燃料油早报-20250812

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 month spread rebounded to $5.5 per ton, the basis oscillated at a low level (-$5), and the internal - external spread of FU01 strengthened slightly to $2.5. The 0.5 cracking spread of Singapore oscillated and continued to weaken, the 9 - 10 month spread rebounded slightly to $3.75 per ton, and the internal - external spread of LU11 oscillated around $8. [5][6] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month. Saudi Arabia's shipments were at a historical high in the same period, arrivals rebounded this week, and the UAE's shipments rebounded significantly month - on - month, with a significant increase in net exports. [6] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered logistics changes. In the heavy - quality pattern, the cracking spread of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. A two - way regression is expected in the future. [6] - This week, LU's weakening was realized, the spot price of the external MF0.5 decreased slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. Pay attention to the opportunity of the widening of the 380 EW spread of high - sulfur fuel oil, and exit the short - allocation of LU in the short term. [6] 3. Summary of Related Data Rotterdam Fuel Oil Data | Product | Change | | --- | --- | | Rotterdam 3.5% HSF O swap M1 | -$0.57 | | Rotterdam 0.5% VLS FO swap M1 | -$0.20 | | Rotterdam HSFO - Brent M1 | -$0.15 | | Rotterdam 10ppm Gasoil swap M1 | -$4.36 | | Rotterdam VLSFO - Gasoil M1 | +$4.16 | | LGO - Brent M1 | -$0.64 | | Rotterdam VLSFO - HSFO M1 | +$0.37 | [3] Singapore Fuel Oil Data | Product | Change | | --- | --- | | Singapore 380cst M1 | -$6.18 | | Singapore 180cst M1 | -$2.44 | | Singapore VLSFO M1 | +$0.21 | | Singapore Gasoil M1 | -$0.01 | | Singapore 380cst - Brent M1 | -$1.24 | | Singapore VLSFO - Gasoil M1 | +$0.29 | [3][8] Singapore Fuel Oil Spot Data | Product | Change | | --- | --- | | FOB 380cst | -$11.83 | | FOB VLSFO | -$6.30 | | 380cst Basis | -$0.05 | | High - sulfur Internal - External Spread | +$0.1 | | Low - sulfur Internal - External Spread | +$0.6 | [4] Domestic FU Data | Product | Change | | --- | --- | | FU 01 | -16 | | FU 05 | -10 | | FU 09 | -6 | | FU 01 - 05 | -6 | | FU 05 - 09 | -4 | | FU 09 - 01 | +10 | [4] Domestic LU Data | Product | Change | | --- | --- | | LU 01 | 0 | | LU 05 | +10 | | LU 09 | +18 | | LU 01 - 05 | -10 | | LU 05 - 09 | -8 | | LU 09 - 01 | +18 | [5]