燃料油早报-20251110

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - This week, the high - sulfur cracking in Singapore fluctuated, the monthly spread strengthened slightly, the basis weakened, the European HSFO cracking declined, and the EW strengthened this week. The 0.5% cracking in Singapore rebounded, the monthly spread fluctuated, and the basis oscillated at a low level. In terms of inventory, the residual oil in Singapore was slightly depleted, the residual oil in ARA and Fujairah increased, and the EIA residual oil inventory remained flat. The price difference between high - sulfur and low - sulfur in the external market rebounded. Singapore's high - sulfur was supported by EW and refinery purchases, but the spot basis weakened rapidly. In the short term, it is in a fluctuating pattern, and the short - term downward space for low - sulfur is limited [6][7] Group 3: Data Summaries Rotterdam Fuel Oil Data - From 2025/11/03 to 2025/11/07, the price of Rotterdam 3.5% HSF O swap M1 changed by - 1.27, Rotterdam 0.5% VLS FO swap M1 by 4.56, Rotterdam HSFO - Brent M1 by - 0.44, Rotterdam 10ppm Gasoil swap M1 by 3.18, Rotterdam VLSFO - Gasoil M1 by 1.38, LGO - Brent M1 by 0.39, and Rotterdam VLSFO - HSFO M1 by 5.83 [4] Singapore Fuel Oil Swap Data - During 2025/11/03 - 2025/11/07, Singapore 380cst M1, Singapore 180cst M1, Singapore VLSFO M1, Singapore Gasoil M1, Singapore 380cst - Brent M1, and Singapore VLSFO - Gasoil M1 had corresponding price changes [4] Singapore Fuel Oil Spot Data - From 2025/11/03 to 2025/11/07, the FOB VLSFO price changed by 4.02, the 380 - basis by 0.05, the high - sulfur internal - external price difference by - 2.5, and the low - sulfur internal - external price difference by - 0.9 [5] Domestic FU Data - Between 2025/11/03 and 2025/11/07, FU 01 changed by - 33, FU 05 by - 12, FU 09 by - 6, FU 01 - 05 by - 21, FU 05 - 09 by - 6, and FU 09 - 01 by 27 [5] Domestic LU Data - From 2025/11/03 to 2025/11/07, LU 01 changed by 5, LU 05 by 18, LU 09 by 5, LU 01 - 05 by - 13, LU 05 - 09 by 13, and LU 09 - 01 by 0 [6]