燃料油早报-20250718

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread fluctuated downward, the near - month spread declined, and the EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 domestic - foreign spread rebounded slightly, the domestic delivery volume was large, and the supply remained loose. The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread fluctuated around $4.5. The LU domestic - foreign spread weakened slightly and then fluctuated, with LU09 fluctuating around $16. [4][5] - This week, Singapore's on - land inventory increased significantly. Due to delivery pressure on 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. Although the high - sulfur supply and demand are in the peak season, the East - West and domestic - foreign spreads have dropped rapidly. The foreign low - sulfur valuation is high, and the LU domestic - foreign spread is running at a high level. Attention should be paid to the domestic production situation. [5] - Singapore's Hi - 5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU domestic - foreign spread rebounded slightly, and the LU valuation is high. Attention can be paid to the short - term valuation regression opportunity of FU - LU, with the risk being the continuous weakening of the foreign 380cst. [5] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From July 11 to July 17, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by $4.57, Rotterdam 0.5% VLS FO swap M1 changed by $3.93, Rotterdam HSFO - Brent M1 changed by - $0.25, Rotterdam 10ppm Gasoil swap M1 changed by $18.74, Rotterdam VLSFO - Gasoil M1 changed by - $14.81, LGO - Brent M1 changed by $1.35, and Rotterdam VLSFO - HSFO M1 changed by - $0.64. [2] Singapore Fuel Oil Swap Data - From July 11 to July 17, 2025, the price of Singapore 380cst M1 changed by - $1.30, Singapore 180cst M1 changed by - $0.48, Singapore VLSFO M1 changed by - $1.97, Singapore GO M1 changed by $0.29, Singapore 380cst - Brent M1 changed by $0.07, and Singapore VLSFO - Gasoil M1 changed by - $4.11. [2] Singapore Fuel Oil Spot Data - From July 11 to July 17, 2025, the FOB 380cst price changed by - $2.82, FOB VLSFO changed by $1.27, the 380 basis changed by - $0.79, the high - sulfur domestic - foreign spread changed by - $0.4, and the low - sulfur domestic - foreign spread changed by - $0.5. [3] Domestic FU Data - From July 11 to July 17, 2025, FU 01 changed by - 5, FU 05 changed by - 10, FU 09 changed by - 17, FU 01 - 05 changed by 5, FU 05 - 09 changed by 7, and FU 09 - 01 changed by - 12. [3] Domestic LU Data - From July 11 to July 17, 2025, LU 01 changed by - 38, LU 05 changed by - 21, LU 09 changed by - 50, LU 01 - 05 changed by - 17, LU 05 - 09 changed by 29, and LU 09 - 01 changed by - 12. [4]