【燃油上方空间还大吗？】金十期货特约光大期货点评：外盘原油上涨主要受到两个利好因素提振，一是美国财政部宣布对伊朗液化石油气巨头及其企业网络实施制裁，美伊制裁升级使得伊朗原油流入国际市场的数量在减少；二是上周美国API原油库存下降456.5万桶，超出市场预期与前值，库存压力在下降。再来看看燃油自身基本面情况，供应方面，短期成本端有所改善，上周港口库存有增有减。截至4月14日当周，新加坡燃料油库存录得2288.7万桶，环比前一周增加3.93%；富查伊拉燃料油库存录得1100.2万桶，环比前一周减少17.18%。需求方面，未来几周中东、北非和南亚等地发电需求回升，但是注意我国需求在减弱。海关最新数据显示，2025 年 1-3 月中国燃料油进口总量为 521.91 万吨，同比下降 35%。综合来看，关注供应和需求的相对变化强弱，目前盘面正在回补清明节后首日跳空缺口。
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