燃料油早报-20250715

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and the EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal - external spread rebounded slightly, and the domestic delivery inventory was abundant, maintaining a loose pattern. [4] - The Singapore 0.5 crack spread declined slightly, the month spread weakened, and it fluctuated around $4.5 for the 8 - 9 month spread. The LU internal - external spread weakened slightly and then fluctuated, with the 09 around $16. [4][5] - This week, Singapore's on - land inventory increased significantly, the near - month contract was under pressure due to delivery, 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 - demand is still in the peak season, but the East - West and internal - external spreads have dropped rapidly. The external low - sulfur valuation is high, and the LU internal - external spread is running at a high level. Pay attention to domestic production. [5] - The Singapore Hi - 5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU internal - external spread rebounded slightly, the LU valuation is high, and the short - term valuation regression opportunity of FU - LU can be considered. The risk lies in the continuous weakening of the external 380cst. [5] 3. Summary by Relevant Tables Rotterdam Fuel Oil Swap Prices - The prices of Rotterdam 3.5% HSF O swap M1, 0.5% VLSFO swap M1, etc. showed different changes from July 8 to July 14, 2025. For example, the Rotterdam 3.5% HSF O swap M1 decreased by $10.28. [2] Singapore Fuel Oil Swap Prices - The prices of Singapore 380cst M1, 180cst M1, VLSFO M1, etc. also changed during the same period. For instance, the Singapore 380cst M1 decreased by $10.33 from July 8 - 14. [2] Singapore Fuel Oil Spot Prices - From July 8 to July 14, 2025, the FOB 380cst price decreased by $1.83, while the FOB VLSFO price increased by $9.94. The 380 basis weakened, the high - sulfur internal - external spread increased by $1.7, and the low - sulfur internal - external spread increased by $0.1. [3] Domestic FU Futures Prices - The prices of FU 01, FU 05, and FU 09 contracts changed from July 8 to July 14, 2025. For example, FU 01 increased by 28 points, and the spreads between different contracts also changed. [3] Domestic LU Futures Prices - The prices of LU 01, LU 05, and LU 09 contracts changed during the same period. LU 01 increased by 63 points, and the spreads between different contracts also had corresponding changes. [4]