1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread declined, the 380 - month spread declined, and the basis strengthened. The low - sulfur crack spread weakened in a volatile manner, the near - end month spread weakened slightly, and the basis weakened. [6] - Singapore's on - land inventory continued to accumulate, ARA ports continued to accumulate inventory, and US residual oil slightly reduced inventory. Recently, the low - sulfur valuation showed that there is room for downward correction in the crack spread and the inter - month spread after supply recovery. [6][11] - The high - sulfur crack spread has started to loosen, and the overseas market game remains strong. Affected by consumption tax deductions and tariff adjustments in China this year, the refinery feedstock demand for fuel oil has significantly declined. In the bunker fuel sector, global high - sulfur bunker fuel from January to March increased by 2% year - on - year, Singapore remained basically flat, and the total bunker fuel was weaker year - on - year. Attention should be paid to the impact of tariffs on global trade activities. [11] - Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. High - sulfur fuel oil is still in the peak season. Attention should be paid to the opportunity of the medium - term decline in the high - sulfur crack spread. With high domestic production scheduling, a short - selling approach should be maintained for the domestic - overseas spread of LU. [11] 3. Summary According to Relevant Data Rotterdam Fuel Oil Swap Data - From June 4th to June 10th, 2025, the price of Rotterdam 3.5% HSF Swap M1 increased by 4.72, Rotterdam 0.5% VLSFO Swap M1 increased by 4.97, Rotterdam HSFO - Brent M1 decreased by 0.20, Rotterdam 10ppm Gasoil Swap M1 increased by 7.25, Rotterdam VLSFO - Gasoil M1 decreased by 2.28, LGO - Brent M1 increased by 1.15, and Rotterdam VLSFO - HSFO M1 increased by 0.25 [4] Singapore Fuel Oil Swap Data - From June 4th to June 10th, 2025, the price of Singapore 380cst M1 increased by 7.10, Singapore 180cst M1 increased by 7.00, Singapore VLSFO M1 increased by 5.80, Singapore Gasoil M1 increased by 0.45, Singapore 380cst - Brent M1 increased by 0.20, and Singapore VLSFO - Gasoil M1 increased by 2.47 [4] Singapore Fuel Oil Spot Data - From June 4th to June 10th, 2025, the FOB price of 380cst increased by 7.51, the FOB price of VLSFO increased by 6.72, the 380 basis increased by 1.60, the high - sulfur domestic - overseas spread increased by 0.5, and the low - sulfur domestic - overseas spread increased by 0.3 [5] Domestic FU Data - From June 4th to June 10th, 2025, the price of FU 01 increased by 43, FU 05 increased by 31, FU 09 increased by 50, FU 01 - 05 increased by 12, FU 05 - 09 decreased by 19, and FU 09 - 01 increased by 7 [5] Domestic LU Data - From June 4th to June 10th, 2025, the price of LU 01 increased by 27, LU 05 increased by 41, LU 09 increased by 40, LU 01 - 05 decreased by 14, LU 05 - 09 increased by 1, and LU 09 - 01 increased by 13 [6]

| | | | | 燃料油早报 | | 研究中心能化团队 2025/06/06 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/29 | 402.08 | 441.90 | -0.11 | 583.08 | -141.18 | 16.29 | 39.82 | | 2025/05/30 | 395.10 | 440.25 | -0.25 | 574.08 | -133.83 | 16.18 | 45.15 | | 2025/06/03 | 397.26 | 449.90 | -2.56 | 599.32 | -149.42 | 16.85 | 52.64 | | ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the high - sulfur crack spread fluctuated. The 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur crack spread fluctuated, the near - end monthly spread declined, and the basis fluctuated. This week, there was a significant inventory build - up in Singapore on land, a slight inventory build - up at ARA ports, and a drawdown of residual oil in the US. Recently, the low - sulfur valuation has been realized, and there is room for repair in the crack spread and the inter - month spread after the supply recovers. The high - sulfur crack spread is running strongly, with profits higher than the historical average. This year, in China, affected by the consumption tax deduction and tariff adjustment, the refinery feedstock demand for fuel oil has dropped significantly. In terms of marine fuel, the global high - sulfur marine fuel from January to March increased by 2% year - on - year, while that in Singapore remained basically flat, and the total marine fuel was weaker year - on - year. Attention should be paid to the impact of tariffs on global trade activities. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued, leading to a strong near - end of high - sulfur fuel oil. