燃料油早报-20251215

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread fluctuated, the monthly spread and basis fluctuated at a low level. The high - sulfur crack spread in Europe weakened, the monthly spread weakened, and EW strengthened. The 0.5% crack spread in Singapore fluctuated at a historical low, the monthly spread and basis fluctuated at a low level, and the VLSFO crack spread in Singapore further weakened [4]. - In terms of inventory, Singapore's residual fuel oil inventory increased, high - sulfur floating storage inventory increased, ARA's residual fuel oil inventory increased significantly, Fujairah's residual fuel oil inventory continued to increase significantly, high - sulfur floating storage inventory decreased, and EIA's residual fuel oil inventory decreased [4]. - This week, the crack spreads of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at the Al Zour refinery on October 21, it was shut down, providing support for the external low - sulfur market, but the short - term upside space was limited [5]. - The global residual fuel oil has entered the off - season for inventory accumulation. The external crack spreads are subject to crude oil price fluctuations, and there is no improvement in the spot market. It is regarded as bearish. The low - sulfur fuel oil has a low valuation but no driving force for now [5]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From December 8 to December 12, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 0.19, Rotterdam 0.5% VLS FO swap M1 changed by 0.76, Rotterdam HSFO - Brent M1 changed by - 0.02, Rotterdam 10ppm Gasoil swap M1 changed by - 1.07, Rotterdam VLSFO - Gasoil M1 changed by 1.83, LGO - Brent M1 changed by - 0.01, and Rotterdam VLSFO - HSFO M1 changed by 0.57 [2]. Singapore Fuel Oil Data - Swap Data: From December 8 to December 12, 2025, the price of Singapore 380cst M1 changed by 1.88, Singapore 180cst M1 changed by - 1.16, Singapore VLSFO M1 changed by 4.94, Singapore GO M1 changed by 0.38, Singapore 380cst - Brent M1 changed by 0.20, and Singapore VLSFO - Gasoil M1 changed by 2.12 [2][8]. - Spot Data: From December 8 to December 12, 2025, the FOB 380cst price changed by 3.14, FOB VLSFO price changed by 5.44, 380 - basis changed by 0.90, high - sulfur internal - external price difference changed by 2.5, and low - sulfur internal - external price difference changed by 2.4 [3]. Domestic FU Data - From December 8 to December 12, 2025, FU 01 changed by - 14, FU 05 changed by - 15, FU 09 changed by - 12, FU 01 - 05 changed by 1, FU 05 - 09 changed by - 3, and FU 09 - 01 changed by 2 [3]. Domestic LU Data - From December 8 to December 12, 2025, LU 01 changed by - 2, LU 05 changed by - 2, LU 09 changed by 3, LU 01 - 05 changed by 0, LU 05 - 09 changed by - 5, and LU 09 - 01 changed by 5 [4].