燃料油早报-20260210

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the near - month spread of Singapore 380cst declined, the crack spread fluctuated downward, Singapore residue oil inventory increased significantly, and the internal - external spread of FU weakened. The low - sulfur crack spread fluctuated, the spread was in a low - level oscillation, and the basis weakened. In terms of inventory, Singapore fuel oil inventory increased significantly, EIA residue oil inventory increased slightly, ARA residue oil inventory decreased, and Fujairah inventory decreased. Under the new situation in Venezuela, heavy oil logistics is tilted towards the United States, Canadian heavy oil is seeking new buyers. Recently, there has been concentrated arrival in the Singapore high - sulfur market, the EW spread weakened, the Iranian situation affects the valuation of heavy oil, and the internal - external spread of FU is short - term bearish. The low - sulfur external market maintains a weak operation [6][7]. 3. Data Summary Rotterdam Fuel Oil Data | Type | 2026/02/03 | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 361.51 | 363.79 | 365.13 | 371.54 | 375.92 | 4.38 | | Rotterdam 0.5% VLS FO swap M1 | 409.77 | 413.32 | 411.49 | 418.28 | 423.17 | 4.89 | | Rotterdam HSFO - Brent M1 | - 9.29 | - 9.48 | - 9.29 | - 9.32 | - 9.30 | 0.02 | | Rotterdam 10ppm Gasoil swap M1 | 654.16 | 657.55 | 658.02 | 668.55 | 667.11 | - 1.44 | | Rotterdam VLSFO - Gasoil M1 | - 244.39 | - 244.23 | - 246.53 | - 250.27 | - 243.94 | 6.33 | | LGO - Brent M1 | 22.27 | 20.61 | 22.58 | 23.46 | 22.35 | - 1.11 | | Rotterdam VLSFO - HSFO M1 | 48.26 | 49.53 | 46.36 | 46.74 | 47.25 | 0.51 | [4] Singapore Fuel Oil Data | Type | 2026/02/03 | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 377.92 | 393.37 | 401.23 | 400.01 | 403.92 | 3.91 | | Singapore 180cst M1 | 382.84 | 401.93 | 403.90 | 406.64 | 409.67 | 3.03 | | Singapore VLSFO M1 | 441.47 | 456.15 | 462.92 | 458.80 | 463.42 | 4.62 | | Singapore Gasoil M1 | 84.98 | 86.75 | 87.10 | 87.81 | 87.80 | - 0.01 | | Singapore 380cst - Brent M1 | - 5.84 | - 4.96 | - 4.43 | - 4.63 | - 4.89 | - 0.26 | | Singapore VLSFO - Gasoil M1 | - 187.38 | - 185.80 | - 181.62 | - 190.99 | - 186.30 | 4.69 | [4][13] Singapore Fuel Oil Spot Data | Type | 2026/02/03 | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 405.78 | 418.04 | 425.18 | 422.89 | - | - | | FOB VLSFO | 442.51 | 454.22 | 461.76 | 457.17 | - | - | | 380 basis | 14.11 | 13.25 | 12.25 | 12.05 | - | - | | High - sulfur internal - external spread | 16.1 | 15.8 | 14.8 | 13.9 | 12.9 | - 1.0 | | Low - sulfur internal - external spread | 17.1 | 17.3 | 18.6 | 18.6 | 17.1 | - 1.5 | [5] Domestic FU Data | Type | 2026/02/03 | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2572 | 2621 | 2626 | 2640 | 2621 | - 19 | | FU 05 | 2693 | 2779 | 2804 | 2831 | 2794 | - 37 | | FU 09 | 2623 | 2692 | 2710 | 2739 | 2701 | - 38 | | FU 01 - 05 | - 121 | - 158 | - 178 | - 191 | - 173 | 18 | | FU 05 - 09 | 70 | 87 | 94 | 92 | 93 | 1 | | FU 09 - 01 | 51 | 71 | 84 | 99 | 80 | - 19 | [5] Domestic LU Data | Type | 2026/02/03 | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3178 | 3278 | 3261 | 3307 | 3265 | - 42 | | LU 05 | 3165 | 3260 | 3281 | 3293 | 3249 | - 44 | | LU 09 | 3156 | 3242 | 3270 | 3288 | 3226 | - 62 | | LU 01 - 05 | 13 | 18 | - 20 | 14 | 16 | 2 | | LU 05 - 09 | 9 | 18 | 11 | 5 | 23 | 18 | | LU 09 - 01 | - 22 | - 36 | 9 | - 19 | - 39 | - 20 | [6]