| 燃料油早报 | | --- | | 研究中心能化团队 2025/08/25 | | --- | 国 内 L U | 日期 | LU 01 | LU 05 | LU 09 | LU 01-05 | LU 05-09 | LU 09-01 | | --- | --- | --- | --- | --- | --- | --- | | 2025/08/18 | 3426 | 3391 | 3477 | 35 | -86 | 51 | | 2025/08/19 | 3417 | 3390 | 3452 | 27 | -62 | 35 | | 2025/08/20 | 3411 | 3376 | 3422 | 35 | -46 | 11 | | 2025/08/21 | 3443 | 3413 | 3456 | 30 | -43 | 13 | | 2025/08/22 | 3462 | 3384 | 3468 | 78 | -84 | 6 | | 变化 | 19 | -29 | 12 | 48 | -41 | -7 | | | | | 结论观点： 本周新加坡380cst高硫裂解走弱，近月月差走弱（9-10 0.75 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread oscillated, and the EW spread oscillated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal - external spread weakened slightly to -$0.8 [4]. - The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9 [4]. - This week, Singapore's on - land inventory decreased, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month, Saudi Arabia's shipments decreased significantly, this week's arrivals oscillated, the UAE's shipments rebounded month - on - month, and net exports increased significantly [5]. - The on - land inventory in Fujairah, the Middle East, decreased, the floating storage inventory of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory decreased, with significant inventory contradictions [5]. - The east - west divergence of high - sulfur continued. In the heavy - quality pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy - quality crude oil was the strongest. It is expected to return in both directions later [5]. - This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated, the LU quota was issued, and the internal - external spread oscillated. In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the supply of high - sulfur is expected to increase, and the supply - demand pattern will weaken [5]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil - From August 13th to 19th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by $3.30, Rotterdam 0.5% VLS FO swap M1 decreased by $2.86, Rotterdam HSFO - Brent M1 decreased by $0.31, Rotterdam 10ppm Gasoil swap M1 increased by $13.13, Rotterdam VLSFO - Gasoil M1 decreased by $15.99, LGO - Brent M1 increased by $2.45, and Rotterdam VLSFO - HSFO M1 increased by $0.44 [2]. Singapore Fuel Oil - **Swap Prices**: From August 13th to 19th, 2025, the price of Singapore 380cst M1 decreased by $4.28, Singapore 180cst M1 decreased by $2.45, Singapore VLSFO M1 decreased by $3.20, Singapore Gasoil M1 increased by $1.56, Singapore 380cst - Brent M1 decreased by $0.75, and Singapore VLSFO - Gasoil M1 decreased by $14.74 [2][10]. - **Spot Prices**: From August 13th to 19th, 2025, the FOB 380cst price decreased by $4.45, the FOB VLSFO price decreased by $1.56, the 380 basis decreased by $0.35, the high - sulfur internal - external spread decreased by $3.4, and the low - sulfur internal - external spread remained unchanged [3]. Domestic FU - From August 13th to 19th, 2025, FU 01 decreased by 26, FU 05 decreased by 22, FU 09 decreased by 27, FU 01 - 05 decreased by 4, FU 05 - 09 increased by 5, and FU 09 - 01 decreased by 1 [3]. Domestic LU - From August 13th to 19th, 2025, LU 01 decreased by 9, LU 05 decreased by 1, LU 09 decreased by 25, LU 01 - 05 decreased by 8, LU 05 - 09 increased by 24, and LU 09 - 01 decreased by 16 [4].