燃料油早报-20251218

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - This week, the high - sulfur cracking spread fluctuated, the monthly spread and basis fluctuated at low levels. The European high - sulfur cracking spread weakened, the monthly spread weakened, and the EW strengthened. The 0.5% cracking spread in Singapore fluctuated at a historical low, the monthly spread and basis fluctuated at low levels, and the VLSFO cracking spread in Singapore further weakened [3]. - In terms of inventory, Singapore residual fuel oil stocks increased, high - sulfur floating storage stocks increased, ARA residual fuel oil stocks increased significantly, Fujairah residual fuel oil stocks continued to increase significantly, high - sulfur floating storage stocks decreased, and EIA residual fuel oil stocks decreased [3][4]. - This week, the cracking spreads of foreign gasoline and diesel 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 shut down, providing support for foreign low - sulfur fuel oil, but the short - term upside space is limited [4]. - Global residual fuel oil has entered the off - season with inventory accumulation. The foreign cracking spread is affected by crude oil price fluctuations, and the spot market shows no improvement, so it is regarded as bearish. The valuation of low - sulfur fuel oil is low, but there is no driving force for now [4]. 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - The prices of Rotterdam 3.5% HSFO swap M1, Rotterdam 0.5% VLSFO swap M1, and other related swap products changed from December 11 to December 17, 2025. For example, the Rotterdam 3.5% HSFO swap M1 increased by 14.80, and the Rotterdam 0.5% VLSFO swap M1 increased by 9.01 [1]. Singapore Fuel Oil Swap and Spot Data - The prices of Singapore 380cst M1, Singapore 180cst M1, Singapore VLSFO M1, and other swap products changed from December 11 to December 17, 2025. For example, the Singapore 380cst M1 increased by 15.19 [1]. - The FOB prices of Singapore 380cst and FOB VLSFO in the spot market also changed during the same period. The FOB 380cst increased by 5.22, while the FOB VLSFO decreased by 2.42 [2]. Domestic Fuel Oil Futures Data - For domestic FU futures, from December 11 to December 17, 2025, the prices of FU 01, FU 05, and FU 09 changed. For example, FU 01 increased by 16 [2]. - For domestic LU futures, from December 11 to December 17, 2025, the prices of LU 01, LU 05, and LU 09 decreased. For example, LU 01 decreased by 36 [3].