燃料油早报-20260114

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and it weakened slightly after the holiday. The 380 monthly spread rebounded from its low 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, Singapore's residual fuel oil had a significant inventory build - up, the high - sulfur floating storage had a significant drawdown, ARA's residual fuel oil had a slight inventory build - up, Fujairah's residual fuel oil had an inventory drawdown, the high - sulfur floating storage had an inventory drawdown, and EIA's residual fuel oil had a slight inventory build - up. 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, 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 Related Catalogs Rotterdam Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 19.81, Rotterdam 0.5% VLS FO swap M1 increased by 9.97, Rotterdam HSFO - Brent M1 increased by 1.23, Rotterdam 10ppm Gasoil swap M1 increased by 26.90, Rotterdam VLSFO - Gasoil M1 decreased by 16.93, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 decreased by 9.84 [1]. Singapore Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Singapore 380cst M1 increased by 26.04, Singapore 180cst M1 increased by 23.27, Singapore VLSFO M1 increased by 10.53, Singapore Gasoil M1 increased by 3.65, Singapore 380cst - Brent M1 increased by 1.87, and Singapore VLSFO - Gasoil M1 decreased by 16.48 [1][9]. Singapore Fuel Oil Spot Data - From January 7 to January 13, 2026, the high - sulfur internal - external price difference decreased by 1.0, and the low - sulfur internal - external price difference increased by 3.6. The data for FOB 380cst, FOB VLSFO, and 380 basis on January 13 were not provided [2]. Domestic FU Data - From January 7 to January 13, 2026, FU 01 increased by 15, FU 05 increased by 4, FU 09 increased by 15, FU 01 - 05 increased by 11, FU 05 - 09 decreased by 11, and FU 09 - 01 remained unchanged [2]. Domestic LU Data - From January 7 to January 13, 2026, LU 01 increased by 24, LU 05 increased by 44, LU 09 increased by 31, LU 01 - 05 decreased by 20, LU 05 - 09 increased by 13, and LU 09 - 01 increased by 7 [3].