燃料油早报-20250902

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated 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 delivery warehouses, FU10 soared and then declined. The low - sulfur cracking weakened, the spread oscillated, the LU internal - external spread fluctuated around 10 US dollars, and the MF0.5 basis began to rebound [4]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA's 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. The new round of sanctions has a large potential impact on the supply of heavy crude oil in China, providing some support for the valuation of Asian fuel oil. This week, LU maintained an oscillation, the external MF0.5 basis began to rebound, and the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be noted [5]. 3. Data Summaries Rotterdam Fuel Oil Swap Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 383.86 | 388.11 | - 0.95 | | Rotterdam 0.5% VLS FO Swap M1 | 452.63 | 456.37 | 0.00 | | Rotterdam HSFO - Brent M1 | - 6.45 | - 6.40 | - 0.26 | | Rotterdam 10ppm Gasoil Swap M1 | 651.89 | 658.54 | 4.38 | | Rotterdam VLSFO - Gasoil M1 | - 199.26 | - 202.17 | - 4.38 | | LGO - Brent M1 | 22.75 | 22.05 | - 0.10 | | Rotterdam VLSFO - HSFO M1 | 68.77 | 68.26 | 0.95 | [2] Singapore Fuel Oil Swap Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 397.90 | 398.02 | - 3.14 | | Singapore 180cst M1 | 410.84 | 412.08 | - 4.08 | | Singapore VLSFO M1 | 487.99 | 482.37 | - 3.40 | | Singapore Gasoil M1 | 86.31 | 85.23 | - 0.71 | | Singapore 380cst - Brent M1 | - 5.01 | - 4.43 | 0.05 | | Singapore VLSFO - Gasoil M1 | - 150.70 | - 148.33 | 1.86 | [2] Singapore Fuel Oil Spot Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | FOB 380cst | 396.25 | 397.89 | - 1.96 | | FOB VLSFO | 489.51 | 485.45 | - 2.60 | | 380 Basis | - 2.00 | - 0.40 | 0.70 | | High - sulfur Internal - external Spread | 4.1 | 6.0 | 3.6 | | Low - sulfur Internal - external Spread | 9.5 | 14.9 | 6.9 | [3] Domestic FU Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | FU 01 | 2842 | 2824 | 12 | | FU 05 | 2799 | 2782 | 9 | | FU 09 | 2827 | 2737 | 2 | | FU 01 - 05 | 43 | 42 | 3 | | FU 05 - 09 | - 28 | 45 | 7 | | FU 09 - 01 | - 15 | - 87 | - 10 | [3] Domestic LU Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | LU 01 | 3488 | 3451 | - 28 | | LU 05 | 3451 | 3398 | - 37 | | LU 09 | 3460 | 3374 | 62 | | LU 01 - 05 | 37 | 53 | 9 | | LU 05 - 09 | - 9 | 24 | - 99 | | LU 09 - 01 | - 28 | - 77 | 90 | [4]