燃料油早报-20251224

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - This week, the high - sulfur cracking spread rebounded, the monthly spread rebounded from a low level, and the basis rebounded. European high - sulfur cracking spread fluctuated, the monthly spread weakened, and the EW continued to strengthen. The 0.5% cracking spread in Singapore weakened, the monthly spread fluctuated at a low level, and the basis fluctuated at a low level. European V low - sulfur cracking spread fluctuated at a low level [3]. - In terms of inventory, Singapore's residual fuel oil inventory decreased, high - sulfur floating storage inventory increased, ARA's residual fuel oil inventory was basically flat, Fujairah's residual fuel oil inventory decreased significantly, high - sulfur floating storage inventory decreased, and EIA's residual fuel oil inventory increased slightly [3]. - This week, the cracking 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 stopped production, providing support for the external low - sulfur fuel oil market, but the short - term upward space is limited. Global residual fuel oil enters the off - season for inventory accumulation. The external cracking spread should pay attention to crude oil fluctuations and feedstock premium/discount levels. This week, the external market's inventory decreased and the monthly spread strengthened, remaining volatile in the short term. The valuation of low - sulfur fuel oil is low, but there is no driving force [4]. 3. Data Summary Rotterdam Fuel Oil Data - From December 17 to December 23, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 325.12 to 335.28, a change of 3.05. The price of Rotterdam 0.5% VLS FO swap M1 increased from 368.94 to 383.22, a change of 4.00 [1]. Singapore Fuel Oil Data - From December 17 to December 23, 2025, the price of Singapore 380cst M1 increased from 337.69 to 348.22, a change of 7.43. The price of Singapore VLSFO M1 increased from 404.54 to 419.72, a change of 8.13 [1]. Singapore Fuel Oil Spot Data - From December 17 to December 23, 2025, the FOB price of 380cst increased from 333.61 to 344.15, a change of 6.58. The FOB price of VLSFO increased from 404.59 to 416.98, a change of 6.25 [2]. Domestic FU Data - From December 17 to December 23, 2025, the price of FU 01 increased from 2384 to 2433, a change of 20. The price of FU 05 increased from 2444 to 2496, a change of 22. The price of FU 09 increased from 2412 to 2463, a change of 23 [2]. Domestic LU Data - From December 17 to December 23, 2025, the price of LU 01 increased from 2864 to 2976, a change of 7. The price of LU 05 increased from 2912 to 2994, a change of 20. The price of LU 09 increased from 2956 to 3026, a change of 16 [3].