Report Date - The report was released on November 26, 2025 [1] Corn/Starch Price Data - Corn prices in Changchun remained stable at 2070, while prices in Jinzhou increased by 20 to 2220, and prices in Shekou rose by 30 to 2410 from November 19 to 25, 2025. Starch prices in Heilongjiang and Weifang remained unchanged at 2700 and 2850 respectively, with the basis dropping by 21 to 149 [2] Market Analysis - **Short - term**: Corn prices are expected to remain strong due to low supply and downstream enterprises' restocking demand. Starch prices are pressured by high inventory as downstream replenishment is slow [2][3] - **Long - term**: The corn market will remain tight, and prices are supported by planting costs. Starch prices depend on downstream consumption rhythm, and a significant price drop may stimulate downstream replenishment [2][3] Sugar Price Data - From November 19 to 25, 2025, the spot price in Nanning increased by 30 to 5480, the basis decreased by 17 to 228, and the import profit from Thailand and Brazil decreased by 13 each. The number of warehouse receipts remained at 7876 [6] Market Analysis - **Short - term**: Zhengzhou sugar prices are more affected by import quota management and syrup premix import control than the international market, and domestic sugar production cost is the key support [6] - **Long - term**: If the global sugar market surplus intensifies, domestic sugar prices may be impacted. Overall, the global and domestic sugar supply is loose, but short - term downward space is limited [6] Cotton/Cotton Yarn Price Data - From November 19 to 25, 2025, the price of 3128 cotton increased by 45 to 14475, the import profit increased, and the number of warehouse receipts + forecasts increased by 265 to 3799. The price of Vietnamese yarn decreased by 5 to 20935, and the import profit increased by 14 to 515 [9] Market Analysis - New cotton acquisition is almost complete, and the total output is estimated to be lower. The positive outcome of the China - US meeting in Busan is beneficial for textile exports, making long - term long positions suitable [9] Eggs Price Data - From November 19 to 25, 2025, egg prices in Hebei, Liaoning, Shandong, and Henan increased, with the largest increase of 0.10 in Henan. The basis increased by 74 to 354 [12] Market Analysis - Supply pressure is relieved by orderly chicken culling and a decrease in new laying hens. Demand increases as cooler weather allows for longer egg storage. The price center in the production area moves up slightly, and future price trends depend on the chicken culling rhythm [12] Apples Price Data - From November 19 to 25, 2025, the spot price of Shandong 80 first - and second - grade apples remained at 8000. The national inventory decreased by 112, Shandong inventory decreased by 145, and Shaanxi inventory decreased by 49 [14][15] Market Analysis - National apple storage is almost complete, with an estimated storage volume of about 5.5%, 10% lower than last year. The average opening price is above 3.5 yuan per catty, and prices are expected to remain high in the short term [15] Pigs Price Data - From November 19 to 25, 2025, pig prices in all monitored regions decreased, with the largest decrease of 0.20 in Anhui. The basis decreased by 115 to 15 [16] Market Analysis - **Short - term**: Weekend spot prices fluctuated slightly, with moderate slaughter and limited terminal demand improvement. Some local curing in the south has started [17] - **Long - term**: There are expectations of increased supply and demand before the Spring Festival, but supply and inventory pressure is still large. The improvement of far - month expectations depends on near - term production and inventory reduction [17]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 