燃料油早报-20260203

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the near - term of Singapore 380cst continued to strengthen, reaching a five - year high year - on - year. The crack spread increased and then fluctuated. Short - term arbitrage logistics tightened, and Singapore residue inventory decreased significantly. [3] - The low - sulfur crack spread of MF0.5 declined, reaching a historical low year - on - year, and the monthly spread was at a historical low for the same period. [3] - In terms of inventory, Singapore fuel oil inventory decreased significantly, EIA residue inventory continued to decline, ARA residue inventory increased, and Fujairah inventory accumulation accelerated. [4] - 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 increased. Recently, the situation in Iran and arbitrage logistics affected 380. High - sulfur spot tightened, the crack spread rebounded, and high - sulfur had the strongest driving force in oil products in the short term. The low - sulfur external market remained weak. [4] 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 27, 2026, to February 2, 2026, the price of Rotterdam 3.5% HSF O swap M1 decreased by 18.54, Rotterdam 0.5% VLS FO swap M1 decreased by 18.54, Rotterdam HSFO - Brent M1 increased by 1.24, Rotterdam 10ppm Gasoil swap M1 decreased by 68.27, Rotterdam VLSFO - Gasoil M1 increased by 49.73, LGO - Brent M1 decreased by 3.82, and Rotterdam VLSFO - HSFO M1 remained unchanged. [1] Singapore Fuel Oil Swap Data - From January 27, 2026, to February 2, 2026, the price of Singapore 380cst M1 decreased, Singapore 180cst M1 decreased, Singapore VLSFO M1 decreased, Singapore Gasoil M1 decreased, Singapore 380cst - Brent M1 changed, and Singapore VLSFO - Gasoil M1 changed. [1] Singapore Fuel Oil Spot Data - From January 27, 2026, to February 2, 2026, FOB 380cst decreased by 12.53, FOB VLSFO decreased by 15.56, the 380 basis increased by 4.35, the high - sulfur internal - external price difference decreased by 3.0, and the low - sulfur internal - external price difference decreased by 4.9. [2] Domestic FU Data - From January 27, 2026, to February 2, 2026, FU 01 decreased by 109, FU 05 decreased by 134, FU 09 decreased by 122, FU 01 - 05 increased by 25, FU 05 - 09 decreased by 12, and FU 09 - 01 decreased by 13. [2] Domestic LU Data - From January 27, 2026, to February 2, 2026, LU 01 decreased by 184, LU 05 decreased by 139, LU 09 decreased by 149, LU 01 - 05 decreased by 45, LU 05 - 09 increased by 10, and LU 09 - 01 increased by 35. [3]