燃料油早报-20260115

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 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 [3]. - In terms of inventory, there was a significant build - up of residual fuel oil in Singapore, a significant drawdown of high - sulfur floating storage, a slight build - up of residual fuel oil in ARA, a drawdown of residual fuel oil in Fujairah, a drawdown of high - sulfur floating storage, and a slight build - up of residual fuel oil in EIA. The recent conflict escalation in Venezuela has 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 of heavy raw materials. The low - sulfur market maintained a weak oscillation pattern [10]. 3. Data Summaries 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 2026/01/08 to 2026/01/14 showed different changes. For example, the price of Rotterdam 3.5% HSF O swap M1 decreased by 1.20, while Rotterdam HSFO - Brent M1 increased by 0.42 [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 changed from 2026/01/08 to 2026/01/14. For instance, the price of Singapore 380cst M1 increased by 16.62 from 2026/01/13 to 2026/01/14 [1][9]. Singapore Fuel Oil Spot - The FOB 380cst, FOB VLSFO, 380 basis, high - sulfur domestic - foreign price difference, and low - sulfur domestic - foreign price difference of Singapore fuel oil spot had changes from 2026/01/08 to 2026/01/14. The high - sulfur domestic - foreign price difference decreased by 0.4, and the low - sulfur domestic - foreign price difference increased by 0.2 [2]. Domestic FU - The prices of FU 01, FU 05, FU 09, FU 01 - 05, FU 05 - 09, and FU 09 - 01 in the domestic market changed from 2026/01/08 to 2026/01/14. For example, the price of FU 01 increased by 62 [2]. Domestic LU - The prices of LU 01, LU 05, LU 09, LU 01 - 05, LU 05 - 09, and LU 09 - 01 in the domestic market changed from 2026/01/08 to 2026/01/14. The price of LU 01 increased by 47 [3].