燃料油早报-20260116

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and after the holiday, it weakened slightly. 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. [3] - The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to Contango at a historical low and the basis oscillating at a historical low. [3] - In terms of inventory, Singapore's residue stocks increased significantly, high-sulfur floating storage decreased significantly, ARA's residue stocks increased slightly, Fujairah's residue stocks decreased, high-sulfur floating storage decreased, and EIA's residue stocks increased slightly. [4] - 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 disruptions. The arrival premium of Merey crude at the end of December remained around -12. [4] - 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. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | -9.08 | | Rotterdam 0.5% VLS FO Swap M1 | -13.40 | | Rotterdam HSFO - Brent M1 | 0.78 | | Rotterdam 10ppm Gasoil Swap M1 | -18.15 | | Rotterdam VLSFO - Gasoil M1 | 4.75 | | LGO - Brent M1 | 0.00 | | Rotterdam VLSFO - HSFO M1 | -4.32 | [1] Singapore Fuel Oil Swap Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | Singapore 380cst M1 | 0.78 | | Singapore 180cst M1 | -2.68 | | Singapore VLSFO M1 | -3.01 | | Singapore Gasoil M1 | -0.60 | | Singapore 380cst - Brent M1 | 0.27 | | Singapore VLSFO - Gasoil M1 | 1.43 | [1][9] Singapore Fuel Oil Spot Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | FOB 380cst | 0.78 | | FOB VLSFO | -2.72 | | 380 Basis | 0.05 | | High-Sulfur Domestic-International Spread | 0.9 | | Low-Sulfur Domestic-International Spread | -1.1 | [2] Domestic FU Futures Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | FU 01 | -3 | | FU 05 | -12 | | FU 09 | -13 | | FU 01 - 05 | 9 | | FU 05 - 09 | 1 | | FU 09 - 01 | -10 | [2] Domestic LU Futures Data | Product | Change from 2026/01/09 - 2026/01/15 | | --- | --- | | LU 01 | 7 | | LU 05 | -13 | | LU 09 | -22 | | LU 01 - 05 | 20 | | LU 05 - 09 | 9 | | LU 09 - 01 | -29 | [3]