燃料油早报-20260108

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Before the holiday, the 380 cracking spread fluctuated, and after the holiday, it weakened slightly. The 380 monthly spread rebounded from its 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 [3]. - 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 conflict in Venezuela escalated over the weekend, 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 Merey crude oil at the end of December remained around -12. The high-sulfur spot market remained loose. 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 [9]. 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil - The prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, Rotterdam HSFO - Brent M1, Rotterdam 10ppm Gasoil swap M1, Rotterdam VLSFO - Gasoil M1, LGO - Brent M1, and Rotterdam VLSFO - HSFO M1 from December 30, 2025, to January 7, 2026, are presented. The changes during this period were -11.43, -7.17, -0.64, -10.95, 3.78, 0.00, and 4.26 respectively [1]. Singapore Fuel Oil - The prices of Singapore 380cst M1, Singapore 180cst M1, Singapore VLSFO M1, Singapore Gasoil M1, Singapore 380cst - Brent M1, and Singapore VLSFO - Gasoil M1 from December 30, 2025, to January 7, 2026, are presented. The changes during this period were -1.18, -4.13, -3.16, -1.68, 0.79, and 9.27 respectively [1]. - The FOB prices of 380cst and VLSFO, 380 basis, high-sulfur domestic - foreign price difference, and low-sulfur domestic - foreign price difference in Singapore from December 30, 2025, to January 7, 2026, are presented. The changes during this period were 0.90, -5.39, 0.50, 0.2, and -1.4 respectively [2]. Domestic FU - The prices of FU 01, FU 05, FU 09, FU 01 - 05, FU 05 - 09, and FU 09 - 01 from December 30, 2025, to January 7, 2026, are presented. The changes during this period were -38, -46, -48, 8, 2, and -10 respectively [2]. Domestic LU - The prices of LU 01, LU 05, LU 09, LU 01 - 05, LU 05 - 09, and LU 09 - 01 from December 30, 2025, to January 7, 2026, are presented. The changes during this period were -52, -73, -53, 21, -20, and -1 respectively [3].