燃料油早报-20260206

1. Report's Investment Rating for the Industry - No information provided 2. Core Viewpoints of the Report - This week, the near - month of Singapore 380cst continued to strengthen, reaching the five - year high year - on - year. After the crack spread rose, it fluctuated. The short - term arbitrage logistics tightened, and the Singapore residue inventory decreased significantly. The MF0.5 low - sulfur crack spread declined, reaching a historical low year - on - year, and the monthly spread was at a historical low for the same period. In terms of inventory, Singapore fuel oil significantly reduced inventory, EIA residue continued to reduce inventory, ARA residue accumulated inventory, and Fujairah's inventory accumulation accelerated. Under the new situation in Venezuela, heavy - oil logistics tilted towards the United States, Canadian heavy oil sought new buyers, and the price of Merey crude oil rose. Recently, the situation in Iran and arbitrage logistics affected 380. The high - sulfur spot 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. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 30 to February 5, 2026, the price of Rotterdam 3.5% HSFO swap M1 changed by 1.34, the 0.5% VLSFO swap M1 changed by - 1.83, the HSFO - Brent M1 changed by 0.19, the 10ppm Gasoil swap M1 changed by 2.90, the VLSFO - GO M1 changed by - 4.73, the LGO - Brent M1 had no change, and the VLSFO - HSFO M1 changed by - 3.17 [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed by 2.17, 180cst M1 changed by - 0.81, VLSFO M1 changed by - 3.82, GO M1 changed by - 0.27, 380cst - Brent M1 changed by 0.53, and VLSFO - GO M1 changed by - 1.82 [1] Singapore Fuel Oil Spot Data - From January 30 to February 5, 2026, the FOB 380cst price changed by 7.14, FOB VLSFO changed by 7.54, the 380 basis changed by - 1.00, the high - sulfur domestic - foreign price difference changed by - 1.0, and the low - sulfur domestic - foreign price difference changed by 1.3 [2] Domestic FU Data - During the same period, FU 01 changed by 5, FU 05 changed by 25, FU 09 changed by 18, FU 01 - 05 changed by - 20, FU 05 - 09 changed by 7, and FU 09 - 01 changed by 13 [2] Domestic LU Data - From January 30 to February 5, 2026, LU 01 changed by - 17, LU 05 changed by 21, LU 09 changed by 28, LU 01 - 05 changed by - 38, LU 05 - 09 changed by - 7, and LU 09 - 01 changed by 45 [3]