永安期货燃料油早报-20250820

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread oscillated, and the EW spread oscillated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal - external spread weakened slightly to -$0.8 [4]. - The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9 [4]. - This week, Singapore's on - land inventory decreased, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month, Saudi Arabia's shipments decreased significantly, this week's arrivals oscillated, the UAE's shipments rebounded month - on - month, and net exports increased significantly [5]. - The on - land inventory in Fujairah, the Middle East, decreased, the floating storage inventory of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory decreased, with significant inventory contradictions [5]. - The east - west divergence of high - sulfur continued. In the heavy - quality pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy - quality crude oil was the strongest. It is expected to return in both directions later [5]. - This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated, the LU quota was issued, and the internal - external spread oscillated. In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the supply of high - sulfur is expected to increase, and the supply - demand pattern will weaken [5]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil - From August 13th to 19th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by $3.30, Rotterdam 0.5% VLS FO swap M1 decreased by $2.86, Rotterdam HSFO - Brent M1 decreased by $0.31, Rotterdam 10ppm Gasoil swap M1 increased by $13.13, Rotterdam VLSFO - Gasoil M1 decreased by $15.99, LGO - Brent M1 increased by $2.45, and Rotterdam VLSFO - HSFO M1 increased by $0.44 [2]. Singapore Fuel Oil - Swap Prices: From August 13th to 19th, 2025, the price of Singapore 380cst M1 decreased by $4.28, Singapore 180cst M1 decreased by $2.45, Singapore VLSFO M1 decreased by $3.20, Singapore Gasoil M1 increased by $1.56, Singapore 380cst - Brent M1 decreased by $0.75, and Singapore VLSFO - Gasoil M1 decreased by $14.74 [2][10]. - Spot Prices: From August 13th to 19th, 2025, the FOB 380cst price decreased by $4.45, the FOB VLSFO price decreased by $1.56, the 380 basis decreased by $0.35, the high - sulfur internal - external spread decreased by $3.4, and the low - sulfur internal - external spread remained unchanged [3]. Domestic FU - From August 13th to 19th, 2025, FU 01 decreased by 26, FU 05 decreased by 22, FU 09 decreased by 27, FU 01 - 05 decreased by 4, FU 05 - 09 increased by 5, and FU 09 - 01 decreased by 1 [3]. Domestic LU - From August 13th to 19th, 2025, LU 01 decreased by 9, LU 05 decreased by 1, LU 09 decreased by 25, LU 01 - 05 decreased by 8, LU 05 - 09 increased by 24, and LU 09 - 01 decreased by 16 [4].