3.997, UK 4.493, France 3.406, Germany 2.671, Italy 3.399, Spain 3.161, Switzerland 0.131, Greece 3.273, Japan 1.799, Brazil 6.146, China 1.818, South Korea (not available), Australia 4.428, New Zealand 4.145 [3] - The latest yields of 2 - year government bonds in major economies are: US 3.460, UK 3.755, Germany 2.013, Japan 0.964, Italy 2.184, China (1Y yield) 1.404, South Korea (not available), Australia 3.673 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.386, Russia (not available), South Africa zar 17.220, Korean won 1468.300, Thai baht 32.310, Malaysian ringgit 4.135 [3] - The latest exchange rates of the RMB are: on - shore 7.085, off - shore 7.082, mid - price 7.083, 12 - month NDF 6.945 [3] - The latest values of major economies' stock indices are: S&P 500 6765.880, Dow Jones Industrial Average 47112.450, Nasdaq 23025.590, Mexican index 63214.560, UK index 9609.530, French CAC 8025.800, German DAX 23464.630, Spanish index 16140.900, Russian index (not available), Nikkei 48659.520, Hang Seng Index 25894.550, Shanghai Composite Index 3870.023, Taiwan index 26912.170, South Korean index 3857.780, Indian index 8521.885, Thai index 1268.780, Malaysian index 1611.740, Australian index 8824.235, emerging - economy index 1353.840 [3] - The latest values of credit - bond indices are: US investment - grade 3548.370, euro - zone investment - grade 266.193, emerging - economy investment - grade 290.250, US high - yield 2886.590, euro - zone high - yield 407.810, emerging - economy high - yield 1797.248 [3] Group 2: Stock Index Futures Trading Data - For A - shares, the closing price is 3870.02 with a 0.87% increase; for CSI 300, the closing price is 4490.40 with a 0.95% increase; for SSE 50, the closing price is 2968.20 with a 0.60% increase; for ChiNext, the closing price is 2980.93 with a 1.77% increase; for CSI 500, the closing price is 6954.60 with a 1.25% increase [4] - The PE (TTM) values are: CSI 300 13.92, SSE 50 11.89, CSI 500 31.69, S&P 500 26.78, German DAX 18.20, with环比changes of 0.11, 0.07, 0.34, 0.14, 0.18 respectively [4] - The risk premiums (1/PE - 10 - year interest rate) are: S&P 500 - 0.26, German DAX 2.82, with环比changes of 0.01 and - 0.04 respectively [4] - The latest capital flows are: A - shares 118.55, main board 41.57, small - and - medium - sized enterprise board (not available), ChiNext 82.95, CSI 300 22.47, and the 5 - day average values are - 534.34, - 438.23, (not available), - 68.11, - 58.99 respectively [4] Group 3: Other Trading Data - The latest trading volume amounts are: Shanghai and Shenzhen stock markets 18121.47, CSI 300 4115.24, SSE 50 980.32, small - and - medium - sized enterprise board 3723.91, ChiNext 5224.55, with环比changes of 843.73, - 142.83, - 122.39, 249.84, 462.39 respectively [5] - The basis and basis spreads of stock index futures are: IF basis - 17.40 (- 0.39%), IH basis - 9.00 (- 0.30%), IC basis - 54.60 (- 0.79%) [5] - The closing prices and price changes of treasury bond futures are: T2303 108.37 (- 0.13%), TF2303 105.80 (- 0.09%), T2306 108.22 (- 0.11%), TF2306 105.98 (- 0.01%) [5] - The capital interest rates are: R001 1.3843%, R007 1.5238%, SHIBOR - 3M 1.5800%, with daily changes of - 18.00 BP, - 4.00 BP, 0.00 BP respectively [5]

免责声明: LPG早报 研究中心能化团队 2025/11/26 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/19 4345 4325 4370 565 508 491 4590 7040 -280 -49 2025/11/20 4350 4325 4360 562 509 486 4570 7040 -253 -47 2025/11/21 4400 4315 4340 558 502 485 4530 7040 -165 68 2025/11/24 4405 4305 4400 560 498 489 4440 7080 -174 200 2025/11/25 4330 4310 4430 - 484 - 4470 7100 - 100 日度变化 -75 5 30 - -14 - 30 20 - -100 日度变化 周二，民用气方面，华东4310（-5），山东4430（+30），华南4330（-75）。醚后碳四4470（+70）。最低交割地为华东，基差-2 6（-53），01-0 ...

