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燃料油早报-20250604
Yong An Qi Huo·2025-06-04 07:48

Group 1: Report Industry Investment Rating - Not mentioned Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking margin declined slightly, the 380 - cst near - end ran strongly, the monthly spread oscillated at a high level, and the basis strengthened again. The low - sulfur cracking margin oscillated, the near - end monthly spread oscillated, and the basis weakened. Recently, the low - sulfur valuation has been realized, and there is room for the cracking margin and the monthly spread to decline after the supply recovers. The high - sulfur cracking margin runs strongly, with profits higher than the historical average. This year, affected by consumption tax deduction and tariff adjustment in China, the refinery feed demand for fuel oil has dropped significantly. In the shipping fuel sector, the global high - sulfur shipping fuel from January to March increased by 2% year - on - year, and that in Singapore was basically flat, while the total shipping fuel was weaker year - on - year. Recently, the net import of Saudi Arabian residue has rebounded, and Egypt's purchases continue, so the high - sulfur near - end remains strong. Pay attention to the medium - and long - term opportunity for the high - sulfur cracking margin to decline [3][4] Group 3: Key Data Summaries Rotterdam Fuel Oil | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | 3.5% HSF O Swap M1 | 398.15 | 397.26 | -0.89 | | 0.5% VLS FO Swap M1 | 442.03 | 449.90 | 7.87 | | HSFO - Brent M1 | -0.39 | -2.56 | -2.17 | | 10ppm Gasoil Swap M1 | 581.80 | 599.32 | 17.52 | | VLSFO - Gasoil M1 | -139.77 | -149.42 | -9.65 | | LGO - Brent M1 | 16.18 | 16.85 | 0.67 | | VLSFO - HSFO M1 | 43.88 | 52.64 | 8.76 | [1] Singapore Fuel Oil | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | 380cst M1 | 416.86 | 404.63 | -12.23 | | 180cst M1 | 423.87 | 411.53 | -12.34 | | VLSFO M1 | 481.97 | 475.64 | -6.33 | | Gasoil M1 | 78.88 | 79.52 | 0.64 | | 380cst - Brent M1 | 1.49 | -0.48 | -1.97 | | VLSFO - Gasoil M1 | -101.74 | -112.81 | -11.07 | [1] Singapore Fuel Oil Spot | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | FOB 380cst | 420.21 | 422.45 | 2.24 | | FOB VLSFO | 488.92 | 486.45 | -2.47 | | 380 Basis | 5.50 | 5.50 | 0 | | High - sulfur Domestic - Foreign Spread | 10.1 | 4.9 | -5.2 | | Low - sulfur Domestic - Foreign Spread | 11.9 | 16.7 | 4.8 | [2] Domestic FU | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | FU 01 | 2676 | 2705 | 29 | | FU 05 | 2611 | 2642 | 31 | | FU 09 | 2819 | 2828 | 9 | | FU 01 - 05 | 65 | 63 | -2 | | FU 05 - 09 | -208 | -186 | 22 | | FU 09 - 01 | 143 | 123 | -20 | [2] Domestic LU | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | LU 01 | 3344 | 3333 | -11 | | LU 05 | 3282 | 3286 | 4 | | LU 09 | 3415 | 3425 | 10 | | LU 01 - 05 | 62 | 47 | -15 | | LU 05 - 09 | -133 | -139 | -6 | | LU 09 - 01 | 71 | 92 | 21 | [3]