燃料油早报-20251114

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the crack spread of high - sulfur fuel oil in Singapore fluctuated, the time spread strengthened slightly, and the basis weakened. The HSFO crack spread in Europe declined, and the EW spread strengthened this week. The 0.5% crack spread in Singapore rebounded, the time spread fluctuated, and the basis oscillated at a low level. In terms of inventory, the residue oil in Singapore decreased slightly, the residue oil in ARA and Fujairah increased, and the EIA residue oil inventory remained flat. The price spread between high - and low - sulfur fuel oil in the external market rebounded. High - sulfur fuel oil in Singapore 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 fuel oil is limited [3][4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From November 7th to 13th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 0.44, the Rotterdam 0.5% VLS FO swap M1 changed by 0.57, the Rotterdam HSFO - Brent M1 changed by - 0.12, the Rotterdam 10ppm Gasoil swap M1 changed by - 4.28, the Rotterdam VLSFO - Gasoil M1 changed by 4.85, the LGO - Brent M1 remained unchanged (0.00), and the Rotterdam VLSFO - HSFO M1 changed by 0.13 [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed by - 13.01, the Singapore 180cst M1 changed by - 15.91, the Singapore VLSFO M1 changed by - 14.37, the Singapore Gasoil M1 changed by - 3.22, the Singapore 380cst - Brent M1 changed by - 0.16, and the Singapore VLSFO - Gasoil M1 changed by 9.46 [1] Singapore Fuel Oil Spot Data - From November 7th to 13th, 2025, the FOB 380cst price changed by - 13.78, the FOB VLSFO price changed by - 14.44, the 380 basis changed by - 0.02, the high - sulfur internal - external price spread changed by - 1.3, and the low - sulfur internal - external price spread changed by 1.0 [2] Domestic FU Fuel Oil Futures Data - During this period, the price of FU 01 changed by - 98, FU 05 changed by - 81, FU 09 changed by - 63, FU 01 - 05 changed by - 17, FU 05 - 09 changed by - 18, and FU 09 - 01 changed by 35 [2] Domestic LU Fuel Oil Futures Data - From November 7th to 13th, 2025, the price of LU 01 changed by - 147, LU 05 changed by - 124, LU 09 changed by - 103, LU 01 - 05 changed by - 23, LU 05 - 09 changed by - 21, and LU 09 - 01 changed by 44 [3]