燃料油早报-20250815

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. [2] - The 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [2] - 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, the arrival volume rebounded this week, and the shipments from the UAE rebounded significantly month - on - month, with a large increase in net exports. [3] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered changes in logistics. In the heavy - quality pattern, the cracking 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. [3] - The weakening of LU this week was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. [3] - Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [3] 3) Summary by Related Catalogs Fuel Oil Price Data - Rotterdam Fuel Oil: From August 8th to 14th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 3.36, Rotterdam 0.5% VLS FO swap M1 changed by 5.58, Rotterdam HSFO - Brent M1 changed by - 0.67, etc. [1] - Singapore Fuel Oil Swap: During the same period, the price of Singapore 380cst M1 changed, and other related swap prices also had corresponding changes. For example, Singapore 380cst M1 price changed from 407.04 on August 8th to 394.13 on August 14th. [1] - Singapore Fuel Oil Spot: From August 8th to 14th, the FOB 380cst price changed by - 1.32, FOB VLSFO changed by 0.91, etc. [2] - Domestic FU: The prices of FU 01, FU 05, and FU 09 all decreased from August 8th to 14th, with changes of - 22, - 15, and - 30 respectively. [2] - Domestic LU: The prices of LU 01, LU 05, and LU 09 also had certain changes, with LU 01 and LU 09 changing by - 13, and LU 05 changing by - 4. [2]