永安期货燃料油早报-20250829

Report Summary 1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shenggang), the near - month internal - external spread of FU fluctuated greatly, and the 09 contract once returned above par. The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the internal - external spread of LU strengthened slightly to 10 USD [2][3]. - Fundamentally, 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. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. US residue inventory increased slightly but remained at the lowest level in the same period in history, ARA ports decreased slightly, and floating storage increased slightly [3]. - The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still recovering. The delivery volume of FU was still relatively large, and subsequent delivery changes should be monitored. The new round of sanctions had a relatively large potential impact on domestic heavy crude oil, providing a certain support for the valuation of Asian fuel oil. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and the internal - external spread of LU oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be considered [3]. 3. Data Summary Rotterdam Fuel Oil | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.33 | 394.08 | 383.86 | 381.95 | 392.11 | 10.16 | | Rotterdam 0.5% VLS FO Swap M1 | 456.25 | 461.01 | 452.63 | 454.66 | 460.06 | 5.40 | | Rotterdam HSFO - Brent M1 | - 5.69 | - 6.05 | - 6.45 | - 6.75 | - 6.20 | 0.55 | | Rotterdam 10ppm Gasoil Swap M1 | 658.70 | 667.32 | 651.89 | 652.68 | 652.68 | 0.00 | | Rotterdam VLSFO - Gasoil M1 | - 202.45 | - 206.31 | - 199.26 | - 198.02 | - 192.62 | 5.40 | | LGO - Brent M1 | 23.04 | 23.15 | 22.75 | 22.05 | 21.45 | - 0.60 | | Rotterdam VLSFO - HSFO M1 | 65.92 | 66.93 | 68.77 | 72.71 | 67.95 | - 4.76 | [2] Singapore Fuel Oil | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 391.89 | 399.93 | 397.90 | 394.03 | 403.51 | 9.48 | | Singapore 180cst M1 | 404.08 | 412.49 | 410.84 | 406.97 | 410.37 | 3.40 | | Singapore VLSFO M1 | 482.52 | 488.53 | 487.99 | 482.43 | 489.46 | 7.03 | | Singapore Gasoil M1 | 86.09 | 86.39 | 86.31 | 85.06 | 85.49 | 0.43 | | Singapore 380cst - Brent M1 | - 5.38 | - 4.41 | - 5.01 | - 4.53 | - 4.41 | 0.12 | | Singapore VLSFO - Gasoil M1 | - 154.55 | - 150.76 | - 150.70 | - 147.01 | - 143.17 | 3.84 | [2][4] Singapore Fuel Oil Spot | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 390.58 | 397.15 | 396.25 | 395.34 | 392.84 | - 2.50 | | FOB VLSFO | 482.56 | 488.41 | 489.51 | 485.57 | 484.90 | - 0.67 | | 380 Basis | - 1.75 | - 2.55 | - 2.00 | 1.50 | - 1.25 | - 2.75 | | High - sulfur Internal - External Spread | 0.8 | 4.5 | 4.1 | 2.1 | 3.6 | 1.5 | | Low - sulfur Internal - External Spread | 10.6 | 10.6 | 9.5 | 9.2 | 9.3 | 0.1 | [2] Domestic FU | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2769 | 2831 | 2842 | 2790 | 2793 | 3 | | FU 05 | 2748 | 2790 | 2799 | 2748 | 2750 | 2 | | FU 09 | 2736 | 2845 | 2827 | 2763 | 2760 | - 3 | | FU 01 - 05 | 21 | 41 | 43 | 42 | 43 | 1 | | FU 05 - 09 | 12 | - 55 | - 28 | - 15 | - 10 | 5 | | FU 09 - 01 | - 33 | 14 | - 15 | - 27 | - 33 | - 6 | [2] Domestic LU | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3462 | 3491 | 3488 | 3444 | 3461 | 17 | | LU 05 | 3384 | 3449 | 3451 | 3408 | 3411 | 3 | | LU 09 | 3468 | 3403 | 3460 | 3418 | 3410 | - 8 | | LU 01 - 05 | 78 | 42 | 37 | 36 | 50 | 14 | | LU 05 - 09 | - 84 | 46 | - 9 | - 10 | 1 | 11 | | LU 09 - 01 | 6 | - 88 | - 28 | - 26 | - 51 | - 25 | [2]