燃料油早报-20251117

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the high - sulfur crack in Singapore oscillated, the monthly spread strengthened slightly, the basis weakened, the HSFO crack in Europe declined, and the EW strengthened. The 0.5% crack in Singapore rebounded, the monthly spread oscillated, and the basis oscillated at a low level. [3] - In terms of inventory, Singapore's residue oil had a slight de - stocking, ARA's residue oil had inventory accumulation, Fujeirah's residue oil had inventory accumulation, and EIA's residue oil inventory remained flat. [3] - The spread between high - and low - sulfur in the outer market rebounded. Singapore's high - sulfur was supported by EW and refinery purchases, but the spot basis weakened rapidly. It is in a short - term oscillating pattern, and the short - term downward space for low - sulfur is limited. [3][4] 3) Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | +4.64 [1] | | Rotterdam 0.5% VLS FO Swap M1 | +8.27 [1] | | Rotterdam HSFO - Brent M1 | - 0.45 [1] | | Rotterdam 10ppm Gasoil Swap M1 | +22.41 [1] | | Rotterdam VLSFO - G O M1 | - 14.14 [1] | | LGO - Brent M1 | +1.34 [1] | | Rotterdam VLSFO - H SFO M1 | +3.63 [1] | Singapore Fuel Oil Swap Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | Singapore 380cst M1 | +4.77 [1] | | Singapore 180cst M1 | +5.78 [1] | | Singapore VLSFO M1 | +6.41 [1] | | Singapore GO M1 | +0.69 [1] | | Singapore 380cst - Brent M1 | - 0.24 [1] | | Singapore VLSFO - G O M1 | +1.30 [1] | Singapore Fuel Oil Spot Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | FOB 380cst | +5.06 [2] | | FOB VLSFO | +6.84 [2] | | 380 Basis | +0.03 [2] | | High - sulfur Domestic - Foreign Spread | +1.8 [2] | | Low - sulfur Domestic - Foreign Spread | +1.6 [2] | Domestic FU Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | FU 01 | +27 [2] | | FU 05 | +28 [2] | | FU 09 | +25 [2] | | FU 01 - 05 | - 1 [2] | | FU 05 - 09 | +3 [2] | | FU 09 - 01 | - 2 [2] | Domestic LU Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | LU 01 | +76 [3] | | LU 05 | +53 [3] | | LU 09 | +46 [3] | | LU 01 - 05 | +23 [3] | | LU 05 - 09 | +7 [3] | | LU 09 - 01 | - 30 [3] |