燃料油早报-20251030

Report Core View - 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's residual oil inventory decreased, the high-sulfur floating storage is higher than the historical average for the same period, and the low-sulfur floating storage increased slightly. The heavy oil inventory in Fujairah increased significantly to 8,520 thousand tons. The high-sulfur floating storage decreased but is still at a historically high level year-on-year. The ARA port's inventory decreased and is 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 oscillation pattern. The global high-sulfur fuel oil inventory began to accumulate. The crack spread of Singapore's high-sulfur fuel oil is still supported by purchasing demand, but it faces downward pressure in the medium term due to factors such as sanctions on Russia. The internal and external prices of FU oscillated mainly and weakened slightly this week. [4][5] Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 396.75 | 400.88 | 400.43 | 389.26 | 390.21 | 0.95 | | Rotterdam 0.5% VLS FO Swap M1 | 420.88 | 424.62 | 423.42 | 411.42 | 415.93 | 4.51 | | Rotterdam HSFO - Brent M1 | -2.55 | -2.65 | -2.15 | -2.31 | -2.85 | -0.54 | | Rotterdam 10ppm Gasoil Swap M1 | 678.26 | 688.86 | 705.25 | 680.86 | 688.80 | 7.94 | | Rotterdam VLSFO - Gasoil M1 | -257.38 | -264.24 | -281.83 | -269.44 | -272.87 | -3.43 | | LGO - Brent M1 | 26.90 | 28.32 | 30.55 | 28.62 | 29.11 | 0.49 | | Rotterdam VLSFO - HSFO M1 | 24.13 | 23.74 | 22.99 | 22.16 | 25.72 | 3.56 | [2] Singapore Fuel Oil Swap Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 384.53 | 394.15 | 387.51 | 383.93 | 378.21 | -5.72 | | Singapore 180cst M1 | 392.53 | 402.15 | 394.51 | 389.68 | 384.21 | -5.47 | | Singapore VLSFO M1 | 442.26 | 448.43 | 446.68 | 443.72 | 445.43 | 1.71 | | Singapore GO M1 | 88.08 | 90.28 | 90.91 | 91.15 | 91.38 | 0.23 | | Singapore 380cst - Brent M1 | -3.87 | -3.30 | -3.68 | -3.23 | -4.74 | -1.51 | | Singapore VLSFO - Gasoil M1 | -209.53 | -219.64 | -226.05 | -230.79 | -230.78 | 0.01 | [2] Singapore Fuel Oil Spot Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 384.00 | 392.86 | 387.02 | 383.42 | 372.68 | -10.74 | | FOB VLSFO | 438.50 | 445.23 | 446.25 | 441.88 | 437.28 | -4.60 | | 380 Basis | -0.73 | -1.35 | -0.90 | -1.15 | -1.80 | -0.65 | | High - Sulfur Domestic - Foreign Spread | 8.6 | 7.9 | 8.1 | 10.2 | 10.4 | 0.2 | | Low - Sulfur Domestic - Foreign Spread | 6.9 | 7.2 | 7.6 | 13.4 | 12.6 | -0.8 | [3] Domestic FU Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2752 | 2814 | 2842 | 2818 | 2796 | -22 | | FU 05 | 2701 | 2741 | 2772 | 2756 | 2744 | -12 | | FU 09 | 2640 | 2663 | 2683 | 2675 | 2672 | -3 | | FU 01 - 05 | 51 | - | 70 | 62 | 52 | -10 | | FU 05 - 09 | 61 | 78 | 89 | 81 | 72 | -9 | | FU 09 - 01 | -112 | -151 | -159 | -143 | -124 | 19 | [3] Domestic LU Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3193 | 3224 | 3257 | 3273 | 3246 | -27 | | LU 05 | 3220 | 3230 | 3262 | 3237 | 3212 | -25 | | LU 09 | 3234 | 3235 | 3272 | 3262 | 3235 | -27 | | LU 01 - 05 | -27 | -6 | -5 | 36 | 34 | -2 | | LU 05 - 09 | -14 | -5 | -10 | -25 | -23 | 2 | | LU 09 - 01 | 41 | 11 | 15 | -11 | -11 | 0 | [4]