Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report Core View - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level, the monthly spread of nearby months weakened, the basis oscillated at a low level, the EW spread weakened rapidly, the high - sulfur in the ARA region strengthened, and the FU internal - external spread oscillated between 8 - 10 US dollars. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period, the monthly spread was weakly sorted, the LU internal - external spread dropped to 7 - 9 US dollars, and the MF0.5 basis weakened. From the fundamental perspective, Singapore's residue oil inventory decreased (compared to a high level), floating storage decreased significantly, ARA residue oil inventory decreased at a historical low for the same period, EIA residue oil inventory slightly increased at a low level, Fujeirah slightly increased inventory (compared to a low level), and the Middle - East high - sulfur floating storage decreased significantly this week. Recently, the Singapore high - sulfur spot market has weakened, and the cracking is supported by raw material procurement, with limited short - term downward space. It is expected that the 380 cracking will maintain an oscillating pattern, and the FU internal - external spread should be viewed within a range. This week, the LU market was still weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis weakened again. In the fourth quarter, the LU internal - external spread can be expanded on dips, and attention should be paid to the quota usage [3][4]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From September 29, 2025, to October 13, 2025, for Rotterdam 0.5% VLS FO swap M1, the price changed from 430.72 to 378.78, a decrease of 51.94; for Rotterdam 3.5% HSF O swap M1, it changed from 393.32 to 408.50, an increase of 15.18; for Rotterdam HSFO - Brent M1, it changed from - 5.01 to - 3.49, an increase of 1.52; for Rotterdam 10ppm Gasoil swap M1, it changed from 675.28 to 630.08, a decrease of 45.2; for Rotterdam VLSFO - Gasoil M1, it changed from - 244.56 to - 221.58, an increase of 22.98; for LGO - Brent M1, it changed from 24.98 to 23.27, a decrease of 1.71; for Rotterdam VLSFO - HSFO M1, it changed from 37.40 to 29.72, a decrease of 7.68 [1]. Singapore Fuel Oil Swap Data - From September 29, 2025, to October 13, 2025, for Singapore 380cst M1, the price changed from 409.64 to 376.28, a decrease of 33.36; for Singapore 180cst M1, it changed from 418.64 to 382.83, a decrease of 35.81; for Singapore VLSFO M1, it changed from 477.13 to 443.88, a decrease of 33.25; for Singapore Gasoil M1, it changed from 90.86 to 84.47, a decrease of 6.39; for Singapore 380cst - Brent M1, it changed from - 3.88 to - 3.93, a decrease of 0.05; for Singapore VLSFO - Gasoil M1, it changed from - 195.23 to - 181.20, an increase of 14.03 [1]. Singapore Fuel Oil Spot Data - From September 29, 2025, to October 13, 2025, for FOB 380cst, the price changed from 410.90 to 374.29, a decrease of 36.61; for FOB VLSFO, it changed from 477.90 to 438.87, a decrease of 39.03; the 380 basis changed from 0.95 to - 0.50, a decrease of 1.45; the high - sulfur internal - external spread changed from 8.8 to 9.8, an increase of 1; the low - sulfur internal - external spread changed from 10.8 to 5.8, a decrease of 5 [2]. Domestic FU Data - From September 29, 2025, to October 13, 2025, for FU 01, the price changed from 2919 to 2737, a decrease of 182; for FU 05, it changed from 2852 to 2697, a decrease of 155; for FU 09, it changed from 2748 to 2644, a decrease of 104; for FU 01 - 05, it changed from 67 to 40, a decrease of 27; for FU 05 - 09, it changed from 104 to 53, a decrease of 51; for FU 09 - 01, it changed from - 171 to - 93, an increase of 78 [2]. Domestic LU Data - From September 29, 2025, to October 13, 2025, for LU 01, the price changed from 3469 to 3226, a decrease of 243; for LU 05, it changed from 3423 to 3220, a decrease of 203; for LU 09, it changed