燃料油早报-20250522

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the high - sulfur crack strengthened, the 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur crack oscillated at a high level, the near - end monthly spread strengthened, and the basis continued to strengthen [3]. - This week, Singapore's on - shore inventory continued to decline, ARA ports' inventory decreased, and the US residue oil inventory increased significantly. Singapore's high - sulfur floating storage decreased, with overall inventory decline. The floating storage in the Middle East oscillated at a high level, and Saudi Arabia's exports were at a neutral level year - on - year. The floating storage in Fujairah oscillated, and the European floating storage decreased [3]. - Recently, the low - sulfur market has strengthened. Attention should be paid to the subsequent realization of supply increments and the change in the low - sulfur export volume of the Dangote refinery. The high - sulfur crack is running strongly, with profits higher than the historical average. This year, due to the impact of consumption tax deductions and tariff adjustments in China, the feedstock demand of fuel oil refineries has dropped significantly. The bunker fuel demand is expected to be weaker year - on - year due to tariff impacts. In the short term, the bunker fuel market has turned prosperous due to rush shipments. In the future, attention should be paid to the procurement demand for power generation and the opportunity for the high - sulfur crack to decline in the medium term [4]. 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | Rotterdam 3.5% HSF O Swap M1 | +2.35 [1] | | Rotterdam 0.5% VLS FO Swap M1 | +1.90 [1] | | Rotterdam HSFO - Brent M1 | +0.25 [1] | | Rotterdam 10ppm Gasoil Swap M1 | +1.27 [1] | | Rotterdam VLSFO - Gasoil M1 | +0.63 [1] | | LGO - Brent M1 | +0.60 [1] | | Rotterdam VLSFO - HSFO M1 | - 0.45 [1] | Singapore Fuel Oil Swap Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | Singapore 380cst M1 | +9.53 [1] | | Singapore 180cst M1 | +9.13 [1] | | Singapore VLSFO M1 | +4.25 [1] | | Singapore Gasoil M1 | +0.72 [1] | | Singapore 380cst - Brent M1 | +0.70 [1] | | Singapore VLSFO - Gasoil M1 | - 1.08 [1] | Singapore Fuel Oil Spot Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | FOB 380cst | +8.93 [2] | | FOB VLSFO | +3.34 [2] | | 380 Basis | +0.55 [2] | | High - sulfur Domestic - Foreign Spread | +1.5 [2] | | Low - sulfur Domestic - Foreign Spread | +2.5 [2] | Domestic FU Futures Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | FU 01 | +26 [2] | | FU 05 | +7 [2] | | FU 09 | +36 [2] | | FU 01 - 05 | +19 [2] | | FU 05 - 09 | - 29 [2] | | FU 09 - 01 | +10 [2] | Domestic LU Futures Data | Product | Change from 2025/05/15 - 2025/05/21 | |--|--| | LU 01 | +3 [3] | | LU 05 | - 7 [3] | | LU 09 | +11 [3] | | LU 01 - 05 | +10 [3] | | LU 05 - 09 | - 18 [3] | | LU 09 - 01 | +8 [3] |