燃料油早报-20250523

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the high - sulfur cracking strengthened, the 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur cracking oscillated at a high level, the near - end of the monthly spread strengthened, and the basis continued to strengthen. Singapore's on - land inventory continued to decline, the ARA port inventory decreased, and the US residual oil inventory increased significantly. The floating storage of high - sulfur fuel oil in Singapore decreased, with overall inventory reduction. The floating storage in the Middle East oscillated at a high level, and Saudi Arabia's exports were neutral year - on - year. The floating storage in Fujairah oscillated, and the European floating storage decreased. Recently, the low - sulfur fuel oil strengthened, and 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 cracking ran strongly, with profits higher than the historical average. This year, affected by the consumption tax deduction and tariff adjustment in China, the feedstock demand of fuel oil refineries has dropped significantly, and the annual ship - fuel demand is expected to be weaker year - on - year. In the short term, the ship - fuel market has become prosperous due to rush shipments. Subsequently, attention should be paid to the purchasing demand for power generation and the opportunity for the high - sulfur cracking to decline in the medium term [1][2] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil - From May 16 to May 22, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 5.91, the price of Rotterdam 0.5% VLS FO swap M1 decreased by 3.55, the Rotterdam HSFO - Brent M1 decreased by 0.02, the Rotterdam 10ppm Gasoil swap M1 decreased by 5.52, the Rotterdam VLSFO - Gasoil M1 increased by 1.97, the LGO - Brent M1 decreased by 0.20, and the Rotterdam VLSFO - HSFO M1 increased by 2.36 [1] Singapore Fuel Oil - From May 16 to May 22, 2025, the price of Singapore 380cst M1 decreased by 13.94, the price of Singapore 180cst M1 decreased, the price of Singapore VLSFO M1 decreased, the price of Singapore Gasoil M1 decreased, the Singapore 380cst - Brent M1 decreased, and the Singapore VLSFO - Gasoil M1 increased. The FOB 380cst decreased by 13.94, the FOB VLSFO decreased by 8.91, the 380 basis decreased by 0.48, the high - sulfur internal - external price difference decreased by 0.9, and the low - sulfur internal - external price difference decreased by 1.2 [1] Domestic FU - From May 16 to May 22, 2025, the price of FU 01 decreased by 53, the price of FU 05 decreased by 35, the price of FU 09 decreased by 69, the FU 01 - 05 decreased by 18, the FU 05 - 09 increased by 34, and the FU 09 - 01 decreased by 16 [1] Domestic LU - From May 16 to May 22, 2025, the price of LU 01 decreased by 43, the price of LU 05 increased by 23, the price of LU 09 decreased by 44, the LU 01 - 05 decreased by 66, the LU 05 - 09 increased by 67, and the LU 09 - 01 decreased by 1 [1]