燃料油早报-20250916

Report Industry Investment Rating - No relevant content found Core Views - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened, the EW spread oscillated at a high level, and the fluctuation of the near - month of FU inside and outside was intensified due to delivery factors. The low - sulfur cracking weakened rapidly, the spread weakened at an accelerated pace, the LU inside - outside spread was compressed to 6 - 7 US dollars/ton, and the MF0.5 basis oscillated [3]. - Fundamentally, Singapore's residue decreased by 871,000 barrels, floating storage was slightly destocked, ARA residue inventory increased significantly, and EIA residue continued to accumulate. The high - sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore is supported, and the EW spread repair is completed. The domestic high - sulfur spread has risen again due to the influence of the delivery warehouse, and the short - term inside - outside spread is repaired. This week, LU accelerated its decline, and the MF0.5 basis of the outer market was weakly operating. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be concerned [4]. Summary by Directory Rotterdam Fuel Oil Swap Data - From September 9 - 15, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by - 3.94, Rotterdam 0.5% VLS FO swap M1 changed by - 2.67, Rotterdam HSFO - Brent M1 changed by - 0.49, Rotterdam 10ppm Gasoil swap M1 changed by 4.90, Rotterdam VLSFO - Gasoil M1 changed by - 7.57, LGO - Brent M1 changed by 0.25, and Rotterdam VLSFO - HSFO M1 changed by 1.27 [1]. Singapore Fuel Oil Swap Data - From September 9 - 15, 2025, the price of Singapore 380cst M1 changed, Singapore 180cst M1 changed, Singapore VLSFO M1 changed, Singapore GO M1 changed, Singapore 380cst - Brent M1 changed, and Singapore VLSFO - Gasoil M1 changed [1]. Singapore Fuel Oil Spot Data - From September 9 - 15, 2025, the FOB 380cst price changed by 7.31, FOB VLSFO price changed by 14.85, 380 basis changed by - 0.85, high - sulfur inside - outside spread and low - sulfur inside - outside spread had relevant data changes [2]. Domestic FU Data - From September 9 - 15, 2025, FU 01 changed by 82, FU 05 changed by 59, FU 09 changed by 37, FU 01 - 05 changed by 23, FU 05 - 09 changed by 22, and FU 09 - 01 changed by - 45 [2]. Domestic LU Data - From September 9 - 15, 2025, LU 01 changed by 90, LU 05 changed by 66, LU 09 changed by 74, LU 01 - 05 changed by 24, LU 05 - 09 changed by - 8, and LU 09 - 01 changed by - 16 [3].