Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - This week, the high - sulfur cracking of Singapore 380cst fluctuated, the near - month spread fluctuated, the basis strengthened slightly, the EW spread rebounded again and had wide - range fluctuations recently, and the domestic and foreign near - months of FU fluctuated. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period. The spread was weakly sorted, the domestic and foreign prices of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis fluctuated. Fundamentally, the residual oil in Singapore decreased, the floating storage fluctuated, the ARA residual oil inventory decreased slightly, the EIA residual oil decreased slightly, the Fujairah inventory decreased, and the high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. Supported by the reshaped logistics and the demand for high - sulfur marine fuel in Singapore, the EW spread has been repaired. Recently, the 380 cracking level has been supported by the refinery's raw material procurement, and the short - term downward space is limited. It is expected that the 380 cracking will maintain a fluctuating pattern, and the domestic FU will have a short - term internal and external fluctuating and bullish trend. This week, the LU disk was still weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis fluctuated at a low level. In the fourth quarter, the domestic and foreign spreads of LU can be expanded on dips. Pay attention to the quota usage [4][5] Group 3: Summary by Related Catalog Rotterdam Fuel Oil - From September 22 - 26, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 386.97 to 412.75, a change of 5.02; the price of Rotterdam 0.5% VLS FO swap M1 increased from 427.29 to 447.68, a change of 4.71; Rotterdam HSFO - Brent M1 decreased from - 4.97 to - 4.79, a change of - 0.69; Rotterdam 10ppm Gasoil swap M1 increased from 664.85 to 705.52, a change of 9.10; Rotterdam VLSFO - Gasoil M1 decreased from - 237.56 to - 257.84, a change of - 4.39; LGO - Brent M1 increased from 24.40 to 26.82, a change of 0.57; Rotterdam VLSFO - HSFO M1 decreased from 40.32 to 34.93, a change of - 0.31 [2] Singapore Fuel Oil Swap - From September 22 - 26, 2025, the price of Singapore 380cst M1 increased from 393.02 to 412.16, a change of 4.84; the price of Singapore 180cst M1 increased from 403.27 to 421.41, a change of 5.15; the price of Singapore VLSFO M1 increased from 465.33 to 479.10, a change of 3.43; the price of Singapore Gasoil M1 increased from 87.43 to 91.66, a change of 1.77; Singapore 380cst - Brent M1 increased from - 4.47 to - 3.78, a change of 0.05; Singapore VLSFO - Gasoil M1 decreased from - 181.65 to - 199.18, a change of - 9.66 [2] Singapore Fuel Oil Spot - From September 22 - 26, 2025, the FOB 380cst price increased from 393.48 to 413.20, a change of 5.67; the FOB VLSFO price increased from 463.33 to 478.80, a change of 4.92; the 380 basis increased from 0.60 to 1.35, a change of 0.10; the high - sulfur internal - external spread decreased from 6.0 to 7.2, a change of - 0.4; the low - sulfur internal - external spread increased from 9.7 to 11.1, a change of 0.9 [3] Domestic FU - From September 22 - 26, 2025, the price of FU 01 increased from 2784 to 2918, a change of 31; the price of FU 05 increased from 2743 to 2855, a change of 25; the price of FU 09 increased from 2697 to 2757, a change of 19; FU 01 - 05 increased from 41 to 63, a change of 6; FU 05 - 09 increased from 46 to 98, a change of 6; FU 09 - 01 decreased from - 87 to - 161, a change of - 12 [3] Domestic LU - From September 22 - 26, 2025, the price of LU 01 increased from 3351 to 3464, a change of 33; the price of LU 05 increased from 3342 to 3440, a change of 51; the price of LU 09 increased from 3306 to 3400, a change of 37; LU 01 - 05 decreased from 9 to 24, a change of - 18; LU 05 - 09 increased from 36 to 40, a change of 14; LU 09 - 01 increased from - 45 to - 64, a change of 4 [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again and fluctuated widely recently, and the domestic and foreign near - months of FU oscillated. