Group 1: Report Core View - This week, the high-sulfur crack fluctuated, with crude oil rising significantly. High-sulfur fuel oil, with a large proportion of Iranian supply, performed well in oil product profits. The 380-month spread fluctuated, at $11.5 in July - August, and the basis strengthened. The domestic and international near - and far - month spreads of FU were differentiated, with the 07 contract falling to around -$5 (it is expected that there will be a large amount of delivery goods), and the 09 contract fluctuating at $9. The 0.5 crack in Singapore declined, the month spread strengthened month - on - month, and the basis strengthened [6]. - This week, on - shore inventories in Singapore continued to accumulate, high - sulfur floating storage inventories accumulated, low - sulfur floating storage inventories fluctuated at a low level, ARA slightly destocked, floating storage inventories fluctuated, on - shore inventories in Fujairah accumulated, and floating storage inventories increased significantly. Saudi Arabia's shipments increased significantly, and Russia's shipments decreased month - on - month. Iran and Iraq account for about 15% - 20% of Singapore's high - sulfur imports, mainly affecting some bunkering and refinery feedstock in the Asia - Pacific region, and cannot participate in physical delivery on the futures market. It is expected that Iran's shipments will decline in the future, mainly due to the impact of US sanctions. If the risk event in the Strait of Hormuz escalates, the impact magnitude will increase [7]. - Recently, high - sulfur fuel oil is still in the peak power - generation season, the near - month spreads of domestic and international FU are suppressed, the valuation is low, and the game continues. In the future, attention should be paid to the shipping situation in the Middle East, and the downward driving force for domestic and international prices has decreased. The production of LU increased month - on - month [7]. Group 2: Fuel Oil Price Data Rotterdam Fuel Oil | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 407.23 | 409.51 | 417.96 | 441.01 | 448.31 | 7.30 | | Rotterdam 0.5% VLS FO swap M1 | 457.96 | 461.45 | 468.13 | 487.74 | 489.27 | 1.53 | | Rotterdam HSFO - Brent M1 | -2.96 | -2.98 | -2.76 | -2.60 | -1.35 | 1.25 | | Rotterdam 10ppm Gasoil swap M1 | 616.60 | 616.64 | 625.97 | 662.68 | 661.89 | -0.79 | | Rotterdam VLSFO - Gasoil M1 | -158.64 | -155.19 | -157.84 | -174.94 | -172.62 | 2.32 | | LGO - Brent M1 | 17.90 | 15.03 | 16.61 | 16.61 | 17.44 | 0.83 | | Rotterdam VLSFO - HSFO M1 | 50.73 | 51.94 | 50.17 | 46.73 | 40.96 | -5.77 | [4] Singapore Fuel Oil | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 420.07 | 415.25 | 429.92 | 459.79 | 470.69 | 10.90 | | Singapore 180cst M1 | 426.97 | 422.25 | 437.61 | 467.24 | 477.81 | 10.57 | | Singapore VLSFO M1 | 486.14 | 488.19 | 499.41 | 525.21 | 526.47 | 1.26 | | Singapore Gasoil M1 | 81.98 | 81.81 | 83.98 | 87.92 | 89.80 | 1.88 | | Singapore 380cst - Brent M1 | -0.28 | -0.88 | -0.39 | 0.21 | 2.16 | 1.95 | | Singapore VLSFO - Gasoil M1 | -120.51 | -117.20 | -122.04 | -125.40 | -138.05 | -12.65 | [4] Singapore Fuel Oil Spot | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 441.10 | 435.55 | 448.16 | 471.75 | 484.57 | 12.82 | | FOB VLSFO | 496.78 | 499.42 | 511.48 | 534.27 | 536.09 | 1.82 | | 380 Basis | 12.25 | 12.95 | 10.25 | 7.80 | 10.40 | 2.60 | | High - sulfur Domestic - International Spread | 7.0 | 6.8 | 6.2 | 12.2 | 11.0 | -1.2 | | Low - sulfur Domestic - International Spread | 16.5 | 17.6 | 17.1 | 20.3 | 18.7 | -1.6 | [5] Domestic FU | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2780 | 2780 | 2852 | 3048 | 3079 | 31 | | FU 05 | 2717 | 2727 | 2798 | 2986 | 3004 | 18 | | FU 09 | 2924 | 2912 | 2997 | 3205 | 3276 | 71 | | FU 01 - 05 | 63 | 53 | 54 | 62 | 75 | 13 | | FU 05 - 09 | -207 | -185 | -199 | -219 | -272 | -53 | | FU 09 - 01 | 144 | 132 | 145 | 157 | 197 | 40 | [5] Domestic LU | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3431 | 3414 | 3496 | 3671 | 3695 | 24 | | LU 05 | 3358 | 3348 | 3461 | 3625 | 3620 | -5 | | LU 09 | 3518 | 3524 | 3609 | 3785 | 3829 | 44 | | LU 01 - 05 | 73 | 66 | 35 | 46 | 75 | 29 | | LU 05 - 09 | -160 | -176 | -148 | -160 | -209 | -49 | | LU 09 - 01 | 87 | 110 | 113 | 114 | 134 | 20 | [6]
永安期货燃料油早报-20250617
Yong An Qi Huo·2025-06-17 13:42