燃料油早报-20250509

Report Overview - Report Name: Fuel Oil Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: May 9, 2025 Report Industry Investment Rating - Not mentioned in the provided content Core View - During the holiday, Singapore's high - sulfur cracking strengthened, the monthly spread strengthened, the EW strengthened, and the basis weakened. Low - sulfur cracking strengthened, the basis strengthened, and the high - low sulfur spread showed a volatile trend [4] Data Summary Rotterdam Fuel Oil Swap Data - From April 29 to May 8, 2025, the price of Rotterdam 3.5% HSFO swap M1 changed by 9.28, Rotterdam 0.5% VLSFO swap M1 changed by 8.42, Rotterdam HSFO - Brent M1 changed by 0.25, Rotterdam 10ppm Gasoil swap M1 changed by 12.09, Rotterdam VLSFO - GO M1 changed by - 3.67, LGO - Brent M1 changed by - 0.14, and Rotterdam VLSFO - HSFO M1 changed by - 0.86 [2] Singapore Fuel Oil Swap Data - From April 29 to May 8, 2025, the price of Singapore 380cst M1 changed by - 1.64, Singapore 180cst M1 changed by - 1.64, Singapore VLSFO M1 changed by - 3.51, Singapore GO M1 changed by - 1.59, Singapore 380cst - Brent M1 changed by 1.24, and Singapore VLSFO - GO M1 changed by 8.26 [2] Singapore Fuel Oil Spot Data - From April 29 to May 8, 2025, FOB 380cst changed by - 0.93, FOB VLSFO changed by - 0.96, 380 basis changed by 0.80, high - sulfur internal - external spread changed by - 1.9, and low - sulfur internal - external spread changed by 2.8 [3] Domestic FU Data - From April 29 to May 8, 2025, FU 01 changed by - 34, FU 05 changed by - 32, FU 09 changed by - 37, FU 01 - 05 changed by - 2, FU 05 - 09 changed by 5, and FU 09 - 01 changed by - 3 [3] Domestic LU Data - From April 29 to May 8, 2025, LU 01 changed by - 52, LU 05 changed by - 28, LU 09 changed by - 21, LU 01 - 05 changed by - 24, LU 05 - 09 changed by - 7, and LU 09 - 01 changed by 31 [4]