燃料油早报-20250901

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst fluctuated strongly, the near - month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on the delivery warehouse, FU10 rose sharply and then fell. The low - sulfur cracking weakened, the spread fluctuated, the LU internal - external spread fluctuated at $10, and the MF0.5 basis began to rebound [3][4]. - Fundamentally, the residue inventory in Singapore increased, the floating storage decreased, the residue inventory in ARA remained flat, the floating storage inventory increased significantly, and the EIA residue began to accumulate. 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, the EW spread was still being repaired, and the domestic high - sulfur spot was still in excess. Be vigilant against over - heating sentiment [4]. - The new round of sanctions has a relatively large potential impact on the domestic heavy crude oil supply, which provides a certain support for the Asian fuel oil valuation. This week, LU maintained a volatile trend, and the MF0.5 basis of the external market began to rebound. The opportunity for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter can be concerned [4]. 3. Key Data Summaries Rotterdam Fuel Oil | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | Rotterdam 3.5% HSF O Swap M1 | 394.08 | 389.06 | - 3.68 | | Rotterdam 0.5% VLS FO Swap M1 | 461.01 | 456.37 | - 1.46 | | Rotterdam HSFO - Brent M1 | - 6.05 | - 6.14 | - 0.28 | | Rotterdam 10ppm Gasoil Swap M1 | 667.32 | 654.16 | - 1.73 | | Rotterdam VLSFO - Gasoil M1 | - 206.31 | - 197.79 | 0.27 | | LGO - Brent M1 | 23.15 | 22.15 | - 0.70 | | Rotterdam VLSFO - HSFO M1 | 66.93 | 67.31 | 2.22 | [1] Singapore Fuel Oil Swap | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | Singapore 380cst M1 | 399.93 | 401.16 | 5.62 | | Singapore 180cst M1 | 412.49 | 416.16 | 8.12 | | Singapore VLSFO M1 | 488.53 | 485.77 | - 1.59 | | Singapore Gasoil M1 | 86.39 | 85.94 | - 0.66 | | Singapore 380cst - Brent M1 | - 4.41 | - 4.48 | - 0.19 | | Singapore VLSFO - Gasoil M1 | - 150.76 | - 150.19 | 6.48 | [1] Singapore Fuel Oil Spot | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | FOB 380cst | 397.15 | 399.85 | 7.01 | | FOB VLSFO | 488.41 | 488.05 | - 3.15 | | 380 Basis | - 2.55 | - 1.10 | 0.15 | | High - sulfur Internal - External Spread | 4.5 | 2.4 | - 1.2 | | Low - sulfur Internal - External Spread | 10.6 | 8.0 | - 1.3 | [2] Domestic FU | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | FU 01 | 2831 | 2812 | - 19 | | FU 05 | 2790 | 2773 | - 23 | | FU 09 | 2845 | 2735 | - 25 | | FU 01 - 05 | 41 | 39 | - 4 | | FU 05 - 09 | - 55 | 38 | 48 | | FU 09 - 01 | 14 | - 77 | - 44 | [2] Domestic LU | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | LU 01 | 3491 | 3479 | - 18 | | LU 05 | 3449 | 3435 | - 24 | | LU 09 | 3403 | 3312 | - 98 | | LU 01 - 05 | 42 | 44 | 6 | | LU 05 - 09 | 46 | 123 | 122 | | LU 09 - 01 | - 88 | - 167 | - 116 | [3]