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Message surface
From January to September 2022, Zhoushan achieved bonded fuel supply of 4.
3911 million tons, a year-on-year increase of 14.
51%, and continued to maintain double-digit growth despite shrinking global supply; From January to September, the settlement volume was 9.
0312 million tons, a year-on-year increase of 9.
93%, accounting for about 58% of the national oil supply
Total U.
S.
exports of crude and refined petroleum products surged to 11.
4 million b/d last week, the highest level
ever recorded, according to data released Wednesday by the U.
S.
Energy Information Administration (EIA).
In the week of October 21, fuel oil futures inventories in the previous period recorded 159105 tonnes, unchanged
from the previous week.
Institutional perspective
Guoxin Futures:
The recent slight recovery of the international shipping industry has led to a recovery in demand for high-sulfur fuel oil in Singapore, and the high-sulfur cracking price spread has been repaired
to a certain extent.
Singapore's inventory has rebounded and is generally controllable
.
Russian fuel oil exports to the Asia-Pacific region may be reduced in November, resulting in a supply gap, but the near-term release of bullish information is limited
.
Short-term fuel oil is temporarily on the sidelines, and the market can go long
on the dip.
Operation recommendation: wait and see
.
Da Yue Futures:
Fundamentals: Crude oil prices on the cost side are weakening, which is insufficient support for fuel; Russia's high sulfur continues to be exported to the Asia-Pacific region, and Singapore's supply remains abundant; The peak demand for power generation in the Middle East and South Asia ended, the feed of refineries in Europe and the United States remained stable, and the overall demand for high sulfur weakened
.
Expectations: Weak support on the cost side and weakening fundamentals, short-term fuel is expected to be weak
.
FU2301: Empty operation
in the 2580-2670 range during the day.
