燃料油早报-20251201

Group 1: Report Industry Investment Rating - No investment rating information provided Group 2: Core Viewpoints - Singapore high - sulfur cracking weakened on Friday after oscillation this week, with the monthly spread running at a historical low and the basis oscillating at a historical low after weakening. European HSFO cracking oscillated at a low level, and EW weakened on Friday [3]. - Singapore 0.5% cracking continued to weaken this week, with the monthly spread weakening and the basis oscillating at a low level [3]. - In terms of inventory, Singapore residue oil had a slight inventory build - up, high - sulfur floating storage had a significant inventory build - up, ARA residue oil had inventory draw - down, Fujairah residue oil had inventory build - up, high - sulfur floating storage oscillated at a high level, and EIA residue oil had a slight inventory draw - down [3][4]. - With the strengthening expectation of Russia - Ukraine peace talks, the cracking spreads of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound [4]. - After the fire at the Al Zour refinery on October 21st and its subsequent shutdown, the RFCC unit of the Dangote refinery is expected to enter maintenance in December, and VGO exports are expected to increase [4]. - The global heavy - oil market has entered the off - season with inventory build - up. The external cracking spreads should pay attention to crude oil fluctuations, and there is no improvement in the spot market. FU01 should be treated with a bearish view. Low - sulfur fuel oil has a low valuation but lacks a driving force [4]. Group 3: Data Summary Rotterdam Fuel Oil Swap Data - From November 24th to 28th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 2.54, Rotterdam 0.5% VLSFO swap M1 changed by 1.08, Rotterdam HSFO - Brent M1 changed by 0.01, Rotterdam 10ppm Gasoil swap M1 changed by 5.65, Rotterdam VLSFO - Gasoil M1 changed by - 4.57, LGO - Brent M1 had no data for change, and Rotterdam VLSFO - HSFO M1 changed by - 1.46 [1]. Singapore Fuel Oil Swap Data - From November 24th to 28th, 2025, the price of Singapore 380cst M1 changed by 5.29, Singapore 180cst M1 changed by 5.48, Singapore VLSFO M1 changed by 0.38, Singapore Gasoil M1 changed by 1.54, Singapore 380cst - Brent M1 changed by 0.18, and Singapore VLSFO - Gasoil M1 changed by - 11.02 [1]. Singapore Fuel Oil Spot Data - From November 24th to 28th, 2025, the FOB price of 380cst changed by 5.08, FOB VLSFO changed by - 1.32, 380 basis changed by - 0.69, high - sulfur internal - external price difference changed by - 2.1, and low - sulfur internal - external price difference changed by 1.7 [2]. Domestic FU Data - From November 24th to 28th, 2025, FU 01 changed by 30, FU 05 changed by 38, FU 09 changed by 37, FU 01 - 05 changed by - 8, FU 05 - 09 changed by 1, and FU 09 - 01 changed by 7 [2]. Domestic LU Data - From November 24th to 28th, 2025, LU 01 changed by 4, LU 05 changed by 5, LU 09 changed by 3, LU 01 - 05 changed by - 1, LU 05 - 09 changed by 2, and LU 09 - 01 changed by - 1 [3].