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period. The spread was weakly sorted, the domestic and foreign prices of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated. From a fundamental perspective, Singapore's residue decreased, floating storage oscillated, ARA residue inventory decreased slightly, EIA residue decreased slightly, Fujairah inventory decreased, and high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. Supported by logistics reshaping and Singapore's high - sulfur marine fuel demand, the EW spread has been repaired. Recently, refinery feedstock purchases have supported the 380 cracking level, and the short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and domestic FU should have a short - term domestic and foreign oscillating and bullish mindset. This week, the LU market was still weak. The issuance of the third batch of export quotas was in line with expectations, and the external MF0.5 basis oscillated at a low level. In the fourth quarter, the domestic and foreign spreads of LU 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 2025/09/16 to 2025/09/17, for Rotterdam 3.5% HSF O swap M1, the price changed from 385.64 to 384.75 with a change of - 0.89; for Rotterdam 0.5% VLS FO swap M1, it changed from 443.49 to 441.33 with a change of - 2.16; for Rotterdam HSFO - Brent M1, it changed from - 7.14 to - 6.96 with a change of 0.18; for Rotterdam 10ppm Gasoil swap M1, it changed from 686.03 to 679.88 with a change of - 6.15; for Rotterdam VLSFO - Gasoil M1, it changed from - 242.54 to - 238.55 with a change of 3.99; for LGO - Brent M1, it changed from 25.32 to 24.97 with a change of - 0.35; for Rotterdam VLSFO - HSFO M1, it changed from 57.85 to 56.58 with a change of - 1.27 [1]. - From 2025/09/18 to 2025/09/22, for Rotterdam 3.5% HSF O swap M1, the price changed from 383.35 to 386.97 with a change of 3.62; for Rotterdam 0.5% VLS FO swap M1, it changed from 434.21 to 427.29 with a change of - 6.92; for Rotterdam HSFO - Brent M1, it changed from - 6.64 to - 4.97 with a change of 1.67; for Rotterdam 10ppm Gasoil swap M1, it changed from 677.55 to 664.85 with a change of - 12.7; for Rotterdam VLSFO - Gasoil M1, it changed from - 243.34 to - 237.56 with a change of 5.78; for LGO - Brent M1, it changed from 25.18 to 24.40 with a change of - 0.78; for Rotterdam VLSFO - HSFO M1, it changed from 50.86 to 40.32 with a change of - 10.54 [1][9]. Singapore Fuel Oil Data - For Singapore 380cst M1 from 2025/09/16 to 2025/09/22, the price changed from 392.01 to 393.02 with a change of 1.01; for Singapore 180cst M1, it changed from 403.72 to 403.27 with a change of - 0.45; for Singapore VLSFO M1, it changed from 469.70 to 465.33 with a change of - 4.37; for Singapore Gasoil M1, it changed from 87.75 to 87.43 with a change of - 0.32; for Singapore 380cst - Brent M1, it changed from - 5.19 to - 4.47 with a change of 0.72; for Singapore VLSFO - Gasoil M1, it changed from - 179.65 to - 181.65 with a change of - 2 [1]. - For Singapore fuel oil spot from 2025/09/16 to 2025/09/22, FOB 380cst changed from 393.21 to 393.48 with a change of 0.27; FOB VLSFO changed from 472.39 to 463.33 with a change of - 9.06; the 380 basis changed from - 1.65 to 0.60 with a change of 2.25; the high - sulfur internal - external spread on 2025/09/17 was 7.6, on 2025/09/18 was 7.5, and on 2025/09/22 was 6.0; the low - sulfur internal - external spread on 2025/09/17 was 9.3, on 2025/09/18 was 9.7, and on 2025/09/22 was 9.7 [2]. Domestic FU Data - From 2025/09/16 to 2025/09/22, for FU 01, the price changed from 2795 to 2784 with a change of - 11; for FU 05, it changed from 2751 to 2743 with a change of - 8; for FU 09, it changed from 2700 to 2697 with a change of - 3; for FU 01 - 05, it changed from 44 to 41 with a change of - 3; for FU 05 - 09, it changed from 51 to 46 with a change of - 5; for FU 09 - 01, it changed from - 95 to - 87 with a change of 8 [2]. Domestic LU Data - From 2025/09/16 to 2025/09/22, for LU 01, the price changed from 3368 to 3351 with a change of - 17; for LU 05, it changed from 3341 to 3342 with a change of 1; for LU 09, it changed from 3345 to 3306 with a change of - 39; for LU 01 - 05, it changed from 27 to 9 with a change of - 18; for LU 05 - 09, it changed from - 4 to 36 with a change of 40; for LU 09 - 01, it changed from - 23 to - 45 with a change of - 22 [3].

| | | | | 燃料油早报 | | 研究中心能化团队 2025/09/19 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/09/12 | 385.00 | 438.60 | -6.46 | 666.83 | -228.23 | 24.22 | 53.60 | | 2025/09/15 | 381.06 | 435.93 | -6.95 | 671.73 | -235.80 | 24.47 | 54.87 | | 2025/09/16 | 385.64 | 443.49 | -7.14 | 686.03 | -242.54 | 25.32 | 57.85 | | ...

