燃料油早报-20250904

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 around $10, and the MF0.5 basis began to rebound [3][4]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and 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, and the EW spread was still being repaired. The domestic high - sulfur spot was still in excess, and over - heated sentiment should be vigilant. The new round of sanctions had a large potential impact on the domestic heavy crude oil supply, providing some support for the Asian fuel oil valuation [4]. - This week, LU maintained a volatile trend, and the external MF0.5 basis began to rebound. Opportunities for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter could be focused on [4]. 3. Summary by Related Catalogs Fuel Oil Price Data - Rotterdam Fuel Oil Data: From August 28 to September 3, the prices of Rotterdam 3.5% HSF O swap M1 decreased by $8.64, Rotterdam 0.5% VLSFO swap M1 decreased by $8.39, and other price - related indicators also had corresponding changes [1]. - Singapore Fuel Oil Data: The prices of Singapore 380cst M1 and other related fuel oil products also changed during the same period. For example, from August 28 to September 3, the price of Singapore 380cst M1 decreased by $11.56, and the price of Singapore VLSFO M1 decreased by $11.75 [1][9]. - Singapore Fuel Oil Spot Data: From August 28 to September 3, the FOB 380cst price decreased by $6.17, and the FOB VLSFO price decreased by $6.40 [2]. - Domestic FU Data: From August 28 to September 3, the price of FU 01 decreased by 7, the price of FU 05 decreased by 10, and the price of FU 09 decreased by 8 [2]. - Domestic LU Data: From August 28 to September 3, the price of LU 01 decreased by 17, the price of LU 05 decreased by 10, and the price of LU 09 increased by 13 [3].