燃料油早报-20250722

Report Industry Investment Rating - Not provided 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 and external spread rebounded slightly, and the domestic delivery volume was large, maintaining a loose pattern. The Singapore 0.5 crack spread declined slightly, the month spread weakened, and it fluctuated around $4.5 for the 8-9 month. The LU internal and external spread weakened slightly and then fluctuated, with the 09 around $16. [6][7] - This week, Singapore's onshore inventory increased significantly, the window was under delivery pressure, and the near-month contract was under pressure. 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 were still in the peak season. However, the East-West and internal-external spreads have quickly declined. The external low-sulfur valuation is high, and the LU internal and external spread is running at a high level. Attention should be paid to the domestic production situation. [7] - 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 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. [7] Summary by Related Content Rotterdam Fuel Oil Swap Data - From July 15 to July 21, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from $412.56 to $422.21, a change of $2.92; the price of Rotterdam 0.5% VLS FO swap M1 decreased from $466.16 to $469.91, a change of -$1.96; the Rotterdam HSFO-Brent M1 increased from -$3.12 to -$1.66, a change of $0.90; etc. [4] Singapore Fuel Oil Swap Data - From July 15 to July 21, 2025, the price of Singapore 380cst M1 decreased from $404.43 to $411.16, a change of -$0.23; the price of Singapore 180cst M1 increased from $414.93 to $425.21, a change of $1.57; the Singapore VLSFO M1 decreased from $496.15 to $493.65, a change of -$3.65; etc. [4] Singapore Fuel Oil Spot Data - From July 15 to July 21, 2025, the FOB 380cst price increased from $395.38 to $404.97, a change of $0.39; the FOB VLSFO price decreased from $501.64 to $497.55, a change of -$3.97; the 380 basis increased from -$6.98 to -$6.11, a change of $0.53; etc. [5] Domestic FU Data - From July 15 to July 21, 2025, the price of FU 01 decreased from 2828 to 2886, a change of -1; the price of FU 05 increased from 2788 to 2828, a change of 7; the price of FU 09 increased from 2840 to 2924, a change of 12; etc. [5] Domestic LU Data - From July 15 to July 21, 2025, the price of LU 01 decreased from 3529 to 3550, a change of -20; the price of LU 05 remained unchanged at 3500; the price of LU 09 decreased from 3639 to 3603, a change of -31; etc. [6]