Group 1: Report Investment Rating - No relevant content provided. Group 2: Core Viewpoints - This week, copper prices first rose and then declined slightly. Downstream consumption remained weak, and the negotiation of long - term contracts between copper downstream enterprises was ongoing. The price of 85,000 yuan might become the psychological price for downstream point - pricing. [1] - Aluminum prices decreased slightly. The inventory of aluminum ingots remained flat, and the inventory of aluminum rods and strips decreased slightly. The short - term trend might be volatile, and the supply - demand situation was expected to be loose in early 2026 and then tighten gradually. [2] - Zinc prices fluctuated. The supply of domestic and imported TC was accelerating downward. The demand was seasonally weak. The export window was open, and there was some inventory delivery overseas. The price center might be difficult to decline deeply, and it was recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and the positive arbitrage opportunity of 01 - 03 contracts for the month - spread. [5] - The short - term fundamental situation of nickel was weak. The supply decreased slightly, the demand was weak, and the inventory continued to increase. There were continuous disruptions in the Indonesian mining end, and it was recommended to pay attention to short - selling opportunities on rallies. [7][8] - The fundamental situation of stainless steel remained weak. The production increased slightly in October, the demand was mainly for rigid needs, the cost remained stable, and the inventory was at a high level. It was recommended to pay attention to short - selling opportunities on rallies. [12] - Lead prices fell. The supply was loose, and the demand was expected to weaken. The supply - demand contradiction was alleviated, and the social inventory began to accumulate. It was expected that lead prices would fluctuate narrowly next week, and it was recommended to operate carefully. [15][16] - Tin prices increased. The supply side was marginally repaired, and there were uncertainties overseas. The demand was mainly rigid. In the short - term, it was recommended to wait and see, and in the long - term, it was recommended to hold near the cost line or use it as a long - position allocation in non - ferrous metals. [19] - The supply - demand of industrial silicon in Q4 was expected to be in a balanced and slightly loose state, and the price was expected to fluctuate. In the long - term, the price was expected to fluctuate at the bottom of the cycle. [22] - The price of lithium carbonate first rose and then fell. The supply side had high price elasticity after disturbances were resolved, and the long - term pattern might change in the next 1 - 2 years if the demand was stable. [24] Group 3: Summary by Metal Copper - **Price and Inventory Changes**: From November 18 to 24, the spot price of Shanghai copper was between 80 - 100, with a change of - 10; the waste - refined copper price difference increased by 119; the inventory of the Shanghai Futures Exchange decreased by 5,974. [1] - **Market Situation**: Downstream consumption was weak, and the negotiation of long - term contracts was ongoing. The concentrated delivery of LME copper affected the Cash - 3M spread, and the waste copper subsidy policy was slightly relaxed. [1] Aluminum - **Price and Inventory Changes**: From November 18 to 24, the Shanghai aluminum ingot price decreased by 20; the domestic alumina price decreased by 1; the inventory of the Shanghai Futures Exchange remained unchanged. [1] - **Market Situation**: The price of aluminum decreased slightly, the inventory of aluminum ingots was flat, and the short - term trend was volatile. The supply - demand situation was expected to change from loose to tight in 2026. [1][2] Zinc - **Price and Inventory Changes**: From November 18 to 24, the Shanghai zinc ingot price decreased by 60; the domestic social inventory remained unchanged, and the LME inventory increased by 100. [5] - **Market Situation**: The supply of domestic and imported TC was accelerating downward. The demand was seasonally weak, and the export window was open. [5] Nickel - **Price and Inventory Changes**: From November 18 to 24, the price of 1.5% Philippine nickel ore remained unchanged, and the Shanghai nickel spot price increased by 1,250; the domestic and overseas inventories continued to increase. [6][7] - **Market Situation**: The supply decreased slightly, the demand was weak, and there were continuous disruptions in the Indonesian mining end. [7][8] Stainless Steel - **Price and Inventory Changes**: From November 18 to 24, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, and 430 cold - rolled remained unchanged, and the price of waste stainless steel also remained stable. [12] - **Market Situation**: The production increased slightly in October, the demand was mainly for rigid needs, the cost remained stable, and the inventory was at a high level. [12] Lead - **Price and Inventory Changes**: From November 18 to 24, the lead price decreased; the social inventory increased slightly, and the LME inventory increased by 2,425. [15][16] - **Market Situation**: The supply was loose, the demand was expected to weaken, and