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 continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, and the FU09 internal - external spread rebounded slightly. The domestic market had a large amount of deliverable goods, maintaining a loose pattern [6]. - The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread fluctuated around $4.5. The LU internal - external spread weakened slightly and then fluctuated, with the 09 spread fluctuating around $16 [6]. - This week, Singapore's on - land inventory increased significantly. The near - month was under pressure due to delivery pressure on the window, and Saudi 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 was still in the peak season. However, the East - West and internal - external spreads had fallen rapidly. The external low - sulfur valuation was relatively high, and the LU internal - external spread was 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 - external spread rebounded slightly, and the LU valuation was relatively high. Attention could be paid to the short - term valuation regression opportunity of FU - LU, with the risk being the continuous weakening of the external 380cst [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 414.59 | 419.29 | 422.21 | 418.59 | 422.47 | 3.88 | | Rotterdam 0.5% VLS FO Swap M1 | 466.28 | 471.87 | 469.91 | 464.51 | 462.79 | - 1.72 | | Rotterdam HSFO - Brent M1 | - 2.80 | - 2.56 | - 1.66 | - 1.61 | - 0.90 | 0.71 | | Rotterdam 10ppm Gasoil Swap M1 | 681.38 | 694.41 | 695.90 | 683.83 | 680.79 | - 3.04 | | Rotterdam VLSFO - Gasoil M1 | - 215.10 | - 222.54 | - 225.99 | - 219.32 | - 218.00 | 1.32 | | LGO - Brent M1 | 23.77 | 25.55 | 25.76 | 24.83 | 24.64 | - 0.19 | | Rotterdam VLSFO - HSFO M1 | 51.69 | 52.58 | 47.70 | 45.92 | 40.32 | - 5.60 | [4] Singapore Fuel Oil Swap Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 404.37 | 411.39 | 411.16 | 408.54 | 405.92 | - 2.62 | | Singapore 180cst M1 | 417.12 | 423.64 | 425.21 | 423.78 | 418.17 | - 5.61 | | Singapore VLSFO M1 | 492.44 | 497.30 | 493.65 | 494.54 | 491.81 | - 2.73 | | Singapore GO M1 | 88.46 | 91.55 | 90.15 | 90.87 | 90.38 | - 0.49 | | Singapore 380cst - Brent M1 | - 3.68 | - 3.80 | - 3.42 | - 3.46 | - 3.88 | - 0.42 | | Singapore VLSFO - Gasoil M1 | - 162.16 | - 180.17 | - 173.46 | - 177.90 | - 177.00 | 0.90 | [4] Singapore Fuel Oil Spot Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 397.47 | 404.58 | 404.97 | 401.08 | 398.16 | - 2.92 | | FOB VLSFO | 497.73 | 501.52 | 497.55 | 498.63 | 496.58 | - 2.05 | | 380 Basis | - 6.22 | - 6.64 | - 6.11 | - 6.05 | - 6.25 | - 0.20 | | High - sulfur Internal - external Spread | - 6.2 | - 6.0 | - - 4.2 | - 2.1 | - 4.9 | - 2.8 | | Low - sulfur Internal - external Spread | 13.0 | 13.4 | 12.2 | 12.8 | 10.9 | - 1.9 | [5] Domestic FU Data | Contract | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2849 | 2887 | 2886 | 2894 | 2876 | - 18 | | FU 05 | 2794 | 2821 | 2828 | 2845 | 2833 | - 12 | | FU 09 | 2863 | 2912 | 2924 | 2924 | 2879 | - 45 | | FU 01 - 05 | 55 | 66 | 58 | 49 | 43 | - 6 | | FU 05 - 09 | - 69 | - 91 | - 96 | - 79 | - 46 | 33 | | FU 09 - 01 | 14 | 25 | 38 | 30 | 3 | - 27 | [5] Domestic LU Data | Contract | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3508 | 3570 | 3550 | 3525 | 3515 | - 10 | | LU 05 | 3446 | 3500 | 3500 | 3470 | 3472 | 2 | | LU 09 | 3580 | 3634 | 3603 | 3584 | 3569 | - 15 | | LU 01 - 05 | 62 | 70 | 50 | 55 | 43 | - 12 | | LU 05 - 09 | - 134 | - 134 | - 103 | - 114 | - 97 | 17 | | LU 09 - 01 | 72 | 64 | 53 | 59 | 54 | - 5 | [6]
永安期货燃料油早报-20250724
Yong An Qi Huo·2025-07-24 08:03