From a fundamental perspective, the pattern of tight supply in the fuel oil market has not fundamentally changed. According to data from the Singapore Enterprise Development Authority, for the week ending August 19, Singapore's fuel oil inventory was 18.269,000 barrels, a decrease of 1.95 million barrels from week to week. On the low-sulphur side, due to the closure of the East-West arbitrage window, shipments from Western markets will decrease in the next few weeks, and the supply of compliant low-sulphur marine fuel will be limited in the short term. However, in the face of geopolitical sentiment, fundamental support appears weak against the backdrop of high fuel oil prices. As far as the future market is concerned, the short-term fuel oil trend may depend on the next evolution of the situation in the Strait of Hormuz. If the cease-fire agreement is formally signed and navigation is gradually resumed, the geographical risk premium is likely to continue to rise, and fuel oil will still have room to decline; however, if negotiations are repeated again and the situation returns to a standstill, the decline accumulated earlier may be quickly repaired. At a stage where the news surface is extremely unstable, the high fluctuation properties of fuel oil may be further amplified.

From a fundamental perspective, the pattern of tight supply in the fuel oil market has not fundamentally changed. According to data from the Singapore Enterprise Development Authority, for the week ending August 19, Singapore's fuel oil inventory was 18.269,000 barrels, a decrease of 1.95 million barrels from week to week. On the low-sulphur side, due to the closure of the East-West arbitrage window, shipments from Western markets will decrease in the next few weeks, and the supply of compliant low-sulphur marine fuel will be limited in the short term. However, in the face of geopolitical sentiment, fundamental support appears weak against the backdrop of high fuel oil prices. As far as the future market is concerned, the short-term fuel oil trend may depend on the next evolution of the situation in the Strait of Hormuz. If the cease-fire agreement is formally signed and navigation is gradually resumed, the geographical risk premium is likely to continue to rise, and fuel oil will still have room to decline; however, if negotiations are repeated again and the situation returns to a standstill, the decline accumulated earlier may be quickly repaired. At a stage where the news surface is extremely unstable, the high fluctuation properties of fuel oil may be further amplified.