燃料油早报-20250714

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the high-sulfur cracking spread fluctuated and declined, the near-month calendar spread decreased, and the EW continued to weaken. The 380 8-9 calendar spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal and external spread rebounded slightly, and the domestic delivery inventory was abundant, maintaining a loose pattern. The Singapore 0.5 cracking spread declined slightly, the calendar spread weakened, and the 8-9 spread fluctuated around $4.5. The LU internal and external spread weakened slightly and then fluctuated, with the 09 spread fluctuating around $16. [5][6] - This week, Singapore's onshore inventory increased significantly. Under the pressure of delivery at the window, the near-month contract was under pressure, and Saudi Arabia's shipments increased month-on-month. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, and the high-sulfur supply and demand was still in the peak season. However, the East-West and internal-external spreads have dropped rapidly. The external low-sulfur valuation is relatively high, and the LU internal and external spread is running at a high level. Attention should be paid to the domestic production situation. [6] - The Singapore Hi-5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU internal and external spread rebounded slightly, and the LU valuation is relatively high. Attention can be paid to the short-term valuation regression opportunity of FU-LU, with the risk being the continuous weakening of the external 380cst. [6] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 7th to July 11th, 2025, the prices of Rotterdam 3.5% HSF Swap M1 increased by $4.12, Rotterdam 0.5% VLSFO Swap M1 increased by $7.99, Rotterdam HSFO-Brent M1 decreased by $0.81, Rotterdam 10ppm Gasoil Swap M1 increased by $19.70, Rotterdam VLSFO-Gas M1 decreased by $11.71, LGO-Brent M1 increased by $0.83, and Rotterdam VLSFO-HSFO M1 increased by $3.87. [3] Singapore Fuel Oil Swap Data - From July 7th to July 11th, 2025, the prices of Singapore 380cst M1 decreased by $13.94, Singapore 180cst M1 decreased by $12.21, Singapore VLSFO M1 decreased by $7.18, Singapore Gasoil M1 decreased by $0.99, Singapore 380cst-Brent M1 decreased by $1.19, and Singapore VLSFO-Gas M1 increased by $0.14. [3] Singapore Fuel Oil Spot Data - From July 7th to July 11th, 2025, the FOB 380cst price decreased by $14.12, the FOB VLSFO price decreased by $7.34, the 380 basis decreased by $0.65, the high-sulfur internal-external spread increased by $2.5, and the low-sulfur internal-external spread decreased by $1.0. [4] Domestic FU Data - From July 7th to July 11th, 2025, the prices of FU 01 decreased by 55, FU 05 decreased by 45, FU 09 decreased by 61, FU 01 - 05 decreased by 10, FU 05 - 09 increased by 16, and FU 09 - 01 decreased by 6. [4] Domestic LU Data - From July 7th to July 11th, 2025, the prices of LU 01 decreased by 47, LU 05 decreased by 40, LU 09 decreased by 47, LU 01 - 05 decreased by 7, LU 05 - 09 increased by 7, and LU 09 - 01 remained unchanged. [5]