the supply - demand contradiction was alleviated. [15][16] Tin - **Price and Inventory Changes**: From November 18 to 24, the tin price center increased; the LME inventory remained unchanged. [19] - **Market Situation**: The supply side was marginally repaired, and there were uncertainties overseas. The demand was mainly rigid. [19] Industrial Silicon - **Price and Inventory Changes**: From November 18 to 24, the basis of 421 in Yunnan and Sichuan changed slightly, and the basis of 553 in East China and Tianjin decreased; the number of warehouse receipts decreased by 854. [22] - **Market Situation**: The supply - demand in Q4 was expected to be balanced and slightly loose, and the price was expected to fluctuate. [22] Lithium Carbonate - **Price and Inventory Changes**: From November 18 to 24, the SMM electric carbon and industrial carbon prices decreased by 150; the basis of the main and near - month contracts increased, and the number of warehouse receipts decreased by 338. [24] - **Market Situation**: The price first rose and then fell. The supply side had high price elasticity after disturbances were resolved, and the long - term pattern might change in the next 1 - 2 years. [24]

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoint - This week, oil prices closed lower. Significant progress has been made in the Russia-Ukraine negotiations. Zelensky and Trump will discuss a peace plan next week, with Russia being open to the idea, but no substantial discussions have taken place between Russia and the US yet. The risk premium for gasoline and diesel cracking in Europe and the US has rapidly reversed, and the crude oil monthly spread has declined, with a weekly rebound. Global onshore inventories have increased this week, while the total onshore and offshore inventories have slightly decreased, reaching the highest level since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of US oil rigs and fracturing operations has risen, and the refinery operating rates in Europe and the US have increased. Recently, there is still room for downward adjustment in US gasoline and European diesel prices. With a supply-demand surplus, a short-selling strategy for crude oil is maintained, with a forecasted Brent price range of $55 - $60 per barrel in the fourth quarter. Short-term attention should be paid to the US's draft plan for the Russia-Ukraine conflict. [6][9] 3. Summary by Section 3.1 Price Data Summary - From November 18 - 24, 2025, WTI crude oil prices fluctuated from $60.74 to $58.84, with a change of $0.78; Brent crude oil prices dropped from $64.89 to $62.22, a decrease of $0.34; Dubai crude oil prices rose from $65.20 to $64.50, with a change of $0.11. Other related oil product prices also showed corresponding fluctuations. [3] 3.2 Daily News - The Tuapse refinery in Russia resumed oil processing on November 21. - After the US imposed sanctions on Russian oil companies, Russian Urals crude oil is being sold to Indian refiners at the lowest price in at least two years, at a discount of $7 per barrel to the Brent crude oil spot price (CIF). Some Indian refiners have changed their stance due to the lower prices and are considering purchasing from non-sanctioned sellers. - The US is preparing to launch a new round of actions related to Venezuela in the coming days. - JPMorgan Chase believes that due to oversupply, Brent crude oil prices could fall to the $30 - $40 per barrel range in 2027. [3][4] 3.3 Inventory Data - According to the EIA report, in the week of November 14, US crude oil exports increased by 1.342 million barrels per day to 4.158 million barrels per day; domestic crude oil production decreased by 0.028 million barrels to 13.834 million barrels per day. - Commercial crude oil inventories excluding strategic reserves decreased by 3.426 million barrels to 424 million barrels, a decrease of 0.8%. - The four - week average supply of US petroleum products was 20.641 million barrels per day, a decrease of 0.2% compared to the same period last year. - The US Strategic Petroleum Reserve (SPR) inventory increased by 0.533 million barrels to 410.9 million barrels, an increase of 0.13%. - US imports of commercial crude oil excluding strategic reserves were 5.95 million barrels per day, an increase of 0.728 million barrels per day compared to the previous week. - From November 14 - 20, both gasoline and diesel inventories decreased. Gasoline inventories were 10.2331 million tons, a decrease of 1.75%, and diesel inventories were 12.2708 million tons, a decrease of 4.25%. The inventories of major refiners and social entities decreased, while those of local refineries increased. The comprehensive refining profit of major refiners rebounded, and the comprehensive profit of local refineries fluctuated. [4][5][16]

全样本焦化焦炭库存 焦炭日报 研究中心黑色团队 2025/11/25 | | 最新 | 日变化 | 周変化 | 月变化 同比 | | 最新 日变化 | | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1649.42 | 0.00 | 3.19 | 112.42 | -7.17% 高炉开工率 | 88.58 | | -0.22 | -1.36 | 0.00% | | 河北准一干熄 | 1900.00 | 0.00 | 0.00 | 110.00 | 11.11% 铁水日均产量 | 236.28 | | -0.60 | -3.62 | 0.20% | | 山东准一干熄 | 1825.00 | 0.00 | 0.00 | 110.00 | -6.65% 盘面05 | 1778.5 | -10.50 | -32.00 | -116.50 | -11.47% | | 江苏准一干熄 | 1865.00 | 0.00 | 0.00 | 110.00 | -6.52% 盘面09 ...