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 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 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 at $10, and the MF0.5 basis began to rebound [3][4]. - Fundamentally, the residue inventory in Singapore increased, the floating storage decreased, the residue inventory in ARA remained flat, the floating storage inventory increased significantly, and the 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, the EW spread was still being repaired, and the domestic high - sulfur spot was still in excess. Be vigilant against over - heating sentiment [4]. - The new round of sanctions has a relatively large potential impact on the domestic heavy crude oil supply, which provides a certain support for the Asian fuel oil valuation. This week, LU maintained a volatile trend, and the MF0.5 basis of the external market began to rebound. The opportunity for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter can be concerned [4]. 3. Key Data Summaries Rotterdam Fuel Oil | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | Rotterdam 3.5% HSF O Swap M1 | 394.08 | 389.06 | - 3.68 | | Rotterdam 0.5% VLS FO Swap M1 | 461.01 | 456.37 | - 1.46 | | Rotterdam HSFO - Brent M1 | - 6.05 | - 6.14 | - 0.28 | | Rotterdam 10ppm Gasoil Swap M1 | 667.32 | 654.16 | - 1.73 | | Rotterdam VLSFO - Gasoil M1 | - 206.31 | - 197.79 | 0.27 | | LGO - Brent M1 | 23.15 | 22.15 | - 0.70 | | Rotterdam VLSFO - HSFO M1 | 66.93 | 67.31 | 2.22 | [1] Singapore Fuel Oil Swap | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | Singapore 380cst M1 | 399.93 | 401.16 | 5.62 | | Singapore 180cst M1 | 412.49 | 416.16 | 8.12 | | Singapore VLSFO M1 | 488.53 | 485.77 | - 1.59 | | Singapore Gasoil M1 | 86.39 | 85.94 | - 0.66 | | Singapore 380cst - Brent M1 | - 4.41 | - 4.48 | - 0.19 | | Singapore VLSFO - Gasoil M1 | - 150.76 | - 150.19 | 6.48 | [1] Singapore Fuel Oil Spot | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | FOB 380cst | 397.15 | 399.85 | 7.01 | | FOB VLSFO | 488.41 | 488.05 | - 3.15 | | 380 Basis | - 2.55 | - 1.10 | 0.15 | | High - sulfur Internal - External Spread | 4.5 | 2.4 | - 1.2 | | Low - sulfur Internal - External Spread | 10.6 | 8.0 | - 1.3 | [2] Domestic FU | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | FU 01 | 2831 | 2812 | - 19 | | FU 05 | 2790 | 2773 | - 23 | | FU 09 | 2845 | 2735 | - 25 | | FU 01 - 05 | 41 | 39 | - 4 | | FU 05 - 09 | - 55 | 38 | 48 | | FU 09 - 01 | 14 | - 77 | - 44 | [2] Domestic LU | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | LU 01 | 3491 | 3479 | - 18 | | LU 05 | 3449 | 3435 | - 24 | | LU 09 | 3403 | 3312 | - 98 | | LU 01 - 05 | 42 | 44 | 6 | | LU 05 - 09 | 46 | 123 | 122 | | LU 09 - 01 | - 88 | - 167 | - 116 | [3]

Report Summary 1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints - 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 Shenggang), the near - month internal - 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 internal - external spread of LU strengthened slightly to 10 USD [2][3]. - 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 bunker fueling 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. US residue inventory increased slightly but remained at the lowest level in the same period in history, ARA ports decreased slightly, and floating storage increased slightly [3]. - 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 recovering. The delivery volume of FU was still relatively large, and subsequent delivery changes should be monitored. The new round of sanctions had a relatively large potential impact on domestic heavy crude oil, providing a certain support for the valuation of Asian fuel oil. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and the internal - external spread of LU oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be considered [3]. 