燃料油早报-20250821

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil 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 and external spread slightly weakened to -$0.8. The 0.5 cracking spread in Singapore oscillated and weakened, the 9-10 spread weakened to $2.75/ton, and the LU11 internal and external spread oscillated at $9. [4][5] - This week, inventories on land in Singapore decreased, but they were still not the highest in the same period of history. Floating storage decreased significantly on a month-on-month basis. Saudi Arabia's shipments decreased significantly, and arrivals this week oscillated. Shipments from the UAE rebounded on a month-on-month basis, and net exports increased significantly. Land inventories in Fujairah in the Middle East decreased, while floating storage inventories of high-sulfur and low-sulfur fuel oil increased significantly. ARA residue inventories increased, and residue inventories in the United States decreased, resulting in a large inventory contradiction. [5] - The divergence between the East and West of high-sulfur fuel oil continued. In the heavy crude oil pattern, the cracking spread of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. It is expected to return in both directions in the future. This week, LU remained weak. The basis of the external MF0.5 weakened again and then oscillated. LU quotas were issued, and the internal and external spreads oscillated. In the short term, pay attention to the opportunity for the high-sulfur 380 EW spread to widen. Fundamentally, the supply of high-sulfur fuel oil is expected to increase, and the supply-demand pattern will weaken. [5] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 14th to August 20th, 2025, the prices of Rotterdam 10ppm Gasoil swap M1, Rotterdam 3.5% HSFO swap M1, Rotterdam 0.5% VLSFO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 10ppm Gasoil swap M1 changed from $631.89 to $646.80, with a change of $9.12. [2] Singapore Fuel Oil Data - In the Singapore market, from August 14th to August 20th, 2025, the prices of Singapore 380cst, Singapore 180cst, Singapore VLSFO, etc. also fluctuated. For example, the price of Singapore 380cst changed from $391.90 to $389.37, with a change of -$2.93. The basis and internal and external spreads of Singapore fuel oil also changed. [2][3] Domestic Fuel Oil Data - In the domestic market, from August 14th to August 20th, 2025, the prices of FU (such as FU 01, FU 05, FU 09) and LU (such as LU 01, LU 05, LU 09) futures contracts and their spreads changed. For example, the price of FU 01 changed from 2750 to 2719, with a change of -6. [3][4]