永安期货燃料油早报-20250828

Report Information - Report Date: August 28, 2025 [2] - Report Team: Research Center Energy and Chemicals Team [2] Industry Investment Rating - Not provided Core Views - This week, the high-sulfur cracking of Singapore 380cst weakened, and the near-month spread weakened. The low-sulfur cracking weakened, and the spread fluctuated. The high-sulfur global supply and demand weakened, but the EW spread was still being repaired. The new round of sanctions had a large potential impact on domestic heavy crude oil and provided some support for Asian fuel oil valuations. The LU remained weak this week, and short-term opportunities for the expansion of high-sulfur 380 EW could still be monitored. [6] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 21 to August 27, 2025, prices of various fuel oil products in Rotterdam, such as 3.5% HSF O swap M1, 0.5% VLS FO swap M1, etc., showed different degrees of change. For example, the 3.5% HSF O swap M1 increased by 1.71, and the 0.5% VLS FO swap M1 increased by 5.01. [3] Singapore Fuel Oil Swap Data - During the same period, prices of Singapore fuel oil products, including 380cst M1, 180cst M1, etc., also changed. For instance, the 380cst M1 increased slightly, and the Singapore VLSFO M1 increased to 490.00 on August 27 from 479.93 on August 21. [3] Singapore Fuel Oil Spot Data - From August 21 to August 27, 2025, prices of Singapore fuel oil spot products, like FOB 380cst and FOB VLSFO, changed. The FOB 380cst decreased by 0.91, and the FOB VLSFO decreased by 3.94. The 380 basis increased by 3.50. [4] Domestic FU Data - Domestic FU contract prices (FU 01, FU 05, FU 09) changed, with the FU 01 decreasing by 52, the FU 05 decreasing by 51, and the FU 09 decreasing by 64 from August 21 to August 27, 2025. [4] Domestic LU Data - Domestic LU contract prices (LU 01, LU 05, LU 09) also changed. The LU 01 decreased by 44, the LU 05 decreased by 43, and the LU 09 decreased by 42 during the same period. [5] Inventory and Supply Information - Singapore's land-based residue inventory continued to decline, floating storage inventory decreased significantly, and low-sulfur floating storage increased. In July, Singapore's high-sulfur bunker fueling volume increased by 15% month-on-month and 10% year-on-year. Middle East's Fujairah land-based inventory decreased significantly, and floating storage decreased significantly. Saudi Arabia's shipments decreased week-on-week, and UAE's shipments fluctuated. US residue inventory increased slightly but was at the lowest level in the same period in history. ARA ports decreased slightly, and floating storage increased slightly. [6]