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread fluctuated, and the EW spread fluctuated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the internal - external spread of FU01 slightly weakened to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the internal - external spread of LU11 oscillated at $9 [3][4]. - This week, Singapore's on - shore inventory decreased, but the inventory was still not the highest in the same historical period. The floating storage decreased significantly month - on - month. Saudi Arabia's shipments decreased significantly, the arrivals oscillated this week, the shipments from the UAE rebounded month - on - month, and the net exports increased significantly. The on - shore inventory in Fujairah, the Middle East decreased, the floating storage of high - sulfur and low - sulfur increased significantly, the residue inventory in ARA increased, and the residue inventory in the US decreased, showing a large inventory contradiction [4]. - The east - west divergence of high - sulfur fuel oil continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. A two - way regression is expected in the future. This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated. The LU quota was issued, and the internal - external spread oscillated. In the short term, pay attention to the opportunity of the widening of the high - sulfur 380 EW spread. Fundamentally, the supply of high - sulfur fuel oil is expected to increase, and the supply - demand pattern will weaken [4]. Group 3: Data Summary Rotterdam Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 396.94 | 389.64 | 394.21 | 390.27 | 388.24 | -2.03 | | Rotterdam 0.5% VLS FO Swap M1 | 452.82 | 448.06 | 453.27 | 452.69 | 450.47 | -2.22 | | Rotterdam HSFO - Brent M1 | -3.23 | -3.58 | -3.95 | -4.33 | -4.85 | -0.52 | | Rotterdam 10ppm Gasoil Swap M1 | 638.66 | 628.39 | 631.89 | 635.32 | 624.89 | -10.43 | | Rotterdam VLSFO - Gasoil M1 | -185.84 | -180.33 | -178.62 | -182.63 | -174.42 | 8.21 | | LGO - Brent M1 | 22.10 | 21.18 | 20.51 | 21.97 | 19.81 | -2.16 | | Rotterdam VLSFO - HSFO M1 | 55.88 | 58.42 | 59.06 | 62.42 | 62.23 | -0.19 | [1] Singapore Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 401.22 | 394.38 | 391.90 | 390.95 | 390.54 | - | | Singapore 180cst M1 | 411.88 | 405.63 | 403.65 | 403.51 | 401.94 | - | | Singapore VLSFO M1 | 484.51 | 476.53 | 476.59 | 476.79 | 479.27 | - | | Singapore Gasoil M1 | 85.26 | 83.31 | 83.35 | 82.76 | 82.47 | - | | Singapore 380cst - Brent M1 | -3.02 | -3.07 | -3.49 | -4.09 | -4.49 | - | | Singapore VLSFO - Gasoil M1 | -146.41 | -139.96 | -140.20 | -135.63 | -131.01 | - | [1] Singapore Fuel Oil Spot | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 396.64 | 388.41 | 387.09 | 387.36 | 387.68 | 0.32 | | FOB VLSFO | 483.55 | 475.21 | 476.12 | 477.51 | 475.97 | -1.54 | | 380 Basis | -3.95 | -4.05 | -3.95 | -3.40 | -2.90 | 0.50 | | High - sulfur Internal - External Spread | 1.5 | 4.5 | 2.4 | 2.5 | 0.1 | -2.4 | | Low - sulfur Internal - External Spread | 8.8 | 9.4 | 6.8 | 8.2 | 8.7 | 0.5 | [2] Domestic FU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2800 | 2772 | 2750 | 2746 | 2739 | -7 | | FU 05 | 2770 | 2751 | 2736 | 2741 | 2735 | -6 | | FU 09 | 2770 | 2730 | 2700 | 2691 | 2713 | 22 | | FU 01 - 05 | 30 | 21 | 14 | 5 | 4 | -1 | | FU 05 - 09 | 0 | 21 | 36 | 50 | 22 | -28 | | FU 09 - 01 | -30 | -42 | -50 | -55 | -26 | 29 | [2] Domestic LU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3457 | 3430 | 3417 | 3420 | 3426 | 6 | | LU 05 | 3417 | 3394 | 3390 | 3395 | 3391 | -4 | | LU 09 | 3489 | 3442 | 3429 | 3423 | 3477 | 54 | | LU 01 - 05 | 40 | 36 | 27 | 25 | 35 | 10 | | LU 05 - 09 | -72 | -48 | -39 | -28 | -86 | -58 | | LU 09 - 01 | 32 | 12 | 12 | 3 | 51 | 48 | [3]

| | | | | 燃料油早报 | | 研究中心能化团队 2025/08/18 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/08/11 | 401.32 | 454.60 | -2.85 | 644.43 | -189.83 | 22.30 | 53.28 | | 2025/08/12 | 396.94 | 452.82 | -3.23 | 638.66 | -185.84 | 22.10 | 55.88 | | 2025/08/13 | 389.64 | 448.06 | -3.58 | 628.39 | -180.33 | 21.18 | 58.42 | | ...

