燃料油早报-20250417

Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - This week, the 380 cracking continued to strengthen, the 380 near - month spread fluctuated, and the 380 basis weakened. The low - sulfur cracking rebounded, the spread against diesel strengthened, the Singapore low - sulfur monthly spread strengthened, and the basis fluctuated around +2. [3] - On the fundamental side, on - land stocks in Singapore continued to accumulate, ARA stocks increased slightly, and EIA stocks increased. In floating storage, high - sulfur stocks in Singapore increased significantly. [3] - Low - sulfur prices fluctuated. The high - sulfur floating storage in Fujairah decreased slightly, the low - sulfur floating storage decreased, the overall high - sulfur floating storage in the Middle East continued to decline, and the low - sulfur floating storage declined; European floating storage increased, the high - sulfur floating storage in the US fluctuated, the low - sulfur floating storage fluctuated, and the floating storage with unknown sulfur content increased. [9] - Saudi shipments decreased, UAE shipments increased month - on - month, and Russian shipments decreased month - on - month. In 2025, attention should be paid to the impact of sanctions on Iran on global heavy - oil valuations. In Asia, attention should be paid to whether Russian supply will return to the benchmark. The far - month 380 faces downward space. Recently, with the decline of Middle East floating storage and the significant increase of on - land stocks in Singapore, the 380 near - month continues to face pressure. [9] - In the low - sulfur market, the Singapore basis rebounded slightly recently, and the spread against diesel began to strengthen. [9] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From April 10 - 11, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 384.75 to 388.25, a change of 2.16; Rotterdam 0.5% VLS FO swap M1 increased from 421.90 to 423.18, a change of 2.79; Rotterdam HSFO - Brent M1 changed from - 2.00 to - 1.66, a change of - 0.87; Rotterdam 10ppm Gasoil swap M1 decreased from 575.33 to 572.50, a change of - 11.80; Rotterdam VLSFO - Gasoil M1 changed from - 153.43 to - 149.32, a change of - 9.01; LGO - Brent M1 changed from 16.23 to 14.50, a change of - 0.33; Rotterdam VLSFO - HSFO M1 changed from 37.15 to 34.93, a change of - 0.63. [1] - From April 14 - 16, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed from 398.72 to 397.83; Rotterdam 0.5% VLS FO swap M1 changed from 431.42 to 430.85; Rotterdam HSFO - Brent M1 changed from - 1.29 to - 2.30; Rotterdam 10ppm Gasoil swap M1 changed from 586.30 to 595.85; Rotterdam VLSFO - Gasoil M1 changed from - 154.88 to - 165.00; LGO - Brent M1 changed from 16.23 to 16.43; Rotterdam VLSFO - HSFO M1 changed from 32.70 to 33.02. [8] Singapore Fuel Oil Data Swap Data - From April 10 - 16, 2025, the price of Singapore 380cst M1 changed from 397.57 to 413.13, a change of - 4.81; Singapore 180cst M1 changed from 408.79 to 425.63, a change of - 4.31; Singapore VLSFO M1 changed from 460.19 to 462.42, a change of - 5.20; Singapore Gasoil M1 changed from 78.51 to 80.00, a change of - 0.06; Singapore 380cst - Brent M1 changed from - 0.90 to 0.96, a change of - 0.57; Singapore VLSFO - Gasoil M1 changed from - 120.78 to - 131.40, a change of - 6.58. [1] Spot Data - From April 10 - 16, 2025, the FOB price of Singapore 380cst changed from 392.53 to 416.99, a change of - 0.21; FOB VLSFO changed from 466.60 to 470.33, a change of - 1.74; the 380 basis changed from - 3.50 to - 0.55, a change of 0.25; the high - sulfur domestic - foreign spread changed from 10.3 to 7.3, a change of - 0.1; the low - sulfur domestic - foreign spread changed from 4.7 to 4.1, a change of 0.6. [2] Domestic Fuel Oil Data FU Data - From April 10 - 16, 2025, the price of FU 01 changed from 2683 to 2637, a change of - 17; FU 05 changed from 2976 to 3016, a change of - 77; FU 09 changed from 2794 to 2758, a change of - 33; FU 01 - 05 changed from - 293 to - 379, a change of 60; FU 05 - 09 changed from 182 to 258, a change of - 44; FU 09 - 01 changed from 111 to 121, a change of - 16. [2] LU Data - From April 10 - 16, 2025, the price of LU 01 changed from 3338 to 3262, a change of - 57; LU 05 changed from 3409 to 3350, a change of - 99; LU 09 changed from 3362 to 3274, a change of - 63; LU 01 - 05 changed from - 71 to - 88, a change of 42; LU 05 - 09 changed from 47 to 76, a change of - 36; LU 09 - 01 changed from 24 to 12, a change of - 6. [3]