燃料油早报-20251015

Report Summary Report Industry Investment Rating No relevant content provided. Core View of the Report - This week, the high - sulfur cracking of Singapore 380cst was oscillating at a high level, the spread of nearby months weakened, the basis oscillated at a low level, the EW spread weakened rapidly, the high - sulfur in the ARA region strengthened, and the FU internal - external spread oscillated between 8 - 10 US dollars. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period. The monthly spread was weakly sorted out, the LU internal - external spread fell to 7 - 9 US dollars, and the MF0.5 basis weakened [3][4]. - From the fundamental perspective, Singapore's residue oil inventory decreased, which was at a high level compared to the same period. The floating storage decreased significantly. The ARA residue oil inventory decreased at a historical low level for the same period. The EIA residue oil inventory slightly increased at a low level. The inventory in Fujairah slightly increased, which was at a low level compared to the same period. The high - sulfur floating storage in the Middle East decreased significantly this week [4]. - Recently, the high - sulfur spot in Singapore has weakened, but the cracking is supported by raw material procurement. The short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and the FU internal - external spread should be viewed within a range. This week, the LU market was still weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis weakened again. In the fourth quarter, the LU internal - external spread can be expanded when the price is low. Pay attention to the quota usage [4]. Summary by Related Catalog Rotterdam Fuel Oil Data - The prices of Rotterdam 3.5% HSF, Rotterdam 0.5% VLS, and other indicators have fluctuated from September 30, 2025, to October 13, 2025. For example, the price of Rotterdam 3.5% HSF dropped from 390.14 on September 30 to 378.78 on October 13 [1]. Singapore Fuel Oil Data - The prices of Singapore 380cst M1, Singapore 180cst M1, etc., have also changed during the same period. For instance, the price of Singapore 380cst M1 decreased from 399.48 on September 30 to 376.28 on October 13 [1]. Singapore Fuel Oil Spot Data - From September 30 to October 14, 2025, the FOB 380cst price decreased from 400.31 to 363.63, and the FOB VLSFO price dropped from 470.02 to 432.26 [2]. Domestic FU Data - From September 30 to October 14, 2025, the prices of FU 01, FU 05, and FU 09 decreased. For example, the price of FU 01 decreased from 2867 to 2700 [2]. Domestic LU Data - From September 30 to October 14, 2025, the prices of LU 01, LU 05, and LU 09 decreased. For example, the price of LU 01 decreased from 3398 to 3196 [3].