燃料油早报-20251106

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the cracking of 380 fuel oil oscillated, the monthly spread weakened month - on - month, the basis oscillated and weakened, the cracking of European HSFO strengthened, and the EW weakened significantly. The cracking of Singapore 0.5 low - sulfur fuel oil oscillated at a low level, and the monthly spread and basis oscillated at a low level [6]. - In terms of inventory, Singapore's residual oil inventory increased, floating storage increased, ARA's residual oil inventory decreased, floating storage increased, and EIA's residual oil inventory decreased slightly. In terms of shipments, Russia's residual oil shipments rebounded this week but were still low year - on - year. Overall, Russia's residual oil shipments decreased month - on - month in October. Saudi Arabia's residual oil shipments oscillated at a high level, UAE's shipments decreased month - on - month. Singapore's arrivals were neutral this week, and domestic residual oil arrivals increased month - on - month [6][7]. - This week, the domestic - foreign spread of high - and low - sulfur fuel oil rebounded significantly. The external low - sulfur market remained weak, the fundamentals of high - sulfur fuel oil in Singapore were poor, but EW and raw material premiums supported the 380 cracking. In the short term, it is in a volatile pattern [7]. 3. Summary by Related Data Rotterdam Fuel Oil Swap Data | Type | Change | | ---- | ---- | | Rotterdam 3.5% HSF O Swap M1 | -1.59 | | Rotterdam 0.5% VLS FO Swap M1 | -4.56 | | Rotterdam HSFO - Brent M1 | 0.58 | | Rotterdam 10ppm Gasoil Swap M1 | 0.66 | | Rotterdam VLSFO - Gasoil M1 | -5.22 | | LGO - Brent M1 | 2.43 | | Rotterdam VLSFO - HSFO M1 | -2.97 | [4] Singapore Fuel Oil Swap Data | Type | Change | | ---- | ---- | | Singapore 380cst M1 | -3.82 | | Singapore 180cst M1 | -3.81 | | Singapore VLSFO M1 | -1.45 | | Singapore GO M1 | 0.73 | | Singapore 380cst - Brent M1 | 0.00 | | Singapore VLSFO - Gasoil M1 | -6.85 | [4] Singapore Fuel Oil Spot Data | Type | Change | | ---- | ---- | | FOB 380cst | -3.99 | | FOB VLSFO | -1.07 | | 380 Basis | 0.00 | | High - sulfur Domestic - Foreign Spread | -0.1 | | Low - sulfur Domestic - Foreign Spread | 1.6 | [5] Domestic FU Data | Type | Change | | ---- | ---- | | FU 01 | -21 | | FU 05 | -7 | | FU 09 | -6 | | FU 01 - 05 | -14 | | FU 05 - 09 | -1 | | FU 09 - 01 | 15 | [5] Domestic LU Data | Type | Change | | ---- | ---- | | LU 01 | 7 | | LU 05 | -1 | | LU 09 | -8 | | LU 01 - 05 | 8 | | LU 05 - 09 | 7 | | LU 09 - 01 | -15 | [6]