燃料油早报-20260202

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - This week, the near - term contract of Singapore 380cst continued to strengthen, reaching a five - year high. The crack spread rose and then fluctuated. Short - term arbitrage logistics tightened, and Singapore's residual fuel oil inventory decreased significantly. The low - sulfur crack spread of MF0.5 declined, reaching a historical low, and the monthly spread was at a historical low for the same period. In terms of inventory, Singapore's fuel oil inventory decreased significantly, EIA's residual fuel oil inventory continued to decline, ARA's residual fuel oil inventory increased, and Fujairah's inventory accumulation accelerated. Under the new situation in Venezuela, heavy - oil logistics tilted towards the United States, Canadian heavy oil was seeking new buyers, and the price of Merey crude oil rose. Recently, the situation in Iran and arbitrage logistics affected 380, the high - sulfur spot market tightened, the crack spread rebounded, and in the short term, high - sulfur had the strongest driving force among oil products. Attention should be paid to over - heating of domestic and foreign sentiment, and the low - sulfur external market remained weak [3][4] 3. Data Summary Rotterdam Fuel Oil | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 344.81 | 374.71 | 4.19 | | Rotterdam 0.5% VLS FO swap M1 | 393.32 | 420.56 | 4.83 | | Rotterdam HSFO - Brent M1 | - 10.27 | - 11.05 | 0.21 | | Rotterdam 10ppm Gasoil swap M1 | 655.75 | 716.50 | 25.65 | | Rotterdam VLSFO - Gasoil M1 | - 262.43 | - 295.94 | - 20.82 | | LGO - Brent M1 | 24.28 | 25.95 | 2.03 | | Rotterdam VLSFO - HSFO M1 | 48.51 | 45.85 | 0.64 | [1] Singapore Fuel Oil | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 393.49 | 407.65 | - | | Singapore 180cst M1 | 393.26 | 409.34 | - | | Singapore VLSFO M1 | 442.56 | 452.99 | - | | Singapore Gasoil M1 | 85.62 | 88.58 | - | | Singapore 380cst - Brent M1 | - 3.00 | - 4.13 | - | | Singapore VLSFO - Gasoil M1 | - 191.03 | - 202.50 | - | [1] Singapore Fuel Oil Spot | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | FOB 380cst | 397.16 | 412.42 | - 0.10 | | FOB VLSFO | 445.54 | 455.54 | - 4.21 | | 380 basis | 4.55 | 8.15 | 0.85 | | High - sulfur domestic - foreign price difference | 14.8 | 19.3 | - 3.6 | | Low - sulfur domestic - foreign price difference | 18.7 | 21.3 | - 1.9 | [2] Domestic FU | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | FU 01 | 2589 | 2652 | - 1 | | FU 05 | 2745 | 2803 | - 12 | | FU 09 | 2646 | 2715 | - 11 | | FU 01 - 05 | - 156 | - 151 | 11 | | FU 05 - 09 | 99 | 88 | - 1 | | FU 09 - 01 | 57 | 63 | - 10 | [2] Domestic LU | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | LU 01 | 3248 | 3341 | 15 | | LU 05 | 3194 | 3264 | - 40 | | LU 09 | 3211 | 3272 | - 19 | | LU 01 - 05 | 54 | 77 | 55 | | LU 05 - 09 | - 17 | - 8 | - 21 | | LU 09 - 01 | - 37 | - 69 | - 34 | [3]