燃料油早报-20250613

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur crack spread declined, the 380-month spread dropped, and the basis strengthened. The low-sulfur crack spread weakened in a volatile manner, the near-term monthly spread slightly weakened, and the basis weakened. This week, inventories continued to accumulate at onshore locations in Singapore and at ARA ports, while US residual oil saw a slight de-stocking. Recently, the low-sulfur valuation has shown that there is room for downward correction in the crack spread and inter-month spreads after supply resumes. The high-sulfur crack spread has started to loosen, and the offshore market remains highly competitive. This year, in China, due to the impact of consumption tax deductions and tariff adjustments, the feedstock demand of fuel oil refineries has declined significantly. In terms of marine fuel, the global high-sulfur marine fuel from January to March increased by 2% year-on-year, while Singapore remained basically flat, and the total marine fuel was weaker year-on-year. Attention should be paid to the impact of tariffs on global trade activities. 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 for the high-sulfur crack spread to decline in the medium term. With high domestic production schedules, a short position should be maintained for LU both domestically and overseas [3][8] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From June 6th to June 12th, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 397.07 to 417.96, a change of 8.45; the price of Rotterdam 0.5% VLS FO swap M1 increased from 449.58 to 468.13, a change of 6.68; the Rotterdam HSFO - Brent M1 increased from -2.98 to -2.76, a change of 0.22; the Rotterdam 10ppm Gasoil swap M1 increased from 603.22 to 625.97, a change of 9.33; the Rotterdam VLSFO - Gasoil M1 decreased from -153.64 to -157.84, a change of -2.65; the LGO - Brent M1 increased from 16.55 to 16.61, a change of 1.58; the Rotterdam VLSFO - HSFO M1 decreased from 52.51 to 50.17, a change of -1.77 [1] Singapore Fuel Oil Swap Data - From June 6th to June 12th, 2025, the price of Singapore 380cst M1 increased from 408.87 to 429.92, a change of 14.67; the price of Singapore 180cst M1 increased from 415.78 to 437.61, a change of 15.36; the price of Singapore VLSFO M1 increased from 479.19 to 499.41, a change of 11.22; the Singapore Gasoil M1 increased from 80.13 to 83.98, a change of 2.17; the Singapore 380cst - Brent M1 increased from -0.09 to -0.39, a change of 0.49; the Singapore VLSFO - Gasoil M1 decreased from -113.77 to -122.04, a change of -4.84 [1] Singapore Fuel Oil Spot Data - From June 6th to June 12th, 2025, the FOB 380cst price increased from 430.80 to 448.16, a change of 12.61; the FOB VLSFO price increased from 489.76 to 511.48, a change of 12.06; the 380 basis decreased from 10.65 to 10.25, a change of -2.70; the high-sulfur domestic - overseas price difference decreased from 8.8 to 6.2, a change of -0.6; the low-sulfur domestic - overseas price difference decreased from 16.5 to 17.1, a change of -0.5 [2] Domestic FU Data - From June 6th to June 12th, 2025, the FU 01 price increased from 2717 to 2852, a change of 72; the FU 05 price increased from 2675 to 2798, a change of 71; the FU 09 price increased from 2858 to 2997, a change of 85; the FU 01 - 05 increased from - to 54, a change of 1; the FU 05 - 09 decreased from -183 to -199, a change of -14; the FU 09 - 01 increased from 141 to 145, a change of 13 [2] Domestic LU Data - From June 6th to June 12th, 2025, the LU 01 price increased from 3378 to 3496, a change of 82; the LU 05 price increased from 3312 to 3461, a change of 113; the LU 09 price increased from 3479 to 3609, a change of 85; the LU 01 - 05 decreased from 66 to 35, a change of -31; the LU 05 - 09 decreased from -167 to -148, a change of 28; the LU 09 - 01 increased from 101 to 113, a change of 3 [3]