Fuel Oil Market Report Weekly

GTJA Futures Research InstituteKefang Liang（Analyst）Advisor y Code：Z0019111Date：2026年5月5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 Sincelastweek,theU.S.-Irannegotiationshaveremaineddeadlocked.OnMay4,IranandtheU.S.engagedindirectmilitaryclashesagain.Itisexpectedthatthestalematebetweenthetwosideswillpersist,withnoexclusionoffurtherescalation.ThisimpliesthatspotsuppliesintheStraitofHormuzregionwillnotresumeatleastuntilMay,andglobalfueloilpriceswillriseoncemore.ThepremiumforspotdeliveriesscheduledforlateMaycontinuestoclimb,asthemarketshiftsitsfocustopricinginresponsetotherealityofsupplyshortages.Therearesomeminorshiftsinsupplyanddemandthatwarrantattention:First,Russiadeliveredasubstantialamountof 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,thepricedifferencebetweendomesticandforeignspotpriceshasgraduallycontinuedtodecline,whilethepricedifferencebetweenfuturespricesandforeignspotpriceshasremainedrelativelystable. ◆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,theCompanycanmodifytheinform