纸浆早报 注：上一日汇率 - 7.11 研究中心能化团队 2025/11/25 SP主力合约收盘价： 5220.00 | 日期 | 2025/11/24 | 2025/11/21 | 2025/11/20 | 2025/11/19 | 2025/11/18 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5220.00 | 5228.00 | 5298.00 | 5396.00 | 5408.00 | | 折美元价 | 641.97 | 641.97 | 650.10 | 662.95 | 664.17 | | 距上一日涨跌 | -0.15302% | -1.32125% | -1.81616% | -0.22189% | -1.20570% | | 山东银星基差 | 270 | 262 | 212 | 154 | 142 | | 江浙沪银星基差 | 280 | 272 | 212 | 144 | 132 | | | 文化用纸 | | 包装纸 | | 生活用纸 | | --- | --- | --- | --- | --- | --- | | | 双胶指 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The EC2512 contract is approaching the delivery logic with a neutral valuation and a significant reduction in open interest. The central range in the first week of December is around $2400 - 2500, and the price is expected to stabilize later [3]. - The EC2602 contract has a slightly low - neutral valuation. It's hard to confirm the so - called "no peak season" in the short term. With the late Spring Festival this year, the peak season start is delayed, which is normal. The overall cargo volume on the European route this year is good, which may limit the upside, but no overly pessimistic expectations are given. If the peak - season shipping demand is gradually fulfilled, there may be more upside potential [3]. - For the EC2604 contract, a short - selling strategy on rallies is still recommended [3]. 3. Summary by Relevant Catalogs Futures Quotes - **Contract Prices and Changes**: The prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 contracts all increased on the day, with increases of 0.33%, 0.80%, 0.79%, 0.61%, 0.94%, and 0.99% respectively. The trading volume and open - interest changes varied among different contracts [2]. - **Month - to - Month Spreads**: The month - to - month spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 had different day - on - day and week - on - week changes, such as - 3.1 and 5.3 for EC2512 - 2504 respectively [2]. Spot Market Situation - In Week 48, the overall average price of European route spot was $2200 (equivalent to around 1540 points on the futures market). In Week 49, the average price of quotes from different shipping alliances was about $2500 (equivalent to around 1750 points on the futures market). On Monday, OOCL and CMA lowered their quotes to $2530 and $2645 respectively [4]. News - On November 24, the Hamas delegation discussed the Gaza situation with the Egyptian side. Hamas said that Israel's continuous violation of the cease - fire agreement in the Gaza Strip must stop [5]. - On November 25, there was a breakthrough in the US - Ukraine peace talks, but Russia rejected the revised plan. Trump had an optimistic attitude towards the US - Ukraine peace talks [6]. Index Data - **European Route Spot Freight Index**: The SCFIS (European route) index on November 24 was 1639.37 points, a 20.75% increase from the previous period. The SCF, CCFI, and NCFI had different changes in the latest data, such as a - 3.53% change for SCF [2].