from 3390 to 3208, a decrease of 182; for LU 01 - 05, it changed from 46 to 6, a decrease of 40; for LU 05 - 09, it changed from 33 to 12, a decrease of 21; for LU 09 - 01, it changed from - 79 to - 18, an increase of 61 [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil fluctuated, the near - month spread oscillated, the basis strengthened, the EW spread fluctuated at a high level, and the fluctuation of the near - month spread of domestic and foreign FU intensified due to delivery factors. The low - sulfur cracking spread weakened rapidly, the monthly spread weakened at an accelerated pace, the domestic and foreign spread of LU was compressed to $6 - 7 per ton, and the MF0.5 basis oscillated [3]. - Fundamentally, Singapore's residue decreased by 871,000 barrels, floating storage was slightly destocked, ARA residue inventory increased significantly, and EIA residue continued to accumulate. The high - sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provides support, and the EW spread has completed its repair. The domestic high - sulfur spread has risen again due to the impact of the delivery warehouse, and the short - term domestic and foreign spread has been repaired. This week, LU declined at an accelerated pace, and the basis of the external MF0.5 was weakly operating. Due to the support of the gasoline and diesel cracking spreads in Europe and the United States, the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be noted [4]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From September 12 to September 18, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by $1.40, Rotterdam 0.5% VLS FO swap M1 decreased by $7.12, Rotterdam HSFO - Brent M1 increased by $0.32, Rotterdam 10ppm Gasoil swap M1 decreased by $2.33, Rotterdam VLSFO - Gasoil M1 decreased by $4.79, LGO - Brent M1 increased by $0.21, and Rotterdam VLSFO - HSFO M1 decreased by $5.72 [1]. Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 decreased by $1.49, Singapore 180cst M1 decreased by $0.16, Singapore VLSFO M1 decreased by $3.48, Singapore GO M1 decreased by $1.17, Singapore 380cst - Brent M1 increased by $0.06, and Singapore VLSFO - Gasoil M1 increased by $5.17 [1]. Singapore Fuel Oil Spot Data - From September 12 to September 18, 2025, the FOB price of 380cst decreased by $0.21, the FOB price of VLSFO decreased by $5.47, the 380 basis increased by $1.00, the high - sulfur domestic and foreign spread decreased by $0.1, and the low - sulfur domestic and foreign spread increased by $0.4 [2]. Domestic FU Data - During the same period, FU 01 decreased by 33, FU 05 decreased by 33, FU 09 decreased by 24, FU 01 - 05 remained unchanged, FU 05 - 09 decreased by 9, and FU 09 - 01 increased by 9 [2]. Domestic LU Data - From September 12 to September 18, 2025, LU 01 decreased by 47, LU 05 decreased by 37, LU 09 decreased by 28, LU 01 - 05 decreased by 10, LU 05 - 09 decreased by 9, and LU 09 - 01 increased by 19 [3].

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst fluctuated, the near-month spread fluctuated, the basis strengthened, the EW spread fluctuated at a high level, and the internal and external spreads of FU near-month were more volatile due to delivery factors. The low-sulfur cracking weakened rapidly, the spread accelerated to weaken, the internal and external spread of LU was compressed to $6-7 per ton, and the MF0.5 basis fluctuated. From a fundamental perspective, Singapore's residue decreased by 871,000 barrels, floating storage decreased slightly, ARA residue inventory increased significantly, and EIA residue continued to accumulate. The high-sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provides support, and the EW spread has completed the repair. The internal and external spreads of domestic high-sulfur increased again due to the influence of the delivery warehouse, and the short-term internal and external spread was repaired. This week, LU accelerated its decline, and the external MF0.5 basis was weakly operating. