Everbright Futures: March 20 Energy and Chemical Daily

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Everbright Futures: March 20 Energy and Chemical Daily

On Wednesday, FU2505, the main fuel oil contract in the previous period, closed down 2.29 percent at 3068 yuan/tonne. LU2505, the main contract for low-sulfur fuel oil, closed down 1.46 percent at 3519 yuan/tonne. The latest data from the Singapore Enterprise Development Board shows that in the week ending March 12, Singapore imported about 331900 tons of fuel oil from Russia, which was basically zero in the previous five weeks. From a fundamental point of view, the low-sulfur fuel oil market is stable, while the high-sulfur fuel oil market is running strongly. On the low sulfur side, due to the abundant supply of in stock in the low sulfur market in the Western Hemisphere and the increase in Brazilian arrivals, arbitrage goods arriving in Singapore in March will increase by about 500000 tons month-on-month, but the decline in the economy of east-west arbitrage will limit the number of arbitrage goods flowing into Singapore from the West in April. In terms of high sulfur, the structure of Singapore's high sulfur market strengthened further last week, showing that in stock is still tight, but this week's external discount fell slightly, short-term FU is still affected, LU is to maintain a weak state of volatility, need to pay attention to the risk of short-term oil price fluctuations.

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