燃料油早报-20260205

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the near - month contract of Singapore 380cst continued to strengthen, reaching a five - year high. After the crack spread rose, it entered a consolidation phase. Short - term arbitrage logistics tightened, and Singapore's residue inventory decreased significantly. The low - sulfur crack spread of MF0.5 declined, reaching a historical low, and the month - to - month spread was at a historical low for the same period. In terms of inventory, Singapore's fuel oil inventory decreased significantly, EIA residue inventory continued to decline, ARA residue inventory increased, and Fujairah's inventory increase accelerated. Under the new situation in Venezuela, heavy - oil logistics is tilted towards the United States, Canadian heavy oil is seeking new buyers, and the price of Merey crude oil has risen. Recently, the situation in Iran and arbitrage logistics have affected 380, the high - sulfur spot market has tightened, and the crack spread has rebounded. In the short term, high - sulfur fuel oil has the strongest driving force among oil products. However, attention should be paid to over - heating of domestic and foreign sentiment, and the overseas low - sulfur market remains weak [3][4] Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From January 29 to February 4, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 10.79, Rotterdam 0.5% VLS FO swap M1 increased by 12.25, Rotterdam HSFO - Brent M1 increased by - 0.14, Rotterdam 10ppm Gasoil swap M1 increased by 18.00, Rotterdam VLSFO - Gasoil M1 increased by - 5.75, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 increased by 1.46 [1] Singapore Fuel Oil Swap Data - From January 29 to February 4, 2026, Singapore 380cst M1 increased by 22.59, Singapore 180cst M1 increased by 24.27, Singapore VLSFO M1 increased by 19.86, Singapore Gasoil M1 increased by 2.99, Singapore 380cst - Brent M1 increased by 0.90, and Singapore VLSFO - Gasoil M1 increased by - 2.27 [1][9] Singapore Fuel Oil Spot Data - From January 29 to February 4, 2026, FOB 380cst increased by 12.26, FOB VLSFO increased by 11.71, the 380 basis decreased by 0.86, the high - sulfur domestic - foreign price difference decreased by 0.3, and the low - sulfur domestic - foreign price difference increased by 0.2 [2] Domestic FU Data - From January 29 to February 4, 2026, FU 01 increased by 49, FU 05 increased by 86, FU 09 increased by 69, FU 01 - 05 decreased by 37, FU 05 - 09 increased by 17, and FU 09 - 01 increased by 20 [2] Domestic LU Data - From January 29 to February 4, 2026, LU 01 increased by 100, LU 05 increased by 95, LU 09 increased by 86, LU 01 - 05 increased by 5, LU 05 - 09 increased by 9, and LU 09 - 01 decreased by 14 [3]