燃料油早报-20260121

Report Summary 1) Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2) Core Viewpoints 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 [3][4]. - In terms of inventory, Singapore's residual oil had a slight inventory build - up, with the inventory at a historical high year - on - year. ARA's residual oil had a slight inventory drawdown, and Fujairah's residual oil had an inventory build - up [4]. - This week, the situation in Iran affected the global heavy oil valuation. In the short term, the driving force of high - sulfur fuel oil was stronger than that of low - sulfur fuel oil. The high - sulfur spot market tightened, the cracking rebounded, and the short - term downside space was limited. The external market of low - sulfur fuel oil remained weak [4]. 3) Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 342.84 | 333.76 | 341.06 | 336.61 | 335.92 | -0.69 | | Rotterdam 0.5% VLS FO Swap M1 | 397.96 | 384.56 | 389.58 | 385.89 | 385.56 | -0.33 | | Rotterdam HSFO - Brent M1 | -11.23 | -10.45 | -10.09 | -10.43 | -10.35 | 0.08 | | Rotterdam 10ppm Gasoil Swap M1 | 639.10 | 621.40 | 634.20 | 630.80 | 633.90 | 3.10 | | Rotterdam VLSFO - Gasoil M1 | -241.14 | -236.84 | -244.62 | -244.91 | -248.34 | -3.43 | | LGO - Brent M1 | 21.50 | 21.81 | 23.19 | 22.94 | 22.94 | 0.00 | | Rotterdam VLSFO - HSFO M1 | 55.12 | 50.80 | 48.52 | 49.28 | 49.64 | 0.36 | [1] Singapore Fuel Oil Swap Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 360.39 | 359.16 | 356.84 | 359.12 | 357.08 | -2.04 | | Singapore 180cst M1 | 366.14 | 363.46 | 363.27 | 364.49 | 364.98 | 0.49 | | Singapore VLSFO M1 | 428.26 | 426.98 | 426.45 | 427.95 | 426.15 | -1.80 | | Singapore Gasoil M1 | 82.45 | 81.65 | 81.51 | 82.07 | 82.61 | 0.54 | | Singapore 380cst - Brent M1 | -7.37 | -7.10 | -6.79 | -6.30 | -6.58 | -0.28 | | Singapore VLSFO - Gasoil M1 | -181.87 | -177.23 | -176.72 | -179.37 | -185.16 | -5.79 | [1] Singapore Fuel Oil Spot Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 358.10 | 358.88 | 358.34 | 359.26 | - | - | | FOB VLSFO | 431.74 | 429.02 | 429.37 | 431.00 | - | - | | 380 Basis | -1.50 | -1.45 | -1.65 | -1.45 | - | - | | High - Sulfur Domestic - Foreign Spread | 13.0 | 13.9 | 13.7 | 12.6 | 10.8 | -1.8 | | Low - Sulfur Domestic - Foreign Spread | 16.0 | 14.9 | 15.3 | 15.6 | 16.9 | 1.3 | [2] Domestic FU Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2513 | 2510 | 2485 | 2478 | 2467 | -11 | | FU 05 | 2578 | 2566 | 2520 | 2526 | 2507 | -19 | | FU 09 | 2546 | 2533 | 2498 | 2500 | 2487 | -13 | | FU 01 - 05 | -65 | -56 | -35 | -48 | -40 | 8 | | FU 05 - 09 | 32 | 33 | 22 | 26 | 20 | -6 | | FU 09 - 01 | 33 | 23 | 13 | 22 | 20 | -2 | [2] Domestic LU Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3159 | 3166 | 3088 | 3136 | 3120 | -16 | | LU 05 | 3087 | 3074 | 3041 | 3052 | 3066 | 14 | | LU 09 | 3112 | 3090 | 3056 | 3073 | 3085 | 12 | | LU 01 - 05 | 72 | 92 | 47 | 84 | 54 | -30 | | LU 05 - 09 | -25 | -16 | -15 | -21 | -19 | 2 | | LU 09 - 01 | -47 | -76 | -32 | -63 | -35 | 28 | [3]