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity for the low-sulfur to high-sulfur spread to widen in the fourth quarter can be noted [3][4]. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From September 11 - 17, 2025, the prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 3.5% HSF O swap M1 changed from 375.09 to 384.75, with a change of -0.89 [1]. Singapore Fuel Oil Swap and Spot Data - From September 11 - 17, 2025, the prices of Singapore 380cst M1, Singapore 180cst M1, etc. also fluctuated. For instance, the price of Singapore 380cst M1 changed from 392.94 to 397.55. In the Singapore fuel oil spot market, the FOB 380cst price changed from 392.94 to 397.68, with a change of 4.47 [1][2]. Domestic FU and LU Data - From September 11 - 17, 2025, for domestic FU, the prices of FU 01, FU 05, and FU 09 all increased to varying degrees, such as FU 01 increasing from 2802 to 2831, with a change of 36. For domestic LU, the prices of LU 01 and LU 05 increased significantly, while LU 09 increased slightly. For example, LU 01 increased from 3364 to 3432, with a change of 64 [2][3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil fluctuated, the near - month spread oscillated, the basis strengthened, the EW spread fluctuated at a high level, and the fluctuation of the near - month domestic and foreign spreads of FU intensified due to delivery factors. The low - sulfur cracking spread weakened rapidly, the month - to - month spread weakened at an accelerated pace, the domestic and foreign spreads of LU compressed to $6 - 7 per ton, and the basis of MF0.5 fluctuated [3]. - Fundamentally, Singapore's residue inventory decreased by 871,000 barrels, floating storage decreased slightly, ARA residue inventory increased significantly, and EIA residue inventory continued to accumulate. The high - sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provides support, and the EW spread has completed the repair. The domestic high - sulfur spread rose again due to the influence of the delivery warehouse, and the short - term domestic and foreign spread was repaired. This week, LU accelerated its decline, and the basis of the external MF0.5 was weak. Due to the support of gasoline and diesel cracking spreads in Europe and the United States, the opportunity for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter can be concerned [4]. 3) Summary by Relevant Data Rotterdam Fuel Oil Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 380.24 | 375.09 | 385.00 | 381.06 | 385.64 | 4.58 | | Rotterdam 0.5% VLS FO Swap M1 | 435.80 | 429.32 | 438.60 | 435.93 | 443.49 | 7.56 | | Rotterdam HSFO - Brent M1 | - 7.03 | - 6.94 | - 6.46 | - 6.95 | - 7.14 | - 0.19 | | Rotterdam 10ppm Gasoil Swap M1 | 669.77 | 654.97 | 666.83 | 671.73 | 686.03 | 14.30 | | Rotterdam VLSFO - Gasoil M1 | - 233.97 | - 225.65 | - 228.23 | - 235.80 | - 242.54 | - 6.74 | | LGO - Brent M1 | 24.25 | 23.36 | 24.22 | 24.47 | 25.32 | 0.85 | | Rotterdam VLSFO - HSFO M1 | 55.56 | 54.23 | 53.60 | 54.87 | 57.85 | 2.98 | [1] Singapore Fuel Oil Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 395.14 | 392.94 | 385.68 | 392.66 | 392.01 | | Singapore 180cst M1 | 405.46 | 406.96 | 392.75 | 404.29 | 403.72 | | Singapore VLSFO M1 | 467.01 | 464.95 | 454.67 | 466.57 | 469.70 | | Singapore Gasoil M1 | 87.47 | 87.81 | 86.60 | 87.42 | 87.75 | | Singapore 380cst - Brent M1 | - 4.47 | - 5.01 | - 5.13 | - 4.97 | - 5.19 | | Singapore VLSFO - Gasoil M1 | - 180.27 | - 184.84 | - 186.17 | - 180.34 | - 179.65 | [1] Singapore Fuel Oil Spot Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | | --- | --- | --- | --- | --- | --- | | FOB 380cst | 396.90 | 392.94 | 385.11 | 392.42 | - | | FOB VLSFO | 466.00 | 463.14 | 453.23 | 468.08 | - | | 380 Basis | 0.35 | - 0.40 | - 0.75 | - 1.60 | - | | High - sulfur Domestic - Foreign Spread | 6.5 | - | - | 7.5 | - | | Low - sulfur Domestic - Foreign Spread | 5.7 | - | - | 7.5 | - | [2] Domestic