燃料油早报-20260120

Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, the cracking of Singapore 380 strengthened, and the monthly spread rebounded significantly. The high - sulfur cracking in Europe rebounded, and the monthly spread also rebounded significantly. The high - sulfur EW oscillated at a high level. The cracking of Singapore 0.5% was at a historical low for the same period, rebounded month - on - month, the monthly spread strengthened slightly, and the basis oscillated at a low level. In terms of inventory, Singapore residue oil had a small inventory build - up, with the inventory at a historical high year - on - year, ARA residue oil had a small inventory draw - down, and Fujairah residue oil had an inventory build - up. This week, the situation in Iran affected the global heavy - oil valuation. In the short term, the driving force of high - sulfur was stronger than that of low - sulfur, the high - sulfur spot tightened, the cracking rebounded, and the short - term downside was limited, while the low - sulfur external market remained weak [3][4] 3. Summary by Relevant Catalog Rotterdam Fuel Oil Swap Data - From January 13 to 19, 2026, for Rotterdam 3.5% HSF O swap M1, the price changed from 338.39 to 336.42, a decrease of 4.64; for Rotterdam 0.5% VLS FO swap M1, it changed from 393.07 to 385.25, a decrease of 4.33; for Rotterdam HSFO - Brent M1, it changed from - 11.61 to - 10.40, a change of - 0.31; for Rotterdam 10ppm Gasoil swap M1, it changed from 634.60 to 636.65, an increase of 2.45; for Rotterdam VLSFO - Gasoil M1, it changed from - 241.53 to - 251.40, a decrease of 6.78; for LGO - Brent M1, it changed from 21.98 to 23.36, an increase of 0.17; for Rotterdam VLSFO - HSFO M1, it changed from 54.68 to 48.83, a decrease of 0.31 [1] Singapore Fuel Oil Swap Data - During January 13 - 19, 2026, for Singapore 380cst M1, the price changed from 346.25 to 360.61, an increase of 3.77; for Singapore 180cst M1, it changed from 353.19 to 365.42, an increase of 2.15; for Singapore VLSFO M1, it changed from 422.84 to 429.94, an increase of 3.49; for Singapore GO M1, it changed from 81.26 to 83.40, an increase of 1.89; for Singapore 380cst - Brent M1, it changed from - 8.90 to - 6.58, a change of 0.21; for Singapore VLSFO - Gasoil M1, it changed from - 178.48 to - 187.22, a decrease of 10.50 [1] Singapore Fuel Oil Spot Data - From January 13 to 19, 2026, for FOB 380cst, the price changed from 344.30 to 359.26, an increase of 0.92; for FOB VLSFO, it changed from 424.25 to 431.00, an increase of 1.63; the 380 basis changed from - 1.80 to - 1.45, an increase of 0.20; the high - sulfur internal - external price difference changed from 13.4 to 12.6, a decrease of 1.1; the low - sulfur internal - external price difference changed from 15.8 to 15.6, an increase of 0.3 [2] Domestic FU Data - Between January 13 and 19, 2026, for FU 01, the price changed from 2451 to 2478, a change of - 7; for FU 05, it changed from 2469 to 2526, an increase of 6; for FU 09, it changed from 2467 to 2500, an increase of 2; for FU 01 - 05, it changed from - 18 to - 48, a decrease of 13; for FU 05 - 09, it changed from 2 to 26, an increase of 4; for FU 09 - 01, it changed from 16 to 22, an increase of 9 [2] Domestic LU Data - From January 13 to 19, 2026, for LU 01, the price changed from 3112 to 3136, an increase of 48; for LU 05, it changed from 3063 to 3052, an increase of 11; for LU 09, it changed from 3081 to 3073, an increase of 17; for LU 01 - 05, it changed from 49 to 84, an increase of 37; for LU 05 - 09, it changed from - 18 to - 21, a decrease of 6; for LU 09 - 01, it changed from - 31 to - 63, a decrease of 31 [3]