燃料油早报-20250911

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst weakened in a fluctuating manner, the nearby monthly spread continued to strengthen, the basis fluctuated after a rebound, the EW spread continued to strengthen, and the FU internal - external spread was affected by the delivery warehouse. The low - sulfur cracking fluctuated, the monthly spread weakened in a fluctuating manner, and the LU internal - external spread fluctuated around 9 US dollars. The MF0.5 basis fluctuated [6]. - Fundamentally, Singapore's residual oil inventories increased significantly, floating storage decreased slightly, ARA residual oil inventories increased significantly, floating storage inventories increased significantly, and EIA residual oil decreased slightly. 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 repair was completed, and the domestic high - sulfur spot was still in excess. One should be vigilant against over - heating sentiment. This week, LU remained weak, the external MF0.5 basis remained volatile. Due to the support of European and American gasoline and diesel cracking, one can pay attention to the opportunity of the low - sulfur to high - sulfur spread widening in the fourth quarter [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 376.87 | 366.78 | 372.49 | 379.86 | 382.27 | 2.41 | | Rotterdam 0.5% VLS FO Swap M1 | 442.59 | 431.93 | 439.86 | 439.55 | 439.10 | - 0.45 | | Rotterdam HSFO - Brent M1 | - 7.25 | - 6.98 | - 7.20 | - 6.70 | - 6.95 | - 0.25 | | Rotterdam 10ppm Gasoil Swap M1 | 665.68 | 651.05 | 662.46 | 670.83 | 670.27 | - 0.56 | | Rotterdam VLSFO - Gasoil M1 | - 223.09 | - 219.12 | - 222.60 | - 231.28 | - 231.17 | 0.11 | | LGO - Brent M1 | 24.02 | 23.59 | 24.62 | 25.35 | 24.25 | - 1.10 | | Rotterdam VLSFO - HSFO M1 | 65.72 | 65.15 | 67.37 | 59.69 | 56.83 | - 2.86 | [4] Singapore Fuel Oil Swap Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 387.61 | 388.79 | 388.46 | 395.12 | 396.58 | 1.46 | | Singapore 180cst M1 | 398.86 | 398.59 | 397.67 | 399.61 | 406.58 | 6.97 | | Singapore VLSFO M1 | 475.19 | 471.33 | 468.78 | 471.70 | 468.91 | - 2.79 | | Singapore Gasoil M1 | 86.84 | 86.70 | 86.66 | 87.38 | 87.92 | 0.54 | | Singapore 380cst - Brent M1 | - 5.59 | - 5.05 | - 4.94 | - 4.25 | - 4.55 | - 0.30 | | Singapore VLSFO - Gasoil M1 | - 167.43 | - 170.25 | - 172.50 | - 174.91 | - 181.70 | - 6.79 | [4] Singapore Fuel Oil Spot Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 387.09 | 388.16 | 388.92 | 396.64 | 396.90 | 0.26 | | FOB VLSFO | 474.28 | 468.87 | 468.99 | 469.80 | 466.00 | - 3.80 | | 380 Basis | - 1.00 | - 0.95 | - 0.50 | 0.25 | 0.35 | 0.10 | | High - sulfur Internal - external Spread | 6.0 | 7.3 | 8.0 | 6.4 | - | - | | Low - sulfur Internal - external Spread | 9.4 | 9.4 | 7.9 | 9.8 | - | - | [5] Domestic FU Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2760 | 2759 | 2767 | 2766 | 2786 | 20 | | FU 05 | 2721 | 2719 | 2721 | 2724 | 2741 | 17 | | FU 09 | 2694 | 2695 | 2679 | 2678 | 2697 | 19 | | FU 01 - 05 | 39 | 40 | 46 | 42 | 45 | 3 | | FU 05 - 09 | 27 | - | 42 | 46 | 44 | - 2 | | FU 09 - 01 | - 66 | - 64 | - 88 | - 88 | - 89 | - 1 | [5] Domestic LU Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3395 | 3375 | 3385 | 3367 | 3370 | 3 | | LU 05 | 3359 | 3343 | 3347 | 3335 | 3339 | 4 | | LU 09 | 3341 | 3321 | 3344 | 3330 | 3331 | 1 | | LU 01 - 05 | 36 | 32 | 38 | 32 | 31 | - 1 | | LU 05 - 09 | 18 | 22 | 3 | 5 | 8 | 3 | | LU 09 - 01 | - 54 | - 54 | - 41 | - 37 | - 39 | - 2 | [6]