FU Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2786 | 2802 | 2717 | 2799 | 2795 | - 4 | | FU 05 | 2741 | 2754 | 2693 | 2752 | 2751 | - 1 | | FU 09 | 2697 | 2702 | 2665 | 2702 | 2700 | - 2 | | FU 01 - 05 | 45 | 48 | 24 | 47 | 44 | - 3 | | FU 05 - 09 | 44 | 52 | 28 | 50 | 51 | 1 | | FU 09 - 01 | - 89 | - 100 | - 52 | - 97 | - 95 | 2 | [2] Domestic LU Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3370 | 3364 | 3259 | 3349 | 3368 | 19 | | LU 05 | 3339 | 3333 | 3259 | 3325 | 3341 | 16 | | LU 09 | 3331 | 3321 | 3247 | 3321 | 3345 | 24 | | LU 01 - 05 | 31 | 31 | 0 | 24 | 27 | 3 | | LU 05 - 09 | 8 | 12 | 12 | 4 | - 4 | - 8 | | LU 09 - 01 | - 39 | - 43 | - 12 | - 28 | - 23 | 5 | [3]

Report Industry Investment Rating - No relevant content found Core Views - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened, the EW spread oscillated at a high level, and the fluctuation of the near - month of FU inside and outside was intensified due to delivery factors. The low - sulfur cracking weakened rapidly, the spread weakened at an accelerated pace, the LU inside - outside spread was compressed to 6 - 7 US dollars/ton, and the MF0.5 basis oscillated [3]. - Fundamentally, Singapore's residue decreased by 871,000 barrels, floating storage was slightly destocked, ARA residue inventory increased significantly, and EIA residue continued to accumulate. The high - sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore is supported, and the EW spread repair is completed. The domestic high - sulfur spread has risen again due to the influence of the delivery warehouse, and the short - term inside - outside spread is repaired. This week, LU accelerated its decline, and the MF0.5 basis of the outer market was weakly operating. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be concerned [4]. Summary by Directory Rotterdam Fuel Oil Swap Data - From September 9 - 15, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by - 3.94, Rotterdam 0.5% VLS FO swap M1 changed by - 2.67, Rotterdam HSFO - Brent M1 changed by - 0.49, Rotterdam 10ppm Gasoil swap M1 changed by 4.90, Rotterdam VLSFO - Gasoil M1 changed by - 7.57, LGO - Brent M1 changed by 0.25, and Rotterdam VLSFO - HSFO M1 changed by 1.27 [1]. Singapore Fuel Oil Swap Data - From September 9 - 15, 2025, the price of Singapore 380cst M1 changed, Singapore 180cst M1 changed, Singapore VLSFO M1 changed, Singapore GO M1 changed, Singapore 380cst - Brent M1 changed, and Singapore VLSFO - Gasoil M1 changed [1]. Singapore Fuel Oil Spot Data - From September 9 - 15, 2025, the FOB 380cst price changed by 7.31, FOB VLSFO price changed by 14.85, 380 basis changed by - 0.85, high - sulfur inside - outside spread and low - sulfur inside - outside spread had relevant data changes [2]. Domestic FU Data - From September 9 - 15, 2025, FU 01 changed by 82, FU 05 changed by 59, FU 09 changed by 37, FU 01 - 05 changed by 23, FU 05 - 09 changed by 22, and FU 09 - 01 changed by - 45 [2]. Domestic LU Data - From September 9 - 15, 2025, LU 01 changed by 90, LU 05 changed by 66, LU 09 changed by 74, LU 01 - 05 changed by 24, LU 05 - 09 changed by - 8, and LU 09 - 01 changed by - 16 [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst fluctuated strongly, the near - month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on the delivery warehouse, FU10 rose sharply and then fell. The low - sulfur cracking weakened, the spread fluctuated, the LU internal - external spread fluctuated around $10, and the MF0.5 basis began to rebound [3][4]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA residue began to accumulate. The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still being repaired. The domestic high - sulfur spot was still in excess, and over - heated sentiment should be vigilant. The new round of sanctions had a large potential impact on the domestic heavy crude oil supply, providing some support for the Asian fuel oil valuation [4]. - This week, LU maintained a volatile trend, and the external MF0.5 basis began to rebound. Opportunities for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter could be focused on [4]. 3. Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam Fuel Oil Data**: From August 28 to September 3, the prices of Rotterdam 3.5% HSF O swap M1 decreased by $8.64, Rotterdam 0.5% VLSFO swap M1 decreased by $8.39, and other price - related indicators also had corresponding changes [1]. - **Singapore Fuel Oil Data**: The prices of Singapore 380cst M1 and other related fuel oil products also changed during the same period. For example, from August 28 to September 3, the price of Singapore 380cst M1 decreased by $11.56, and the price of Singapore VLSFO M1 decreased by $11.75 [1][9]. - **Singapore Fuel Oil Spot Data**: From August 28 to September 3, the FOB 380cst price decreased by $6.17, and the FOB VLSFO price decreased by $6.40 [2]. - **Domestic FU Data**: From August 28 to September 3, the price of FU 01 decreased by 7, the price of FU 05 decreased by 10, and the price of FU 09 decreased by 8 [2]. - **Domestic LU Data**: From August 28 to September 3, the price of LU 01 decreased by 17, the price of LU 05 decreased by 10, and the price of LU 09 increased by 13 [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated strongly, the near - month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on delivery warehouses, FU10 soared and then declined. The low - sulfur cracking weakened, the spread oscillated, the LU internal - external spread fluctuated around 10 US dollars, and the MF0.5 basis began to rebound [4]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA's residue began to accumulate. The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread was still being repaired, and the domestic high - sulfur spot was still in excess. Be vigilant against over - heating sentiment. The new round of sanctions has a large potential impact on the supply of heavy crude oil in China, providing some support for the valuation of Asian fuel oil. This week, LU maintained an oscillation, the external MF0.5 basis began to rebound, and the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be noted [5]. 3. Data Summaries Rotterdam Fuel Oil Swap Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 383.86 | 388.11 | - 0.95 | | Rotterdam 0.5% VLS FO Swap M1 | 452.63 | 456.37 | 0.00 | | Rotterdam HSFO - Brent M1 | - 6.45 | - 6.40 | - 0.26 | | Rotterdam 10ppm Gasoil Swap M1 | 651.89 | 658.54 | 4.38 | | Rotterdam VLSFO - Gasoil M1 | - 199.26 | - 202.17 | - 4.38 | | LGO - Brent M1 | 22.75 | 22.05 | - 0.10 | | Rotterdam VLSFO - HSFO M1 | 68.77 | 68.26 | 0.95 | [2] Singapore Fuel Oil Swap Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 397.90 | 398.02 | - 3.14 | | Singapore 180cst M1 | 410.84 | 412.08 | - 4.08 | | Singapore VLSFO M1 | 487.99 | 482.37 | - 3.40 | | Singapore Gasoil M1 | 86.31 | 85.23 | - 0.71 | | Singapore 380cst - Brent M1 | - 5.01 | - 4.43 | 0.05 | | Singapore VLSFO - Gasoil M1 | - 150.70 | - 148.33 | 1.86 | [2] Singapore Fuel Oil Spot Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | FOB 380cst | 396.25 | 397.89 | - 1.96 | | FOB VLSFO | 489.51 | 485.45 | - 2.60 | | 380 Basis | - 2.00 | - 0.40 | 0.70 | | High - sulfur Internal - external Spread | 4.1 | 6.0 | 3.6 | | Low - sulfur Internal - external Spread | 9.5 | 14.9 | 6.9 | [3] Domestic FU Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | FU 01 | 2842 | 2824 | 12 | | FU 05 | 2799 | 2782 | 9 | | FU 09 | 2827 | 2737 | 2 | | FU 01 - 05 | 43 | 42 | 3 | | FU 05 - 09 | - 28 | 45 | 7 | | FU 09 - 01 | - 15 | - 87 | - 10 | [3] Domestic LU Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | LU 01 | 3488 | 3451 | - 28 | | LU 05 | 3451 | 3398 | - 37 | | LU 09 | 3460 | 3374 | 62 | | LU 01 - 05 | 37 | 53 | 9 | | LU 05 - 09 | - 9 | 24 | - 99 | | LU 09 - 01 | - 28 | - 77 | 90 | [4]

