20250625-大越期货-燃料油早报_12页

Fuel Oil Market Analysis Summary - June 25, 2025

• Date: June 25, 2025
• Source: 大越期货投资咨询部, authored by Jin Zebin
• Key Insights:
  • Asian low-sulfur fuel oil market markets seen balance in supply-demand.
  • Singapore fuel oil supply is ample, supporting prices; however, downstream demand remains pressured.
  • High-sulfur fuel oil supply abundant, reducing cash premiums.
  • Inventory in Singapore decreased significantly, indicating a positive bias.
• Price Ranges:
  • FU2509: 3000-3060 range
  • LU2508: 3680-3740 range
• Market Drivers:
  • Geopolitical factors: Middle East cease-fire, easing tensions could promote stability.
  • Seasonal demand: Summer period may increase power demand.
• Overall Outlook: Neutral to slightly positive, with potential stabilization if Middle East peace holds; cautious due to unverified demand and possible sanctions adjustments.
• Risk Factors:
  • OPEC+ internal disputes could disrupt supply.
  • Escalation in conflicts or changes in demand patterns could negatively impact prices.