Fuel Oil Market Report Weekly

GTJA Futures Research InstituteKefang Liang（Analyst）Advisor y Code：Z0019111Date：2026年4月19日 CONTENTS Import & Export Price & Spread Supply Demand Inventory Summary Refinery UtilizationGlobal Refinery MaintenanceProduction and Supply Chinese MarketWeekly Global Import andExport amount: HSFOWeekly Global Import andExport amount: LSFO Asian MarketEuropean MarketAmerican MarketOTC Swap MarketChinese Future MarketSpread in Physical marketGlobal Fuel Oil CrackGlobal Fuel Oil Swap’sTerm Structure Global Fuel Oil Inventory Global Fuel Oil Demand Summary Summary Summary Thisweek,theU.S.-IrantalksshowedsomesignsofStraitreopening,leadingtoagradualreductionintheriskpremiumpreviouslyembeddedinprices.Additionally,spotmarketpricingbegantoalignmorecloselywiththerealityofeasedsupply-demandimbalances,both factors causing the price center to revert to its pre-conflict level.However,as the weekendapproached,theStraitremainedunderblockade,withnumerousvesselsstillstrandedinthearea,andnoofficialconfirmationfromIranregardingtheStrait'sreopening.ThesubsequentmarketfocuswillbeonwhethertheU.S.-Iranpeacetalkscansuccessfullyfacilitatethereopeningofthestrait, Supply Refinery Utilization CDU Utilization of Chinese State-ownedRefineries CDU Utilization of Chinese IndependentRefineries CDU Utilization of Chinese Refineries 原油：常减压：产能利用率：中国炼厂（周） 原油：常减压：独立炼厂：产能利用率：中国（周） 原油：主营炼厂：产能利用率：中国（周） Global Refinery Maintenance Global Maintenance: CDU Production and Supply Demand Global Fuel Oil Demand Inventory Global Fuel Oil Inventory Fuel Inventory: Fujairah Price & Spread Asian Market 新加坡3.5%燃料油FOB价格 European Market NWE 0.5% 380CST FOB American Market USAC低硫直馏燃料油价格 OTC Swap Market Chinese Future Market Spread in Physical market Spread between HSFO and LSFO FOB price in Singapore——Hi-5 Spread Global Fuel Oil Crack Singapore LSFO crack Global Fuel Oil Swap’s Term Structure Import & Export Chinese Market Monthly Export amount: Fuel Oil Monthly Import amount: Fuel Oil 燃料油，不含生物柴油：进口数量合计：中国（月） 3000000燃料油，不含生物柴油：出口数量合计：中国→全球（月） Weekly Global Import and Export amount: HSFO Weekly Global Import and Export amount: LSFO Futures’ data andChina-Overseas Spread Overview ◆Review：Recently,the spot price spread between domestic and foreign markets has continued to decline,while thedifferentialsbetweenfuturesandoverseasspotpriceshasshownsomerecovery. ◆LogicandOutlook：Thecurrentgeopoliticalconflictistemporarilystable,andthespotpricesofdomesticandforeignmarketshavestartedtodeclineasgoodsgraduallyarriveattheport.Theoverallpricedifferencebetweendomesticandforeignspot prices is stable.The cancellation of some warehouse receipts in the LU market has made futures pricesrelativelyresistanttodecline,andthepricedifferencehasnarrowed. Spread—Domestic and Overseas Spot Market Spread—Overseas Spot market and Chinese FuturesFUM-380cst MOPSFUM01-380cst MOPSFU主力-新加坡内外价差FU连一-新加坡内外价差 Trading volume and Open Interest volume of FU/LU FUM–Open Interest FUM–Trading Volume Trading volume and Open Interest volume of FU/LUFUM01–Open InterestFUM01–Trading Volume燃油连一持仓量燃油连一成交量 Trading volume and Open Interest volume of FU/LU Warehouse Warrant Volume in Exchange ThecompanyhasthequalificationoffuturestradingconsultingbusinessapprovedbytheCSRC. TheviewsandinformationinthiscontentareonlyforthereferenceofprofessionalinvestorsofGTJAFutures.Itisdifficulttosetaccesspermissionsforthiscontent.Ifitcausesinconveniencetoyou,pleaseunderstand.IfyouarenotaprofessionalinvestorinGTJAFutures,pleasedonotread,subscribeorreceiveanyrelevantinformation.Thiscontentdoesnotconstitutetherecommendationof specificbusinessesorproducts,norshoulditbeconsideredastheinvestmentrecommendationofcorrespondingfinancialderivatives.Pleasemakeyourowninvestmentdecisionsandbeartheinvestmentrisksaccordingtoyourownrisktolerance.Youshouldnotrelyonthiscontentforspecificoperations. AnalystCertification TheauthorhasthefuturesinvestmentconsultingpracticequalificationorequivalentprofessionalcompetencegrantedbytheChinaFuturesIndustryAssociation,andensuresthatthedatausedinthereportarefromcompliancechannels.Theanalysislogicisbasedontheauthor'sprofessionalunderstanding.Thisreportclearlyandaccuratelyreflectstheauthor'sresearchviews,andstrivestobeindependent,objectiveandfair.Theconclusionisnotinspiredoraffectedbyanythirdparty.Itisherebydeclared. Disclaimers Theinformationinthisreportcomesfromthepublishedinformation,andthecompanymakesnoguaranteefortheaccuracy,completenessorreliabilityofsuchinformation.Theinformation,opinionsandspeculationcontainedinthisreportonlyreflectthejudgmentofthecompanyonthedateofissuingthisreport.Thepriceofthefuturessubjectmatterreferredtointhisreportcanriseorfall,andthepastperformanceshouldnotbeusedasthebasisforfutureperformance.Indifferentperiods,theCompanymayissuereportsthatareinconsistentwiththeinformation,opinionsandassumptionscontainedinthisreport.TheCompanymakesnowarrantsthattheinformationinthisreportbekeptuptodate.Atthesametime,theCompanycanmodifythe