燃料油早报-20260211

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the near - month spread of Singapore 380cst declined, the crack spread fluctuated downward, the Singapore residue oil inventory increased significantly, and the internal - external spread of FU weakened. The low - sulfur crack spread fluctuated, the spread was in low - level oscillation, and the basis weakened. In terms of inventory, Singapore fuel oil inventory increased significantly, EIA residue oil increased slightly, ARA residue oil decreased, and Fujairah inventory decreased. Under the new situation in Venezuela, heavy oil logistics is inclined towards the United States, Canadian heavy oil is seeking new buyers. Recently, there has been concentrated arrival of high - sulfur fuel oil in the Singapore market, the EW spread weakened, the Iranian situation affects the valuation of heavy oil, the internal - external spread of FU is bearish in the short term, and the low - sulfur external market maintains a weak operation [6][7]. 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Data | Product | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | 2026/02/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 363.79 | 365.13 | 371.54 | 375.60 | 376.36 | 0.76 | | Rotterdam 0.5% VLS FO swap M1 | 413.32 | 411.49 | 418.28 | 422.78 | 422.08 | - 0.70 | | Rotterdam HSFO - Brent M1 | - 9.48 | - 9.29 | - 9.32 | - 9.21 | - 9.10 | 0.11 | | Rotterdam 10ppm Gasoil swap M1 | 657.55 | 658.02 | 668.55 | 665.89 | 658.66 | - 7.23 | | Rotterdam VLSFO - Gasoil M1 | - 244.23 | - 246.53 | - 250.27 | - 243.11 | - 236.58 | 6.53 | | LGO - Brent M1 | 20.61 | 22.58 | 23.46 | 22.24 | 22.24 | 0.00 | | Rotterdam VLSFO - HSFO M1 | 49.53 | 46.36 | 46.74 | 47.18 | 45.72 | - 1.46 | [4] Singapore Fuel Oil Data | Product | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | 2026/02/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 393.37 | 401.23 | 400.01 | 394.76 | 405.18 | 10.42 | | Singapore 180cst M1 | 401.93 | 403.90 | 406.64 | 401.40 | 410.93 | 9.53 | | Singapore VLSFO M1 | 456.15 | 462.92 | 458.80 | 453.81 | 464.90 | 11.09 | | Singapore Gasoil M1 | 86.75 | 87.10 | 87.81 | 86.24 | 86.87 | 0.63 | | Singapore 380cst - Brent M1 | - 4.96 | - 4.43 | - 4.63 | - 4.72 | - 4.61 | 0.11 | | Singapore VLSFO - Gasoil M1 | - 185.80 | - 181.62 | - 190.99 | - 184.37 | - 177.94 | 6.43 | [4] Singapore Fuel Oil Spot Data | Product | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | 2026/02/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 418.04 | 425.18 | 422.89 | 416.35 | 425.17 | 8.82 | | FOB VLSFO | 454.22 | 461.76 | 457.17 | 453.06 | 460.95 | 7.89 | | 380 basis | 13.25 | 12.25 | 12.05 | 13.25 | 14.10 | 0.85 | | High - sulfur internal - external spread | 15.8 | 14.8 | 13.9 | 12.9 | 12.0 | - 0.9 | | Low - sulfur internal - external spread | 17.3 | 18.6 | 18.6 | 17.1 | 18.5 | 1.4 | [5] Domestic FU Data | Product | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | 2026/02/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2621 | 2626 | 2640 | 2621 | 2646 | 25 | | FU 05 | 2779 | 2804 | 2831 | 2794 | 2845 | 51 | | FU 09 | 2692 | 2710 | 2739 | 2701 | 2741 | 40 | | FU 01 - 05 | - 158 | - 178 | - 191 | - 173 | - 199 | - 26 | | FU 05 - 09 | 87 | 94 | 92 | 93 | 104 | 11 | | FU 09 - 01 | 71 | 84 | 99 | 80 | 95 | 15 | [5] Domestic LU Data | Product | 2026/02/04 | 2026/02/05 | 2026/02/06 | 2026/02/09 | 2026/02/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3278 | 3261 | 3307 | 3265 | 3285 | 20 | | LU 05 | 3260 | 3281 | 3293 | 3249 | 3302 | 53 | | LU 09 | 3242 | 3270 | 3288 | 3226 | 3278 | 52 | | LU 01 - 05 | 18 | - 20 | 14 | 16 | - 17 | - 33 | | LU 05 - 09 | 18 | 11 | 5 | 23 | 24 | 1 | | LU 09 - 01 | - 36 | 9 | - 19 | - 39 | - 7 | 32 | [6]