燃料油早报-20260107

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Before the holiday, the 380 cracking spread oscillated, and after the holiday, it weakened slightly. The 380 monthly spread rebounded from the low point but remained weak year - on - year. The high - sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [4]. - In terms of inventory, there was a significant accumulation of residual oil in Singapore, a significant reduction in high - sulfur floating storage, a slight accumulation of residual oil in ARA, a reduction in residual oil in Fujairah, a reduction in high - sulfur floating storage, and a slight accumulation of residual oil in EIA. The weekend conflict in Venezuela escalated, having a short - term positive and long - term negative impact on heavy crude oil. Attention should be paid to the duration of logistics interruption. The arrival premium of Ma Rui crude oil at the end of December remained around - 12. The high - sulfur spot market remained loose, and attention should be paid to the boost brought by the premium and discount of heavy raw materials recently. The low - sulfur market maintained a weak oscillation pattern [10]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil - The prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLSFO swap M1, Rotterdam 10ppm Gasoil swap M1, etc. changed from December 29, 2025, to January 6, 2026. For example, the Rotterdam 3.5% HSF O swap M1 changed by - 5.53, and the Rotterdam 0.5% VLSFO swap M1 changed by - 6.49 [2]. Singapore Fuel Oil - The prices of Singapore 380cst M1, Singapore 180cst M1, Singapore VLSFO M1, etc. changed during the same period. For instance, the Singapore 380cst M1 changed by 6.57 from January 5 to January 6, 2026 [2][9]. - The Singapore fuel oil spot prices of FOB 380cst and FOB VLSFO, 380 basis, high - sulfur internal - external spread, and low - sulfur internal - external spread also changed. The FOB 380cst changed by 8.64 from December 29, 2025, to January 6, 2026 [3]. Domestic FU - The prices of FU 01, FU 05, FU 09, and their spreads (FU 01 - 05, FU 05 - 09, FU 09 - 01) had changes. For example, FU 01 changed by 26 from December 29, 2025, to January 6, 2026 [3]. Domestic LU - The prices of LU 01, LU 05, LU 09, and their spreads (LU 01 - 05, LU 05 - 09, LU 09 - 01) changed. For example, LU 01 changed by 31 from December 29, 2025, to January 6, 2026 [4].