燃料油早报-20250620

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the high - sulfur cracking fluctuated, with crude oil rising significantly. High - sulfur fuel oil showed good performance in oil product profits due to a large proportion of Iranian supply. The 380 - month spread fluctuated, with a 7 - 8 - month spread of $11.5, and the basis strengthened. The domestic FU showed a differentiation between near and far months, with 07 dropping to around -$5 (it is expected that there will be a relatively large amount of delivery goods), and 09 fluctuating at $9. The Singapore 0.5 cracking declined, while the month - spread and basis strengthened. [5][6] - This week, Singapore's on - shore inventory continued to accumulate, high - sulfur floating storage accumulated, low - sulfur floating storage fluctuated at a low level, ARA slightly reduced inventory, floating storage inventory fluctuated, Fujairah's on - shore inventory accumulated, and floating storage significantly accumulated. Saudi Arabia's shipments increased significantly, while 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 due to US sanctions, and if the risk events in the Strait of Hormuz escalate, the impact will be greater. [6] - Currently, high - sulfur fuel oil is still in the peak power - generation season, suppressing the near - month contracts of domestic and foreign FU, with low valuation and continued gaming. In the future, attention should be paid to the shipping situation in the Middle East, and the significant downward driving force at home and abroad has decreased. The domestic LU production increased month - on - month. [6] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From June 13 to June 19, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by $24.82, Rotterdam 0.5% VLS FO swap M1 increased by $21.27, Rotterdam HSFO - Brent M1 increased by $0.57, Rotterdam 10ppm Gasoil swap M1 increased by $57.41, Rotterdam VLSFO - GO M1 decreased by $36.14, LGO - Brent M1 increased by $5.23, and Rotterdam VLSFO - HSFO M1 decreased by $3.55. [3] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 increased by $1.57, Singapore 180cst M1 increased by $2.99, Singapore VLSFO M1 increased by $4.04, Singapore GO M1 increased by $3.35, Singapore 380cst - Brent M1 decreased by $1.25, and Singapore VLSFO - GO M1 decreased by $20.75. [3] Singapore Fuel Oil Spot Data - From June 13 to June 19, 2025, the FOB 380cst price decreased by $1.59, FOB VLSFO increased by $2.64, the 380 - basis decreased by $2.90, the high - sulfur domestic - foreign price difference decreased by $1.7, and the low - sulfur domestic - foreign price difference increased by $0.4. [4] Domestic FU Data - During this period, FU 01 increased by 35, FU 05 increased by 24, FU 09 increased by 36, FU 01 - 05 increased by 11, FU 05 - 09 decreased by 12, and FU 09 - 01 increased by 1. [4] Domestic LU Data - From June 13 to June 19, 2025, LU 01 increased by 54, LU 05 increased by 143, LU 09 increased by 62, LU 01 - 05 decreased by 89, LU 05 - 09 increased by 81, and LU 09 - 01 increased by 8. [5]