3. Data Summary Rotterdam Fuel Oil | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.33 | 394.08 | 383.86 | 381.95 | 392.11 | 10.16 | | Rotterdam 0.5% VLS FO Swap M1 | 456.25 | 461.01 | 452.63 | 454.66 | 460.06 | 5.40 | | Rotterdam HSFO - Brent M1 | - 5.69 | - 6.05 | - 6.45 | - 6.75 | - 6.20 | 0.55 | | Rotterdam 10ppm Gasoil Swap M1 | 658.70 | 667.32 | 651.89 | 652.68 | 652.68 | 0.00 | | Rotterdam VLSFO - Gasoil M1 | - 202.45 | - 206.31 | - 199.26 | - 198.02 | - 192.62 | 5.40 | | LGO - Brent M1 | 23.04 | 23.15 | 22.75 | 22.05 | 21.45 | - 0.60 | | Rotterdam VLSFO - HSFO M1 | 65.92 | 66.93 | 68.77 | 72.71 | 67.95 | - 4.76 | [2] Singapore Fuel Oil | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 391.89 | 399.93 | 397.90 | 394.03 | 403.51 | 9.48 | | Singapore 180cst M1 | 404.08 | 412.49 | 410.84 | 406.97 | 410.37 | 3.40 | | Singapore VLSFO M1 | 482.52 | 488.53 | 487.99 | 482.43 | 489.46 | 7.03 | | Singapore Gasoil M1 | 86.09 | 86.39 | 86.31 | 85.06 | 85.49 | 0.43 | | Singapore 380cst - Brent M1 | - 5.38 | - 4.41 | - 5.01 | - 4.53 | - 4.41 | 0.12 | | Singapore VLSFO - Gasoil M1 | - 154.55 | - 150.76 | - 150.70 | - 147.01 | - 143.17 | 3.84 | [2][4] Singapore Fuel Oil Spot | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 390.58 | 397.15 | 396.25 | 395.34 | 392.84 | - 2.50 | | FOB VLSFO | 482.56 | 488.41 | 489.51 | 485.57 | 484.90 | - 0.67 | | 380 Basis | - 1.75 | - 2.55 | - 2.00 | 1.50 | - 1.25 | - 2.75 | | High - sulfur Internal - External Spread | 0.8 | 4.5 | 4.1 | 2.1 | 3.6 | 1.5 | | Low - sulfur Internal - External Spread | 10.6 | 10.6 | 9.5 | 9.2 | 9.3 | 0.1 | [2] Domestic FU | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2769 | 2831 | 2842 | 2790 | 2793 | 3 | | FU 05 | 2748 | 2790 | 2799 | 2748 | 2750 | 2 | | FU 09 | 2736 | 2845 | 2827 | 2763 | 2760 | - 3 | | FU 01 - 05 | 21 | 41 | 43 | 42 | 43 | 1 | | FU 05 - 09 | 12 | - 55 | - 28 | - 15 | - 10 | 5 | | FU 09 - 01 | - 33 | 14 | - 15 | - 27 | - 33 | - 6 | [2] Domestic LU | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3462 | 3491 | 3488 | 3444 | 3461 | 17 | | LU 05 | 3384 | 3449 | 3451 | 3408 | 3411 | 3 | | LU 09 | 3468 | 3403 | 3460 | 3418 | 3410 | - 8 | | LU 01 - 05 | 78 | 42 | 37 | 36 | 50 | 14 | | LU 05 - 09 | - 84 | 46 | - 9 | - 10 | 1 | 11 | | LU 09 - 01 | 6 | - 88 | - 28 | - 26 | - 51 | - 25 | [2]

Report Information - Report Date: August 28, 2025 [2] - Report Team: Research Center Energy and Chemicals Team [2] Industry Investment Rating - Not provided Core Views - This week, the high-sulfur cracking of Singapore 380cst weakened, and the near-month spread weakened. The low-sulfur cracking weakened, and the spread fluctuated. The high-sulfur global supply and demand weakened, but the EW spread was still being repaired. The new round of sanctions had a large potential impact on domestic heavy crude oil and provided some support for Asian fuel oil valuations. The LU remained weak this week, and short-term opportunities for the expansion of high-sulfur 380 EW could still be monitored. [6] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 21 to August 27, 2025, prices of various fuel oil products in Rotterdam, such as 3.5% HSF O swap M1, 0.5% VLS FO swap M1, etc., showed different degrees of change. For example, the 3.5% HSF O swap M1 increased by 1.71, and the 0.5% VLS FO swap M1 increased by 5.01. [3] Singapore Fuel Oil Swap Data - During the same period, prices of Singapore fuel oil products, including 380cst M1, 180cst M1, etc., also changed. For instance, the 380cst M1 increased slightly, and the Singapore VLSFO M1 increased to 490.00 on August 27 from 479.93 on August 21. [3] Singapore Fuel Oil Spot Data - From August 21 to August 27, 2025, prices of Singapore fuel oil spot products, like FOB 380cst and FOB VLSFO, changed. The FOB 380cst decreased by 0.91, and the FOB VLSFO decreased by 3.94. The 380 basis increased by 3.50. [4] Domestic FU Data - Domestic FU contract prices (FU 01, FU 05, FU 09) changed, with the FU 01 decreasing by 52, the FU 05 decreasing by 51, and the FU 09 decreasing by 64 from August 21 to August 27, 2025. [4] Domestic LU Data - Domestic LU contract prices (LU 01, LU 05, LU 09) also changed. The LU 01 decreased by 44, the LU 05 decreased by 43, and the LU 09 decreased by 42 during the same period. [5] Inventory and Supply Information - 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 bunker fueling volume increased by 15% month-on-month and 10% year-on-year. Middle East's Fujairah land-based inventory decreased significantly, and floating storage decreased significantly. Saudi Arabia's shipments decreased week-on-week, and UAE's shipments fluctuated. 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]

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]