Report Overview Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst weakened, and the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton). The LU maintained a weak trend, with the external MF0.5 basis oscillating at a low level and LU internal - external spread oscillating. The low - sulfur cracking weakened, and the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton). The LU internal - external spread strengthened slightly to 10 USD. [5][6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. In July, Singapore's high - sulfur bunkering volume increased by 15% month - on - month and 10% year - on - year. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. The US residue inventory increased slightly but remained at the lowest level in the same period of history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to logistics reshaping, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still being repaired. The FU delivery volume was still relatively large, and attention should be paid to subsequent delivery changes. The new round of sanctions had a relatively large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be monitored. [6] Data Summary Rotterdam Fuel Oil Swap Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 386.27 | 382.78 | - 11.30 | | Rotterdam 0.5% VLS FO Swap M1 | 447.87 | 451.36 | - 9.65 | | Rotterdam HSFO - Brent M1 | - 5.40 | - 6.40 | - 0.35 | | Rotterdam 10ppm Gasoil Swap M1 | 647.20 | 652.30 | - 15.02 | | Rotterdam VLSFO - Gasoil M1 | - 199.33 | - 200.94 | 5.37 | | LGO - Brent M1 | 22.39 | 22.75 | - 0.40 | | Rotterdam VLSFO - HSFO M1 | 61.60 | 68.58 | 1.65 | [3] Singapore Fuel Oil Swap Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | | --- | --- | --- | | Singapore 380cst M1 | 388.83 | 393.61 | | Singapore 180cst M1 | 402.12 | 407.23 | | Singapore VLSFO M1 | 475.48 | 480.94 | | Singapore Gasoil M1 | 84.72 | 85.48 | | Singapore 380cst - Brent M1 | - 4.63 | - 4.69 | | Singapore VLSFO - Gasoil M1 | - 151.45 | - 151.61 | [3] Singapore Fuel Oil Spot Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | FOB 380cst | 386.10 | 396.25 | - 0.90 | | FOB VLSFO | 474.94 | 489.51 | 1.10 | | 380 Basis | - 2.65 | - 2.00 | 0.55 | | High - sulfur Internal - External Spread | - 1.8 | 4.1 | - 0.4 | | Low - sulfur Internal - External Spread | 8.9 | 9.5 | - 1.1 | [4] Domestic FU Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | FU 01 | 2719 | 2842 | 11 | | FU 05 | 2712 | 2799 | 9 | | FU 09 | 2687 | 2827 | - 18 | | FU 01 - 05 | 7 | 43 | 2 | | FU 05 - 09 | 25 | - 28 | 27 | | FU 09 - 01 | - 32 | - 15 | - 29 | [4] Domestic LU Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | LU 01 | 3411 | 3488 | - 3 | | LU 05 | 3376 | 3451 | 2 | | LU 09 | 3422 | 3460 | 57 | | LU 01 - 05 | 35 | 37 | - 5 | | LU 05 - 09 | - 46 | - 9 | - 55 | | LU 09 - 01 | 11 | - 28 | 60 | [5]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shengang), the near - month internal and external spread of FU fluctuated greatly, and the 09 contract once returned above par. The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the LU internal and external spread strengthened slightly to 10 USD. [5][6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. Singapore's high - sulfur bunkering volume in July increased by 15% month - on - month and 10% year - on - year. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. US residue inventory increased slightly but was at the lowest level in the same period in history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread was still recovering, and the delivery volume of FU was still relatively large. Attention should be paid to subsequent delivery changes. The new round of sanctions had a large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and LU internal and external prices oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be focused on. [6] Group 3: Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From August 19 to August 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 4.01, Rotterdam 0.5% VLS FO swap M1 increased by 6.04, Rotterdam HSFO - Brent M1 decreased by 