| | 載 新 | 日変化 | 周变化 | 月变化 年变化 | | 最新 | 日变化 | 周变化 | 月変化 年变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1645.00 | 0.00 | 0.00 | 70.00 | 3.46% Peak Downs | 214.00 | 0.00 | 3.50 | 9.50 | -2.00 | | 原煤口岸库提价 | 1010.00 | 10.00 | -88.00 | -125.00 | -6.48% Goonyella | 213.00 | 0.00 | 3.50 | 8.50 | -3.00 | | 沙河驿蒙5# | 1510.00 | 0.00 | -40.00 | 40.00 | -4.43% 盘面05 | 1183.50 | -10.00 | -59.50 | -131.50 | -11.94% | | 安泽主焦 | 1660.00 | 0.00 | -40.00 | 60.00 | 5.06% 盘面09 | 1245.00 | -16. ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur crack in Singapore weakened rapidly, the monthly spread ran at a historical low, the basis weakened and then oscillated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO crack dropped rapidly. The EW strengthened this week. The 0.5% crack in Singapore weakened oscillatively this week, the monthly spread weakened oscillatively, and the basis strengthened slightly [6]. - In terms of inventory, global residue inventory increased. Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujairah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased. With the strengthening expectation of Russia - Ukraine peace talks, the prices of gasoline and diesel in the external market dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week. After the Al Zour refinery caught fire and shut down on October 21st, the Singapore basis has started to rebound recently [7]. - As global residue enters the inventory accumulation cycle, the external crack is expected to be supported by the decline in crude oil prices, showing a short - term oscillatory pattern. For FU01, maintain a high - short idea, and consider arranging 1 - 2 reverse spreads. The short - term downward space for low - sulfur fuel oil is limited [7]. 3. Summary by Directory Rotterdam Fuel Oil Swap Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 359.79 | 351.60 | 354.27 | 342.52 | 348.30 | 5.78 | | Rotterdam 0.5% VLS FO Swap M1 | 411.23 | 401.83 | 401.58 | 392.05 | 395.61 | 3.56 | | Rotterdam HSFO - Brent M1 | - 6.97 | - 7.51 | - 7.11 | - 7.70 | - 7.85 | - 0.15 | | Rotterdam 10ppm Gasoil Swap M1 | 732.42 | 724.68 | 705.27 | 674.04 | 673.82 | - 0.22 | | Rotterdam VLSFO - Gasoil M1 | - 321.19 | - 322.85 | - 303.69 | - 281.99 | - 278.21 | 3.78 | | LGO - Brent M1 | 33.67 | 34.17 | 31.62 | 28.61 | 26.56 | - 2.05 | | Rotterdam VLSFO - HSFO M1 | 51.44 | 50.23 | 47.31 | 49.53 | 47.31 | - 2.22 | [4] Singapore Fuel Oil Swap Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 355.32 | 354.49 | 352.24 | 348.23 | 351.28 | 3.05 | | Singapore 180cst M1 | 360.57 | 362.97 | 354.70 | 352.69 | 357.09 | 4.40 | | Singapore VLSFO M1 | 448.99 | 446.34 | 437.80 | 427.47 | 427.09 | - 0.38 | | Singapore Gasoil M1 | 93.29 | 95.91 | 94.36 | 88.67 | 87.53 | - 1.14 | | Singapore 380cst - Brent M1 | - 7.45 | - 8.02 | - 7.92 | - 7.06 | - 7.38 | - 0.32 | | Singapore VLSFO - Gasoil M1 | - 241.36 | - 263.39 | - 260.46 | - 228.69 | - 220.63 | 8.06 | [4][10] Singapore Fuel Oil Spot Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 348.12 | 348.03 | 345.42 | 343.36 | 344.02 | 0.66 | | FOB VLSFO | 448.99 | 446.12 | 438.34 | 427.46 | 423.62 | - 3.84 | | 380 Basis | - 6.55 | - 5.80 | - 5.25 | - 4.55 | - 4.00 | 0.55 | | High - sulfur Internal - External Spread | 5.9 | 3.2 | 4.5 | 4.7 | 3.1 | - 1.6 | | Low - sulfur Internal - External Spread | 8.4 | 7.2 | 5.8 | 6.6 | 4.0 | - 2.6 | [5] Domestic FU Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2558 | 2560 | 2517 | 2502 | 2512 | 10 | | FU 05 | 2606 | 2609 | 2565 | 2539 | 2554 | 15 | | FU 09 | 2579 | 2578 | 2541 | 2513 | 2520 | 7 | | FU 01 - 05 | - 48 | - 49 | - 48 | - 37 | - 42 | - 5 | | FU 05 - 09 | 27 | 31 | 24 | 26 | 34 | 8 | | FU 09 - 01 | 21 | 18 | 24 | 11 | 8 | - 3 | [5] Domestic LU Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3247 | 3266 | 3139 | 3078 | 3041 | - 37 | | LU 05 | 3223 | 3240 | 3145 | 3085 | 3068 | - 17 | | LU 09 | 3232 | 3246 | 3160 | 3119 | 3108 | - 11 | | LU 01 - 05 | 24 | 26 | - 6 | - 7 | - 27 | - 20 | | LU 05 - 09 | - 9 | - 6 | - 15 | - 34 | - 40 | - 6 | | LU 09 - 01 | - 15 | - 20 | 21 | 41 | 67 | 26 | [6]