弱，9-10小幅反弹至3.75美金/吨，LU11内外价差8美金上下震荡。本周新加坡陆上大幅累库， 库存历史同期最高，浮仓环比累库，沙特发货历史同期高位，本周到岸反弹，阿联酋发货环比 大幅反弹，净出口大幅增加。高硫东西方劈叉持续，目前价差引发物流变化，重质格局中新加 坡380cst裂解最弱，重质原油升贴水最强，预计后续双向回归。本周LU走弱兑现，外盘MF0.5 现货小幅走弱，估值兑现，关注后续LU配额放发。关注高硫380 EW走扩机会，LU短期空配离 场。 免责声明: | | | | | 燃料油早报 | | 研究中心能化团队 2025/08/14 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | SF ...

| 燃料油早报 | | --- | 研究中心能化团队 2025/08/12 免责声明: 新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/08/05 | 407.94 | 499.20 | -3.70 | 0.5 | 8.7 | | 2025/08/06 | 406.83 | 495.11 | -5.05 | 1.3 | 8.5 | | 2025/08/07 | 402.93 | 488.15 | -5.35 | 2.6 | 9.9 | | 2025/08/08 | 403.56 | 487.97 | -4.75 | 2.5 | 8.2 | | 2025/08/11 | 391.73 | 481.67 | -4.80 | 2.6 | 8.8 | | 变化 | -11.83 | -6.30 | -0.05 | 0.1 | 0.6 | | 国 内 F U | | | | | | | | --- | --- | --- | --- ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. The cracking spread of Singapore 0.5% low - sulfur fuel oil continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [5][6] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month. Saudi Arabia's shipments were at a historical high for the same period, and arrivals rebounded this week. UAE's shipments rebounded significantly month - on - month, and net exports increased substantially. [6] - The divergence between the East and West of high - sulfur fuel oil continued. The current price difference has triggered logistics changes. In the heavy - oil pattern, the cracking spread of Singapore 380cst is the weakest, and the premium of heavy crude oil is the strongest. It is expected to converge in both directions later. [6] - This week, LU's weakness was realized, the spot price of the external MF0.5 decreased slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. Pay attention to the opportunity of the high - sulfur 380 EW spread to widen, and short - term short positions in LU should exit. [6] Group 3: Data Summaries Rotterdam Fuel Oil Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | 3.5% HSF O Swap M1 | -$1.52 | | 0.5% VLS FO Swap M1 | +$0.76 | | HSFO - Brent M1 | -$0.29 | | 10ppm Gasoil Swap M1 | +$6.27 | | VLSFO - G M1 | -$5.51 | | LGO - Brent M1 | $0.00 | | VLSFO - HSFO M1 | +$2.28 | [3] Singapore Fuel Oil Data Swap Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | 380cst M1 | -$3.06 | | 180cst M1 | -$1.55 | | VLSFO M1 | -$1.64 | | GO M1 | +$1.06 | | 380cst - Brent M1 | -$0.17 | | VLSFO - GO M1 | -$9.49 | [3] Spot Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | FOB 380cst | - | | FOB VLSFO | - | | 380 Basis | - | | High - sulfur Internal - External Spread | -$0.1 | | Low - sulfur Internal - External Spread | -$1.7 | [4] Domestic FU Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | FU 01 | -41 | | FU 05 | -42 | | FU 09 | -60 | | FU 01 - 05 | +1 | | FU 05 - 09 | +18 | | FU 09 - 01 | -19 | [4] Domestic LU Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | LU 01 | -45 | | LU 05 | -34 | | LU 09 | -78 | | LU 01 - 05 | -11 | | LU 05 - 09 | +44 | | LU 09 - 01 | -33 | [5]

1. Report Industry Investment Rating - High-sulfur fuel oil: Sideways [3] - Low-sulfur fuel oil: Sideways [3] 2. Core Viewpoints of the Report - The crack spread of high-sulfur fuel oil continues to decline. Although there are still structural supporting factors, the crack spread needs further adjustment to attract the recovery of refinery demand. After sufficient adjustment and significant return of refinery demand, the market will regain support [1]. - The current market pressure of low-sulfur fuel oil is limited, but there is no obvious driving force. In the medium term, the carbon neutrality trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil, suppressing its market prospects. The current market structure of low-sulfur fuel oil is slightly stronger than that of high-sulfur fuel oil, and the high-low sulfur spread has recently widened, but it does not have the space for a substantial increase [2]. 3. Summary by Relevant Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed down 2.71% at 2,840 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 1.09% at 3,639 yuan/ton [1]. - Recently, the crude oil price has been oscillating strongly. The unilateral prices of FU and LU are supported by the cost side, but there is an expectation of a looser balance sheet in the medium-term crude oil market, which may limit the upside space of prices. The slight retreat of oil prices yesterday also reflects that resistance has begun to appear after continuous rebounds [1]. - In the high-sulfur fuel oil market, the market structure maintains a weak operation. The spot premium, time spread, and crack spread have continued to decline. In particular, the crack spread has