燃料油早报-20260122

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the cracking of Singapore 380 strengthened, the monthly spread rebounded significantly, the high - sulfur cracking in Europe rebounded, the monthly spread rebounded significantly, and 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 inter - month spread strengthened slightly, and the basis oscillated at a low level. [3] - In terms of inventory, Singapore residue oil slightly increased in stock, which was at a historical high year - on - year, ARA residue oil slightly decreased in stock, and Fujairah residue oil increased in stock. [3][4] - 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 space was limited, while the low - sulfur external market remained weak. [4] 3. Data Summaries Rotterdam Fuel Oil Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 333.76 | 341.06 | 336.61 | 344.17 | 347.28 | 3.11 | | Rotterdam 0.5% VLS FO Swap M1 | 384.56 | 389.58 | 385.89 | 387.29 | 392.05 | 4.76 | | Rotterdam HSFO - Brent M1 | - 10.45 | - 10.09 | - 10.43 | - 9.82 | - 9.95 | - 0.13 | | Rotterdam 10ppm Gasoil Swap M1 | 621.40 | 634.20 | 630.80 | 645.50 | 660.65 | 15.15 | | Rotterdam VLSFO - GO M1 | - 236.84 | - 244.62 | - 244.91 | - 258.21 | - 268.60 | - 10.39 | | LGO - Brent M1 | 21.81 | 23.19 | 22.94 | 23.87 | 23.87 | 0.00 | | Rotterdam VLSFO - HSFO M1 | 50.80 | 48.52 | 49.28 | 43.12 | 44.77 | 1.65 | [1] Singapore Fuel Oil Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 359.16 | 356.84 | 359.12 | 355.91 | 372.09 | [1] | Singapore 180cst M1 | 363.46 | 363.27 | 364.49 | 364.98 | 374.36 | [1] | Singapore VLSFO M1 | 426.98 | 426.45 | 427.95 | 423.67 | 436.23 | [1] | Singapore GO M1 | 81.65 | 81.51 | 82.07 | 82.46 | 85.51 | [1] | Singapore 380cst - Brent M1 | - 7.10 | - 6.79 | - 6.30 | - 6.65 | - 5.97 | [1] | Singapore VLSFO - GO M1 | - 177.23 | - 176.72 | - 179.37 | - 186.53 | - 196.54 | [1] | Singapore FOB 380cst | 358.88 | 358.34 | 359.26 | 355.87 | 362.64 | 6.77 | [2] | Singapore FOB VLSFO | 429.02 | 429.37 | 431.00 | 425.98 | 428.48 | 2.50 | [2] | Singapore 380cst Basis | - 1.45 | - 1.65 | - 1.45 | - 0.80 | 0.25 | 1.05 | [2] | Singapore High - sulfur Domestic - Foreign Spread | 13.9 | 13.7 | 12.6 | 10.8 | 12.1 | 1.3 | [2] | Singapore Low - sulfur Domestic - Foreign Spread | 14.9 | 15.3 | 15.6 | 16.9 | 16.3 | - 0.6 | [2] Domestic FU Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2510 | 2485 | 2478 | 2467 | 2482 | 15 | [2] | FU 05 | 2566 | 2520 | 2526 | 2507 | 2539 | 32 | [2] | FU 09 | 2533 | 2498 | 2500 | 2487 | 2510 | 23 | [2] | FU 01 - 05 | - 56 | - 35 | - 48 | - 40 | - 57 | - 17 | [2] | FU 05 - 09 | 33 | 22 | 26 | 20 | 29 | 9 | [2] | FU 09 - 01 | 23 | 13 | 22 | 20 | 28 | 8 | [2] Domestic LU Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3166 | 3088 | 3136 | 3120 | 3135 | 15 | [3] | LU 05 | 3074 | 3041 | 3052 | 3066 | 3071 | 5 | [3] | LU 09 | 3090 | 3056 | 3073 | 3085 | 3090 | 5 | [3] | LU 01 - 05 | 92 | 47 | 84 | 54 | 64 | 10 | [3] | LU 05 - 09 | - 16 | - 15 | - 21 | - 19 | - 19 | 0 | [3] | LU 09 - 01 | - 76 | - 32 | - 63 | - 35 | - 45 | - 10 | [3]