燃料油早报-20251029

Report Industry Investment Rating - No relevant information provided Core Viewpoints - This week, the crack spread of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month-on-month, and the basis fluctuated at a low level. The high-low sulfur spread is at a historically low level year-on-year. The crack spread of Singapore 0.5 low-sulfur fuel oil weakened, and the monthly spread and basis fluctuated at historically low levels. In terms of inventory, Singapore residue oil was de-stocked, the high-sulfur floating storage was higher than the historical average for the same period, and the low-sulfur floating storage increased slightly. [3] - The heavy oil inventory in Fujairah increased significantly to 8,520 thousand tons. The high-sulfur floating storage was de-stocked but remained at a historically high level year-on-year. The ARA port was de-stocked, and the inventory was at a historically low level year-on-year. In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low-sulfur fuel oil strengthened slightly. Saudi Arabia's shipments declined month-on-month, while the UAE's shipments increased month-on-month. Recently, the weak fundamentals of low-sulfur fuel oil continued, and it is expected to maintain a low-level fluctuating pattern. The high-sulfur fuel oil has started to accumulate inventory globally. The crack spread in Singapore is still supported by purchasing demand, but in the medium term, it faces downward pressure due to factors such as sanctions on Russia. The internal and external spread of FU mainly fluctuated, and it weakened slightly this week. [4] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From October 22 to October 28, 2025, the prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 3.5% HSF O swap M1 decreased from 373.89 on October 22 to 389.95 on October 28, a decrease of 10.48. [1][8] Singapore Fuel Oil Spot Data - From October 22 to October 28, 2025, the FOB prices of Singapore 380cst and FOB VLSFO showed fluctuations. The FOB 380cst price decreased from 364.70 to 383.42, a decrease of 3.60, and the FOB VLSFO price decreased from 427.30 to 441.88, a decrease of 4.37. The 380 basis, high-sulfur internal and external spread, and low-sulfur internal and external spread also changed accordingly. [2] Domestic FU Data - From October 22 to October 28, 2025, the prices of domestic FU 01, FU 05, and FU 09 showed fluctuations. The price of FU 01 decreased from 2691 to 2818, a decrease of 24, and the price differences between different contracts also changed. [2] Domestic LU Data - From October 22 to October 28, 2025, the prices of domestic LU 01, LU 05, and LU 09 showed fluctuations. The price of LU 01 increased from 3136 to 3273, an increase of 16, and the price differences between different contracts also changed significantly. [3]