燃料油早报-20260212

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the near - month spread of Singapore 380cst decreased, the crack spread fluctuated downward, the Singapore residue 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 inventory increased slightly, ARA residue inventory decreased, and Fujeirah 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 heavy oil valuation, the internal - external spread of FU is short - term bearish, and the low - sulfur external market maintains weak operation [6][7]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From February 5th to 11th, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased from 365.13 to 378.65, a change of 3.36; the price of Rotterdam 0.5% VLS FO swap M1 increased from 411.49 to 425.33, a change of 5.15; the Rotterdam HSFO - Brent M1 decreased from - 9.29 to - 9.40, a change of - 0.40; the Rotterdam 10ppm Gasoil swap M1 increased from 658.02 to 663.59, a change of 6.27; the Rotterdam VLSFO - Gasoil M1 decreased from - 246.53 to - 238.26, a change of - 1.12; the LGO - Brent M1 remained unchanged at 21.50; the Rotterdam VLSFO - HSFO M1 increased from 46.36 to 46.68, a change of 1.79 [4]. Singapore Fuel Oil Data - Swap Data: From February 5th to 11th, 2026, the price of Singapore 380cst M1 increased from 401.23 to 408.21, a change of 4.24; the price of Singapore 180cst M1 increased from 403.90 to 413.90, a change of 3.93; the price of Singapore VLSFO M1 increased from 462.92 to 467.23, a change of 5.15; the price of Singapore Gasoil M1 increased from 87.10 to 87.55, a change of 0.34; the Singapore 380cst - Brent M1 increased from - 4.43 to - 3.64, a change of 0.99; the Singapore VLSFO - Gasoil M1 increased from - 181.62 to - 180.64, a change of 2.63 [4][12]. - Spot Data: From February 5th to 11th, 2026, the FOB 380cst price increased from 425.18 to 431.06, a change of 5.89; the FOB VLSFO price increased from 461.76 to 467.37, a change of 6.42; the 380 - basis decreased from 12.25 to 14.05, a change of - 0.05; the high - sulfur internal - external spread increased from 14.8 to 12.4, a change of 0.4; the low - sulfur internal - external spread increased from 18.6 to 21.0, a change of 2.5 [5]. Domestic FU Data - From February 5th to 11th, 2026, the price of FU 01 increased from 2626 to 2648, a change of 2; the price of FU 05 increased from 2804 to 2860, a change of 15; the price of FU 09 increased from 2710 to 2751, a change of 10; the FU 01 - 05 spread decreased from - 178 to - 212, a change of - 13; the FU 05 - 09 spread increased from 94 to 109, a change of 5; the FU 09 - 01 spread increased from 84 to 103, a change of 8 [5]. Domestic LU Data - From February 5th to 11th, 2026, the price of LU 01 increased from 3261 to 3302, a change of 17; the price of LU 05 increased from 3281 to 3351, a change of 49; the price of LU 09 increased from 3270 to 3312, a change of 34; the LU 01 - 05 spread decreased from - 20 to - 49, a change of - 32; the LU 05 - 09 spread increased from 11 to 39, a change of 15; the LU 09 - 01 spread increased from 9 to 10, a change of 17 [6].