燃料油早报-20250710

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and EW oscillated at a low level. The 380 8 - 9 month spread dropped to $3.25, the basis oscillated at a low level, the FU09 internal - external spread weakened significantly, and the domestic delivery volume was large, maintaining a loose pattern. The 0.5 crack spread in Singapore decreased slightly, the monthly spread oscillated, and the 8 - 9 month spread oscillated around $6. The LU internal - external spread remained strong, with LU09 oscillating around $17. Singapore's on - shore inventory increased this week, the window was under delivery pressure, and the near - month contracts were under pressure. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, the high - sulfur supply - demand was in the peak season, the internal - external spread has dropped rapidly, the external low - sulfur valuation was high, and the LU internal - external spread was running at a high level. Attention should be paid to domestic production [4][5] 3. Summary by Relevant Data Rotterdam Fuel Oil Data | Type | 2025/07/03 | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 409.77 | 410.21 | 415.73 | 421.39 | 426.47 | 5.08 | | Rotterdam 0.5% VLS FO Swap M1 | 469.65 | 466.59 | 469.33 | 473.90 | 474.79 | 0.89 | | Rotterdam HSFO - Brent M1 | - 2.78 | - 2.61 | - 2.45 | - 2.47 | - 1.76 | 0.71 | | Rotterdam 10ppm Gasoil Swap M1 | 664.83 | 671.26 | 665.18 | 678.94 | 675.44 | - 3.50 | | Rotterdam VLSFO - Gasoil M1 | - 195.18 | - 204.67 | - 195.85 | - 205.04 | - 200.65 | 4.39 | | LGO - Brent M1 | 22.34 | 23.61 | 21.59 | 22.87 | 22.33 | - 0.54 | | Rotterdam VLSFO - HSFO M1 | 59.88 | 56.38 | 53.60 | 52.51 | 48.32 | - 4.19 |[2] Singapore Fuel Oil Data | Type | 2025/07/03 | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 416.15 | 416.21 | 414.51 | 421.88 | 426.95 | 5.07 | | Singapore 180cst M1 | 424.78 | 424.41 | 423.40 | 430.38 | 436.11 | 5.73 | | Singapore VLSFO M1 | 500.37 | 500.75 | 496.05 | 503.04 | 507.25 | 4.21 | | Singapore Gasoil M1 | 87.39 | 86.91 | 88.27 | 87.84 | 90.06 | 2.22 | | Singapore 380cst - Brent M1 | - 1.67 | - 1.70 | - 1.74 | - 1.55 | - 1.84 | - 0.29 | | Singapore VLSFO - Gasoil M1 | - 146.32 | - 142.38 | - 157.15 | - 146.98 | - 159.19 | - 12.21 |[2][9] Singapore Fuel Oil Spot Data | Type | 2025/07/03 | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 406.28 | 407.59 | 406.54 | 416.16 | - | - | | FOB VLSFO | 513.61 | 512.68 | 507.10 | 513.00 | - | - | | 380 Basis | - 7.15 | - 6.40 | - 6.25 | - 5.00 | - | - | | High - sulfur Internal - External Spread | 4.2 | - 2.9 | - 4.7 | - 7.0 | - 10.3 | - 3.3 | | Low - sulfur Internal - External Spread | 16.8 | 17.0 | 17.7 | 18.3 | 16.6 | - 1.7 |[3] Domestic FU Data | Type | 2025/07/03 | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2871 | 2857 | 2848 | 2869 | 2902 | 33 | | FU 05 | 2815 | 2805 | 2794 | 2807 | 2837 | 30 | | FU 09 | 2987 | 2966 | 2947 | 2972 | 2982 | 10 | | FU 01 - 05 | 56 | 52 | 54 | 62 | 65 | 3 | | FU 05 - 09 | - 172 | - 161 | - 153 | - 165 | - 145 | 20 | | FU 09 - 01 | 116 | 109 | 99 | 103 | 80 | - 23 |[3] Domestic LU Data | Type | 2025/07/03 | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3522 | 3507 | 3495 | 3526 | 3568 | 42 | | LU 05 | 3455 | 3434 | 3426 | 3470 | 3472 | 2 | | LU 09 | 3623 | 3621 | 3619 | 3663 | 3692 | 29 | | LU 01 - 05 | 67 | - | 69 | 56 | 96 | 40 | | LU 05 - 09 | - 168 | - 187 | - 193 | - 193 | - 220 | - 27 | | LU 09 - 01 | 101 | 114 | 124 | 137 | 124 | - 13 |[4]