels, an increase of 0.85 million barrels [3]. - **Market Trend**: The price is above the 20 - day line, and the 20 - day line is upward [3]. - **Main Position**: High - sulfur main position is short, with short positions increasing; low - sulfur main position is short, with short positions decreasing [3]. 3.4 Spread Data - Not provided in the given content 3.5 Inventory Data - Singapore's fuel oil inventory has been increasing in recent weeks. As of February 11, 2026, it was 26.379 million barrels, an increase of 0.85 million barrels compared to the previous period [3][8].