燃料油早报-20250611

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread declined, the 380 - month spread declined, and the basis strengthened. The low - sulfur crack spread weakened in a volatile manner, the near - end month spread weakened slightly, and the basis weakened. [6] - Singapore's on - land inventory continued to accumulate, ARA ports continued to accumulate inventory, and US residual oil slightly reduced inventory. Recently, the low - sulfur valuation showed that there is room for downward correction in the crack spread and the inter - month spread after supply recovery. [6][11] - The high - sulfur crack spread has started to loosen, and the overseas market game remains strong. Affected by consumption tax deductions and tariff adjustments in China this year, the refinery feedstock demand for fuel oil has significantly declined. In the bunker fuel sector, global high - sulfur bunker fuel from January to March increased by 2% year - on - year, Singapore remained basically flat, and the total bunker fuel was weaker year - on - year. Attention should be paid to the impact of tariffs on global trade activities. [11] - Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. High - sulfur fuel oil is still in the peak season. Attention should be paid to the opportunity of the medium - term decline in the high - sulfur crack spread. With high domestic production scheduling, a short - selling approach should be maintained for the domestic - overseas spread of LU. [11] 3. Summary According to Relevant Data Rotterdam Fuel Oil Swap Data - From June 4th to June 10th, 2025, the price of Rotterdam 3.5% HSF Swap M1 increased by 4.72, Rotterdam 0.5% VLSFO Swap M1 increased by 4.97, Rotterdam HSFO - Brent M1 decreased by 0.20, Rotterdam 10ppm Gasoil Swap M1 increased by 7.25, Rotterdam VLSFO - Gasoil M1 decreased by 2.28, LGO - Brent M1 increased by 1.15, and Rotterdam VLSFO - HSFO M1 increased by 0.25 [4] Singapore Fuel Oil Swap Data - From June 4th to June 10th, 2025, the price of Singapore 380cst M1 increased by 7.10, Singapore 180cst M1 increased by 7.00, Singapore VLSFO M1 increased by 5.80, Singapore Gasoil M1 increased by 0.45, Singapore 380cst - Brent M1 increased by 0.20, and Singapore VLSFO - Gasoil M1 increased by 2.47 [4] Singapore Fuel Oil Spot Data - From June 4th to June 10th, 2025, the FOB price of 380cst increased by 7.51, the FOB price of VLSFO increased by 6.72, the 380 basis increased by 1.60, the high - sulfur domestic - overseas spread increased by 0.5, and the low - sulfur domestic - overseas spread increased by 0.3 [5] Domestic FU Data - From June 4th to June 10th, 2025, the price of FU 01 increased by 43, FU 05 increased by 31, FU 09 increased by 50, FU 01 - 05 increased by 12, FU 05 - 09 decreased by 19, and FU 09 - 01 increased by 7 [5] Domestic LU Data - From June 4th to June 10th, 2025, the price of LU 01 increased by 27, LU 05 increased by 41, LU 09 increased by 40, LU 01 - 05 decreased by 14, LU 05 - 09 increased by 1, and LU 09 - 01 increased by 13 [6]