燃料油早报-20251103

Group 1: Report Information - Report Name: Fuel Oil Morning Report [3] - Report Date: November 3, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] Group 2: Market Data - Rotterdam | Product | Change from 2025/10/27 to 2025/10/31 | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 1.02 [4] | | Rotterdam 0.5% VLS FO Swap M1 | -1.59 [4] | | Rotterdam HSFO - Brent M1 | 0.23 [4] | | Rotterdam 10ppm Gasoil Swap M1 | -3.51 [4] | | Rotterdam VLSFO - Gasoil M1 | 1.92 [4] | | LGO - Brent M1 | -0.54 [4] | | Rotterdam VLSFO - HSFO M1 | -2.61 [4] | Group 3: Market Data - Singapore | Product | Change from 2025/10/27 to 2025/10/31 | | --- | --- | | Singapore 380cst M1 | 2.18 [4] | | Singapore 180cst M1 | 3.37 [4] | | Singapore VLSFO M1 | 5.55 [4] | | Singapore GO M1 | 1.45 [4] | | Singapore 380cst - Brent M1 | -0.05 [4] | | Singapore VLSFO - Gasoil M1 | -5.18 [4] | Group 4: Market Data - Singapore Fuel Oil Spot | Product | Change from 2025/10/27 to 2025/10/30 | | --- | --- | | FOB 380cst | -14.46 [5] | | FOB VLSFO | -3.42 [5] | | 380 Basis | -1.05 [5] | | High - Sulfur Domestic - Foreign Spread | 1 [5] | | Low - Sulfur Domestic - Foreign Spread | 6.7 [5] | Group 5: Market Data - Domestic FU | Product | Change from 2025/10/27 to 2025/10/31 | | --- | --- | | FU 01 | -6 [5] | | FU 05 | -1 [5] | | FU 09 | -4 [5] | | FU 01 - 05 | -5 [5] | | FU 05 - 09 | 3 [5] | | FU 09 - 01 | 2 [5] | Group 6: Market Data - Domestic LU | Product | Change from 2025/10/27 to 2025/10/31 | | --- | --- | | LU 01 | 13 [6] | | LU 05 | 16 [6] | | LU 09 | 15 [6] | | LU 01 - 05 | -3 [6] | | LU 05 - 09 | 1 [6] | | LU 09 - 01 | 2 [6] | Group 7: Core Views - This week, the 380 fuel oil crack spread oscillated, the monthly spread weakened month - on - month, the basis oscillated and weakened, the European HSFO crack spread strengthened, and the EW spread weakened significantly. The 0.5 low - sulfur crack spread in Singapore oscillated at a low level, and the monthly spread and basis oscillated at a low level [6]. - In terms of inventory, Singapore's residual fuel oil inventory increased, floating storage increased, ARA's residual fuel oil inventory decreased, floating storage increased, and EIA's residual fuel oil inventory decreased slightly [6][10]. - In terms of shipments, Russia's residual fuel oil shipments rebounded this week but were still low year - on - year. Russia's overall residual fuel oil shipments in October decreased month - on - month. Saudi Arabia's residual fuel oil shipments oscillated at a high level, the UAE's shipments decreased month - on - month. Singapore's arrivals were neutral this week, and domestic residual fuel oil arrivals increased month - on - month [10]. - This week, the domestic - foreign spreads of high - and low - sulfur fuel oil rebounded significantly. The external low - sulfur market remained weak, the Singapore high - sulfur market had a poor basis, but the EW spread and raw material premiums supported the 380 crack spread, showing a short - term oscillating pattern [10].