燃料油早报-20260130

Industry Investment Rating - Not provided Core Viewpoints - This week, the near - month of Singapore 380cst strengthened significantly, with both cracking and monthly spreads strengthening. Short - term arbitrage logistics tightened to a 6 - month low, and Singapore residue oil 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 monthly spread was at a low level for the same period in history. In terms of inventory, EIA residue oil had a slight de - stocking, ARA residue oil 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 price of Merey crude oil has risen, and trading is light. Recently, the Iranian situation and arbitrage logistics have affected 380, the high - sulfur spot has tightened, the cracking has rebounded, and in the short term, high - sulfur has the strongest driving force among oil products, while the low - sulfur external market remains weak [3][4] Data Summary 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. from January 23 to January 29, 2026, are presented, with price changes of 13.39, 12.57, 23.95 respectively during this period [1] Singapore Fuel Oil Data - The prices of Singapore 380cst M1, 180cst M1, VLSFO M1, GO M1, etc. from January 23 to January 29, 2026, are shown, with price changes of 21.91, 14.11, 16.24 respectively during this period [1] - The FOB prices of Singapore 380cst and VLSFO, 380 basis, high - sulfur internal - external price difference, and low - sulfur internal - external price difference from January 23 to January 29, 2026, are provided, with changes of 14.86, 10.09, 1.25, 8.1, 3.2 respectively during this period [2] Domestic FU Data - The prices of domestic FU 01, FU 05, FU 09, and their spreads from January 23 to January 29, 2026, are given, with price changes of 66, 80, 74 respectively during this period [2] Domestic LU Data - The prices of domestic LU 01, LU 05, LU 09, and their spreads from January 23 to January 29, 2026, are presented, with price changes of 50, 79, 63 respectively during this period [3]