燃料油早报-20250529

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, the high - sulfur cracking spread fluctuated. The 380 - grade near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur cracking spread fluctuated, the near - end monthly spread declined, and the basis fluctuated. [3] - This week, there was a significant inventory build - up on land in Singapore, a slight inventory build - up at ARA ports, and a drawdown of residual oil in the US. Recently, the low - sulfur valuation has been realized, and there is room for recovery in cracking spreads and monthly spreads after supply resumes. [3] - The high - sulfur cracking spread ran strongly, and the profit was higher than the historical average. This year, in China, due to the impact of consumption tax deductions and tariff adjustments, the demand for fuel oil as refinery feedstock has dropped significantly. In the marine fuel sector, the global high - sulfur marine fuel consumption from January to March increased by 2% year - on - year, while that in Singapore remained basically flat, and the total marine fuel consumption was weak year - on - year. Attention should be paid to the impact of tariffs on global trade activities. [4] - Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. The high - sulfur near - end is strong, and attention should be paid to the opportunity of a medium - to - long - term decline in the high - sulfur cracking spread. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From May 22 to May 28, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 12.82, Rotterdam 0.5% VLS FO swap M1 increased by 7.11, Rotterdam HSFO - Brent M1 increased by 0.65, Rotterdam 10ppm Gasoil swap M1 increased by 10.94, Rotterdam VLSFO - GO M1 decreased by 3.83, LGO - Brent M1 increased by 0.60, and Rotterdam VLSFO - HSFO M1 decreased by 5.71. [1] Singapore Fuel Oil Swap Data - From May 22 to May 28, 2025, the price of Singapore 380cst M1 increased by 5.94, Singapore 180cst M1 increased by 5.93, Singapore VLSFO M decreased by 3.49, Singapore 380cst - Brent M1 decreased by 0.20, Singapore VLSFO - GO M1 increased by 1.47, and Singapore 380cst - GO M1 decreased by 2.01. [1] Singapore Fuel Oil Spot Data - From May 22 to May 28, 2025, the FOB price of 380cst increased by 7.87, the FOB price of VLSFO decreased by 3.06, the 380 - grade basis increased by 0.95, the high - sulfur domestic - foreign price difference decreased by 1.6, and the low - sulfur domestic - foreign price difference increased by 1.2. [2] Domestic FU Data - From May 22 to May 28, 2025, the price of FU 01 decreased by 2, FU 05 remained unchanged, FU 09 increased by 5, FU 01 - 05 decreased by 2, FU 05 - 09 decreased by 5, and FU 09 - 01 increased by 7. [2] Domestic LU Data - From May 22 to May 28, 2025, the price of LU 01 decreased by 27, LU 05 decreased by 4, LU 09 decreased by 34, LU 01 - 05 decreased by 23, LU 05 - 09 increased by 30, and LU 09 - 01 decreased by 7. [3]