0.41, Rotterdam 10ppm Gasoil swap M1 increased by 8.62, Rotterdam VLSFO - Gasoil M1 decreased by 2.58, LGO - Brent M1 increased by 0.11, and Rotterdam VLSFO - HSFO M1 increased by 2.03. [3] Singapore Fuel Oil Data - From August 19 to August 25, 2025, the price of Singapore 380cst M1 increased by 9.69, Singapore 180cst M1 increased by 11.54, Singapore VLSFO M1 increased by 8.51, Singapore Gasoil M1 increased by 1.10, Singapore 380cst - Brent M1 increased by 0.42, and Singapore VLSFO - Gasoil M1 increased by 0.37. [3] - For Singapore fuel oil spot, from August 19 to August 25, 2025, FOB 380cst increased by 6.57, FOB VLSFO increased by 5.85, 380 basis decreased by 0.80, high - sulfur internal and external spread increased by 3.7, and low - sulfur internal and external spread remained unchanged. [4] Domestic FU Data - From August 19 to August 25, 2025, FU 01 increased by 62, FU 05 increased by 42, FU 09 increased by 109, FU 01 - 05 increased by 20, FU 05 - 09 decreased by 67, and FU 09 - 01 increased by 47. [4] Domestic LU Data - From August 19 to August 25, 2025, LU 01 increased by 29, LU 05 increased by 65, LU 09 decreased by 65, LU 01 - 05 decreased by 36, LU 05 - 09 increased by 130, and LU 09 - 01 decreased by 94. [5]

Report Overview - The report is a Fuel Oil Morning Report from the Energy and Chemicals Team of the Research Center, dated July 25, 2025 [3] Report Core View - This week, the high - sulfur crack spread oscillated downward, the near - month spread declined, and EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then oscillated, the FU09 internal - external spread rebounded slightly, and the domestic market had a large amount of delivery goods, maintaining a loose pattern. The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread oscillated around $4.5. The LU internal - external spread weakened slightly and then oscillated, with the 09 spread oscillating around $16. Singapore's on - land inventory increased significantly this week, the near - month was under pressure due to delivery, and Saudi shipments increased month - on - month. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, and the high - sulfur supply - demand was still in the peak season, but the East - West and internal - external spreads had dropped rapidly. The external low - sulfur valuation was high, and the LU internal - external spread was at a high level. Attention should be paid to domestic production. The Singapore Hi - 5 spread reached a new high this year, both 380cst and VLSFO weakened, the domestic FU internal - external spread rebounded slightly, the LU valuation was high, and short - term valuation regression opportunities for FU - LU could be considered [6][7] Data Summary Rotterdam Fuel Oil Swap Data | Product | Change (July 18 - July 24) | |--|--| | Rotterdam 3.5% HSF O Swap M1 | +5.46 | | Rotterdam 0.5% VLS FO Swap M1 | +5.46 | | Rotterdam HSFO - Brent M1 | - 0.35 | | Rotterdam 10ppm Gasoil Swap M1 | - 2.31 | | Rotterdam VLSFO - Gasoil M1 | +7.77 | | LGO - Brent M1 | - 0.77 | | Rotterdam VLSFO - HSFO M1 | 0.00 | [4] Singapore Fuel Oil Swap Data | Product | Change (July 18 - July 24) | |--|--| | Singapore 380cst M1 | +1.49 | | Singapore 180cst M1 | - 3.82 | | Singapore VLSFO M1 | +0.92 | | Singapore Gasoil M1 | +0.63 | | Singapore 380cst - Brent M1 | - 0.31 | | Singapore VLSFO - Gasoil M1 | - 3.74 | [4] Singapore Fuel Oil Spot Data | Product | Change (July 18 - July 24) | |--|--| | FOB 380cst | +2.14 | | FOB VLSFO | +0.27 | | 380 Basis | - 1.00 | | High - Sulfur Internal - External Spread | +0.4 | | Low - Sulfur Internal - External Spread | +0.6 | [5] Domestic FU Data | Product | Change (July 18 - July 24) | |--|--| | FU 01 | +10 | | FU 05 | +15 | | FU 09 | 0 | | FU 01 - 05 | - 5 | | FU 05 - 09 | +15 | | FU 09 - 01 | - 10 | [5] Domestic LU Data | Product | Change (July 18 - July 24) | |--|--| | LU 01 | +31 | | LU 05 | - 6 | | LU 09 | +22 | | LU 01 - 05 | +37 | | LU 05 - 09 | - 28 | | LU 09 - 01 | - 9 | [6]