Report Overview - The report is a fuel oil morning report released by the energy and chemical team of the research center on September 5, 2025, covering fuel oil data from August 29 to September 4, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst strengthened oscillatingly, 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 rose sharply and then fell. The low - sulfur cracking weakened, the spread oscillated, and the LU internal - external spread fluctuated around 10 US dollars. The MF0.5 basis began to rebound. 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 logistics reshaping, 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. A new round of sanctions had 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 started to rebound, and the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter could be noted [4][10] Data Summary Rotterdam Fuel Oil Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 389.06 | 377.63 | -0.64 | | Rotterdam 0.5% VLS FO Swap M1 | 456.37 | 441.32 | -4.96 | | Rotterdam HSFO - Brent M1 | -6.14 | -7.05 | 0.41 | | Rotterdam 10ppm Gasoil Swap M1 | 654.16 | 665.68 | -7.81 | | Rotterdam VLSFO - Gasoil M1 | -197.79 | -224.36 | 2.85 | | LGO - Brent M1 | 22.15 | 24.02 | -0.39 | | Rotterdam VLSFO - HSFO M1 | 67.31 | 63.69 | -4.32 | [2] Singapore Fuel Oil Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 401.16 | 388.65 | -8.63 | | Singapore 180cst M1 | 416.16 | 398.86 | -10.92 | | Singapore VLSFO M1 | 485.77 | 468.34 | -16.91 | | Singapore GO M1 | 85.94 | 87.04 | -1.49 | | Singapore 380cst - Brent M1 | -4.48 | -5.32 | 0.53 | | Singapore VLSFO - Gasoil M1 | -150.19 | -175.76 | -5.89 | [2][9] Singapore Fuel Oil Spot Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | FOB 380cst | 399.85 | 387.09 | -9.17 | | FOB VLSFO | 488.05 | 474.28 | -11.56 | | 380 Basis | -1.10 | -1.00 | 0.45 | | High - sulfur Internal - external Spread | 2.4 | 6.0 | 0.0 | | Low - sulfur Internal - external Spread | 8.0 | 9.4 | -0.8 | [3] Domestic FU Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | FU 01 | 2812 | 2760 | -80 | | FU 05 | 2773 | 2721 | -76 | | FU 09 | 2735 | 2694 | -48 | | FU 01 - 05 | 39 | 39 | -4 | | FU 05 - 09 | 38 | 27 | -28 | | FU 09 - 01 | -77 | -66 | 32 | [3] Domestic LU Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | LU 01 | 3479 | 3395 | -97 | | LU 05 | 3435 | 3359 | -89 | | LU 09 | 3312 | 3341 | -100 | | LU 01 - 05 | 44 | 36 | -8 | | LU 05 - 09 | 123 | 18 | 11 | | LU 09 - 01 | -167 | -54 | -3 | [4]
燃料油早报-20250905
Yong An Qi Huo·2025-09-05 00:56