Fuel Oil Market Report Weekly

GTJA Futures Research InstituteKefang Liang（Analyst）Advisor y Code：Z0019111Date：2026年5月17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 AstherehasbeennosubstantialprogressinthecurrentU.S.-Irannegotiations,theimpactofgeopoliticalconflictsonoilpricesremainsinsufficientlypronounced.Thetradinglogicshouldprimarilybebasedontheactualsupplyanddemandsituationwithinthemarket.Withinthefueloilmarket,physicalmarketforHSFOhavebeenrelativelyactiveoverthepastonetotwoweeks,withmostcargoes ViewlockedinfordeliverybetweenlateMayandearlyJune.However,somedemand-sidedataindicatesthatthebunker-FOBpricespreadintheSingaporemarketremainstemporarilystable,whileimportsofpowerplantfueloilfromregionslikeSaudiArabiaandEgyptshownosignsoffurthergrowth.Thissuggeststhatthecurrentvolumeofspottransactionsmayfacecertainconstraints,andstartingfromlateMay,theentiremarketwillprimarilyfocusondigestingalreadylocked-incargoes.Intheshortterm,opportunitiesforspotpricestoriseduetoincreasedtradingactivityaregraduallydiminishing,andtheupwardmomentumofHSFOspotpriceswillprogressivelyweaken.Inaddition,RussiahasrecentlyincreaseditsexportvolumeintheBlackSeadirection,andweneedtobevigilantaboutthisportionofspotgoodsflowingintotheMiddleEastfor"whitewashing"andthenincreasingexportstootherregions.OntheLSFO,asimilarscenarioisunfolding.AsspotcargoesaregraduallybookedinMay,priceslacktheimpetusforsignificantincreasesuntilnewmarketdriversemerge.Goingforward,attention will need to be paid to whether exports from Brazil,Indonesia,and Thailand and Japan—affected by feedstockconstraintsbefore—arelikelytorebound.Domestically,LSFOproductiondependsontheoperationalratesofmajorrefineries.However,basedoncurrentdata,theserefinerieshavealready droppedto historicallylowlevelsofoperation.Additionally,somerefineries willundergomaintenanceinMay,leadingtoastableLSFOoutputfrommajorrefineriesnextmonth,whichwillsupportLUvaluation. 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：主营炼厂：产能利用率：中国（周） 原油：常减压：独立炼厂：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 Fuel Inventory: United States Price & Spread Asian Market Singapore 3.5% 380CST FOB Singapore 0.5% 380CST FOB European Market NWE 0.5% 380CST FOB American Market OTC Swap Market Chinese Future Market Spread in Physical market Spread between HSFO and LSFO FOB price in Singapore——Hi-5 Spread Viscosity Spread in Singapore Global Fuel Oil Crack Singapore LSFO crack Singapore HSFO crack 新加坡高硫裂解价差 Global Fuel Oil Swap’s Term Structure Import & Export Chinese Market Monthly Import amount: Fuel Oil Monthly Export amount: Fuel Oil 燃料油，不含生物柴油：进口数量合计：中国 Weekly Global Import and Export amount: HSFO Weekly Global Import and Export amount: LSFO Futures’ data andChina-Overseas Spread Overview ◆Review：Recently,thepricedifferencebetweendomesticandforeignspotpriceshasgraduallycontinuedtodecline,whilethepricedifferencebetweenfuturespricesandforeignspotpriceshascontinuedtodecline. ◆LogicandOutlook：Thecurrentgeopoliticalconflictistemporarilystable,andlongpositionsinthefuturesmarketarecontinuouslydecreasing,causingpricestograduallydecline,resultinginawideninggapbetweenfuturesandoverseasspotprices. 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–Trading Volume FUM–Open Interest Trading volume and Open Interest volume of FU/LUFUM01–Open InterestFUM01–Trading Volume 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 Theauthorhasthefu