燃料油早报-20260129

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the near - month of Singapore 380cst strengthened significantly, with both cracking and contango strengthening. Short - term arbitrage logistics tightened to a 6 - month low, and Singapore residue inventory dropped significantly to a 13 - week low. The 0.5 low - sulfur cracking strengthened on Friday compared to the previous week, at a historically low level year - on - year, and the contango was also at a low level for the same period in history. In terms of inventory, EIA residue had a slight de - stocking, ARA residue had inventory accumulation, and Fujairah had a slight inventory accumulation. Under the new situation in Venezuela, heavy - oil logistics are tilted towards the United States, Canadian heavy oil is seeking new buyers, the quotation of Merey crude oil has risen but the trading volume is light. Recently, the Iranian situation and arbitrage logistics have affected 380, the high - sulfur spot market has tightened, and the cracking has rebounded. In the short term, high - sulfur has the strongest driving force among oil products, while the low - sulfur external market remains weak [3][4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - The prices of Rotterdam 3.5% HSF O swap M1, 0.5% VLS FO swap M1, 10ppm Gasoil swap M1, etc. changed from January 22 to January 28. For example, the price of Rotterdam 3.5% HSF O swap M1 increased by 12.00, and the price of 0.5% VLS FO swap M1 increased by 7.68 [1] Singapore Fuel Oil Data - The prices of Singapore 380cst M1, 180cst M1, VLSFO M1, etc. changed from January 22 to January 28. For example, the price of Singapore 380cst M1 increased from 373.02 to 405.12. In the Singapore fuel oil spot market, the FOB 380cst price increased by 14.58, and the FOB VLSFO price increased by 8.38 from January 22 to January 28 [1][2] Domestic FU and LU Data - For domestic FU, from January 22 to January 28, the prices of FU 01, FU 05, and FU 09 increased by 56, 81, and 69 respectively. For domestic LU, from January 22 to January 28, the prices of LU 01, LU 05, and LU 09 all increased by 70 [2][3]