> **来源：[研报客](https://pc.yanbaoke.cn)** # Fuel Oil Price and Supply-Demand Analysis Summary ## Core Content Overview This report provides a comprehensive analysis of fuel oil prices and supply-demand dynamics, focusing on both high-sulfur and low-sulfur fuel oil markets, as well as crude oil and refinery margins. The data spans from 2025 to 2026 and includes daily and weekly price summaries, cost analysis, and price spreads. It also covers supply and demand indicators such as China's fuel oil production, imports, exports, apparent consumption, and inventory levels. ## Key Price Data ### Daily Price Summary (CNY/ton) | Date | Singapore 180swap C1 | Singapore 380swap C1 | Singapore Marine 180CIF Spot | Singapore Marine 380CIF Spot | FU C1 | Zhoushan Bonded High-sulfur | Singapore 0.5% Low-sulfur Swap | 0.5% Singapore Marine Spot | LU C1 | Zhoushan Bonded Low-sulfur | Brent C1 (USD/barrel) | SC C1 (CNY/barrel) | |---------------|---------------------|---------------------|-----------------------------|-----------------------------|-------|-----------------------------|-------------------------------|-----------------------------|------|---------------------------|----------------------|-------------------| | 2025年7月30日 | 2885 | 2798 | 2856 | 2760 | 2880 | 2997 | 3422 | 3443 | 3600 | 3665 | 72.47 | 529.7 | | 2026年6月30日 | 3011 | 2958 | 3044 | 2988 | 3000 | 3201 | 4015 | 4124 | 4500 | 4325 | 72.95 | 457.2 | | 2026年7月23日 | 4142 | 4092 | 4261 | 4185 | 4172 | 4346 | 5123 | 5396 | 5098 | 5432 | 100.69 | 577.2 | | 2026年7月30日 | 3933 | 3871 | 3977 | 3925 | 4002 | 4006 | 5070 | 5287 | 4650 | 5173 | 89.03 | 575 | ### Weekly Changes - **High-sulfur fuel oil** prices decreased by 5.0% to 5.3% across different categories. - **Low-sulfur fuel oil** prices fell by 2.0% to 2.3%. - **Crude oil** prices dropped by 11.6% to 11.6% (USD/barrel). - **Price spreads** varied from -170 to -340 CNY/ton for high-sulfur fuel oil, and from -448 to -259 CNY/ton for low-sulfur fuel oil. ### Monthly Changes - **High-sulfur fuel oil** prices increased by 28.2% to 30.9%. - **Low-sulfur fuel oil** prices rose by 25.8% to 28.2%. - **Crude oil** prices saw an increase of 22.0% to 25.8% (USD/barrel). - **Price spreads** ranged from 1002 to 1648 CNY/ton for high-sulfur fuel oil, and from 1050 to 1508 CNY/ton for low-sulfur fuel oil. ### Annual Changes - **High-sulfur fuel oil** prices rose by 28.0% to 39.3%. - **Low-sulfur fuel oil** prices increased by 25.8% to 53.6%. - **Crude oil** prices increased by 22.9% to 25.8% (USD/barrel). - **Price spreads** showed an annual growth of 17 to 1844 CNY/ton for high-sulfur fuel oil, and from 45 to 1508 CNY/ton for low-sulfur fuel oil. ## Supply Analysis ### China Fuel Oil Production - Production data is provided for both high-sulfur and low-sulfur fuel oil, showing an increase in output over the year. ### Domestic Refinery Margins - Refinery margins have fluctuated, with notable changes observed between different periods. - The data reflects the profitability of refineries and is influenced by market dynamics and pricing trends. ### Fuel Oil Production (Other Countries) - Global production trends are included, highlighting the comparative performance of China and other regions. ### Supply Substitution - The report discusses how supply substitution is impacting the fuel oil market, including shifts in production and trade patterns. ## Demand Analysis ### China's Fuel Oil Imports and Exports - Import and export data is detailed, showing the volume of fuel oil traded and its impact on domestic supply. ### China Apparent Fuel Oil Consumption - Apparent consumption data indicates the level of demand for fuel oil in China, with an increase observed over the year. ### Total Vessel Calls at Ports - This data reflects the activity at ports and the movement of fuel oil, indicating demand trends. ### Singapore Fuel Oil Sales Volume - Singapore is a major trading hub, and its sales volume is an important indicator of global demand. ### Freight Rate Index - Freight rate trends are analyzed, showing how shipping costs affect fuel oil prices and demand. ## Inventory Analysis ### China's Fuel Oil Inventories - Inventory levels are provided, showing fluctuations in stockpiles and their relation to supply and demand dynamics. ### Fuel Oil Inventories of Other Countries - Inventory data from other countries is included, offering a global perspective on market balances. ## Key Insights - **Price Trends**: Fuel oil prices, both high-sulfur and low-sulfur, have shown a significant upward trend over the year, with high-sulfur fuel oil experiencing a more pronounced increase. - **Price Spread**: The spread between different fuel oil types and crude oil has widened, indicating a shift in market dynamics and potential changes in demand and supply. - **Supply and Demand**: China's fuel oil production and consumption have increased, with notable impacts on domestic and international markets. - **Refinery Margins**: Margins have fluctuated, influenced by price changes and production costs. - **Global Impact**: Singapore plays a key role in the global fuel oil market, with its sales volume and freight rates affecting overall demand and pricing. ## Disclaimer - The report is prepared by Zhongtai Futures Co., Ltd. and is intended for internal use only. - The information and opinions expressed in this report are not intended as trading advice. - The report may contain inaccuracies and the company assumes no liability for any losses incurred due to reliance on the content. - The report is subject to change without prior notice. - Reproduction or distribution of the report is prohibited without written consent from Zhongtai Futures.