燃料油早报-20251113

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore fluctuated, the monthly spread strengthened slightly, the basis weakened, the HSFO cracking in Europe 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, Singapore's residual oil decreased slightly, ARA's residual oil increased, Fujairah's residual oil increased, and EIA's residual oil inventory remained flat. The price difference between high - 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. It is expected to be in a volatile pattern in the short term, and the short - term downward space for low - sulfur is limited [3][4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data (Swap M1) - From November 6th to 12th, the price of 3.5% HSF decreased by 16.44, the price of 0.5% VLS decreased by 17.53, the HSFO - Brent M1 decreased by 0.18, the 10ppm Gasoil decreased by 3.88, the VLSFO - Gasoil decreased by 21.41, the LGO - Brent M1 remained unchanged, and the VLSFO - HSFO decreased by 1.09 [1] Singapore Fuel Oil Data (Swap M1) - From November 6th to 12th, the price of 380cst increased by 3.78, the price of 180cst increased by 5.56, the price of VLSFO increased by 3.60, the price of Gasoil increased by 2.64, the 380cst - Brent M1 decreased by 0.58, and the VLSFO - Gasoil decreased by 15.93 [1] Singapore Fuel Oil Spot Data - From November 6th to 12th, the FOB price of 380cst increased by 2.48, the FOB price of VLSFO increased by 2.73, the 380 basis decreased by 0.01, the high - sulfur internal - external price difference increased by 1.4, and the low - sulfur internal - external price difference decreased by 4.2 [2] Domestic FU Data - From November 6th to 12th, the price of FU 01 increased by 22, the price of FU 05 increased by 18, the price of FU 09 increased by 12, the FU 01 - 05 increased by 4, the FU 05 - 09 increased by 6, and the FU 09 - 01 decreased by 10 [2] Domestic LU Data - From November 6th to 12th, the price of LU 01 increased by 49, the price of LU 05 increased by 42, the price of LU 09 increased by 40, the LU 01 - 05 increased by 7, the LU 05 - 09 increased by 2, and the LU 09 - 01 decreased by 9 [3]