significantly retreated from the high level. The spot supply is relatively abundant, and the inventory level is high. Although the actual production increase of countries such as Saudi Arabia is likely to be less than the quota, the policy trend has been formed. During the peak summer electricity consumption season, Saudi power plants will increase the proportion of crude oil use, which can meet their own needs and reduce the supply pressure on the international crude oil market. The corresponding fuel oil demand may decline year-on-year. The recent significant increase in the shipment volume of high-sulfur fuel oil in the Middle East also confirms this trend [1]. - In the low-sulfur fuel oil market, the current market pressure is limited, but there is no obvious driving force. After the maintenance season of domestic refineries ended in June, the domestic production of low-sulfur fuel oil has rebounded, but it is still lower than the same period last year, and the short-term supply increase is limited. In the medium term, the carbon neutrality trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil, suppressing its market prospects [2]. Strategy - High-sulfur: Short the FU crack spread (FU-Brent or FU-SC) on rallies [3] - Low-sulfur: None [3] - Inter-variety: Short the FU crack spread (FU-Brent or FU-SC) on rallies [3] - Inter-period: Short the FU2509-FU2510 spread on rallies [3] - Spot-futures: None [3] - Options: None [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and the EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal - external spread rebounded slightly, and the domestic delivery inventory was abundant, maintaining a loose pattern. [4] - The Singapore 0.5 crack spread declined slightly, the month spread weakened, and it fluctuated around $4.5 for the 8 - 9 month spread. The LU internal - external spread weakened slightly and then fluctuated, with the 09 around $16. [4][5] - This week, Singapore's on - land inventory increased significantly, the near - month contract was under pressure due to delivery, and Saudi Arabia's 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 is still in the peak season, but the East - West and internal - external spreads have dropped rapidly. The external low - sulfur valuation is high, and the LU internal - external spread is running at a high level. Pay attention to domestic production. [5] - 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 is high, and the short - term valuation regression opportunity of FU - LU can be considered. The risk lies in the continuous weakening of the external 380cst. [5] 3. Summary by Relevant Tables Rotterdam Fuel Oil Swap Prices - The prices of Rotterdam 3.5% HSF O swap M1, 0.5% VLSFO swap M1, etc. showed different changes from July 8 to July 14, 2025. For example, the Rotterdam 3.5% HSF O swap M1 decreased by $10.28. [2] Singapore Fuel Oil Swap Prices - The prices of Singapore 380cst M1, 180cst M1, VLSFO M1, etc. also changed during the same period. For instance, the Singapore 380cst M1 decreased by $10.33 from July 8 - 14. [2] Singapore Fuel Oil Spot Prices - From July 8 to July 14, 2025, the FOB 380cst price decreased by $1.83, while the FOB VLSFO price increased by $9.94. The 380 basis weakened, the high - sulfur internal - external spread increased by $1.7, and the low - sulfur internal - external spread increased by $0.1. [3] Domestic FU Futures Prices - The prices of FU 01, FU 05, and FU 09 contracts changed from July 8 to July 14, 2025. For example, FU 01 increased by 28 points, and the spreads between different contracts also changed. [3] Domestic LU Futures Prices - The prices of LU 01, LU 05, and LU 09 contracts changed during the same period. LU 01 increased by 63 points, and the spreads between different contracts also had corresponding changes. [4]

Report Industry Investment Rating - Not provided in the content Core Views - This week, global fuel oil prices dropped significantly as geopolitical conflicts eased, returning to pre - conflict levels. The crack spread and time spread of fuel oil slightly declined from their highs, with low - sulfur fuel oil showing some strength relative to high - sulfur fuel oil [4]. - The core driver of the sharp price decline is the full reversal of the risk premium included in the price once oil transportation in the Middle East returns to normal after the geopolitical conflict eases. Fundamentally, Middle Eastern exports will remain stable in the short term, and with the lifting of geopolitical risks and the resumption of production at the Rabigh refinery next week, high - sulfur exports from the Middle East are expected to continue to