燃料油早报-20260213

Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the near - month spread of Singapore 380cst declined, the crack spread fluctuated downward, Singapore's residual oil inventory increased significantly, and the internal - external spread of FU weakened. The low - sulfur crack spread fluctuated, the month - spread oscillated at a low level, and the basis weakened. In terms of inventory, Singapore's fuel oil inventory increased significantly, EIA's residual oil inventory increased slightly, ARA's residual oil inventory decreased, and Fujairah's 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 Singapore's high - sulfur market, EW has weakened, the Iranian situation affects heavy oil valuation, and the internal - external spread of FU is short - term bearish. The low - sulfur external market maintains weak operation [3][4]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - The prices of Rotterdam 3.5% HSF O swap M1, 0.5% VLS FO swap M1, 10ppm Gasoil swap M1, etc. changed from February 6th to February 12th, 2026. For example, the price of Rotterdam 3.5% HSF O swap M1 decreased by 15.05, and the price of 0.5% VLS FO swap M1 decreased by 15.24 [1]. Singapore Fuel Oil Data - Swap Data: The prices of Singapore 380cst M1, 180cst M1, VLSFO M1, etc. changed from February 6th to February 12th, 2026. For example, the price of Singapore 380cst M1 decreased by 1.74, and the price of 180cst M1 increased by 5.24 [1]. - Spot Data: The FOB prices of 380cst and VLSFO in Singapore changed from February 6th to February 12th, 2026. The FOB 380cst price increased by 5.48, and the FOB VLSFO price increased by 0.52. The 380cst basis increased by 1.00 [2]. Domestic FU Data - The prices of FU 01, FU 05, FU 09, etc. and their spreads changed from February 6th to February 12th, 2026. For example, the price of FU 01 increased by 8, and the spread between FU 01 - 05 decreased by 20 [2]. Domestic LU Data - The prices of LU 01, LU 05, LU 09, etc. and their spreads changed from February 6th to February 12th, 2026. For example, the price of LU 01 increased by 15, and the spread between LU 01 - 05 increased by 11 [3].