rise, which will have a negative impact on high - sulfur prices. For low - sulfur fuel oil, although its demand in the bunker fuel market is continuously squeezed by high - sulfur fuel oil, exports from Brazil and north - western Europe to Asia are decreasing, and recent refinery maintenance in Japan will limit the amount of spot received in the Asia - Pacific market, supporting the time spread and crack spread of Singapore low - sulfur fuel oil. In the domestic market, the low - sulfur production of domestic refineries is about to resume, but it is not expected to increase significantly in the next two months, having a relatively limited impact on the market [4]. Summary by Directory 1. Overview - **Weekly Review**: Global fuel oil prices dropped significantly as geopolitical conflicts eased, and the crack spread and time spread of fuel oil slightly declined from their highs, with low - sulfur fuel oil showing strength relative to high - sulfur fuel oil [4]. - **Weekly Outlook**: The sharp decline in fuel oil prices is due to the reversal of the risk premium. Middle Eastern high - sulfur exports are expected to rise, negatively affecting high - sulfur prices. Low - sulfur fuel oil in the Asia - Pacific market will see limited spot receipts, supporting its time spread and crack spread. Domestic low - sulfur production is expected to have a limited impact on the market in the short term [4]. 2. Supply - **Refinery Operations**: Data on the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries) from 2016 - 2025 are presented, but no specific analysis is provided [6]. - **Global Refinery Maintenance**: Data on the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025 are presented, but no specific analysis is provided [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commodity Volume**: Data on the monthly production of fuel oil, low - sulfur fuel oil, and fuel oil commodity volume in China from 2018 - 2025 are presented, but no specific analysis is provided [19]. 3. Demand - **Domestic and Foreign Fuel Oil Demand Data**: Data on the monthly sales of fuel oil for bunkering in Singapore, the apparent consumption of fuel oil in China, and the actual consumption of marine fuel oil in China from 2018 - 2025 are presented, but no specific analysis is provided [22]. 4. Inventory - **Global Fuel Oil Spot Inventory**: Data on the inventories of heavy oil in Singapore, fuel oil in European ARA, heavy distillates in Fujairah, and residual fuel oil in the US from 2018 - 2025 are presented, but no specific analysis is provided [25][27][28]. 5. Price and Spread - **Asia - Pacific Regional Spot FOB Prices**: Data on the FOB prices of 3.5% and 0.5% fuel oil in Singapore, 3.5% fuel oil in Fujairah, 3.5% and 1% fuel oil in the Mediterranean, and 1% fuel oil in north - western Europe from 2018 - 2025 are presented, but no specific analysis is provided [32][35][36][38][39]. - **European Regional Spot FOB Prices**: Data on the FOB prices of 3.5% fuel oil in north - western Europe, 3.5% and 0.5% fuel oil in the US Gulf, and high - sulfur fuel oil cargo in New York Harbor from 2018 - 2025 are presented, but no specific analysis is provided [42][43]. - **Paper and Derivative Prices**: Data on the swap prices of high - sulfur and low - sulfur fuel oil in north - western Europe and Singapore, as well as the prices of FU and LU contracts from 2018 - 2025 are presented, but no specific analysis is provided [45][46][48][49]. - **Fuel Oil Spot Spread**: Data on the high - low sulfur spread and viscosity spread in Singapore from 2018 - 2025 are presented, but no specific analysis is provided [51][53]. - **Global Fuel Oil Crack Spread**: Data on the crack spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2018 - 2025 are presented, but no specific analysis is provided [55][56][58]. - **Global Fuel Oil Paper Time Spread**: Data on the time spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2018 - 2025 are presented, but no specific analysis is provided [62][63][65]. 6. Import and Export - **Domestic Fuel Oil Import and Export Data**: Data on the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025 are presented, but no specific analysis is provided [69][71][72]. - **Global High - Sulfur Fuel Oil Import and Export Data**: Data on the weekly changes in global high - sulfur fuel oil import and export volumes in different regions are presented, but no specific analysis is provided [74]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: Data on the weekly changes in global low - sulfur fuel oil import and export volumes in different regions are presented, but no specific analysis is provided [76].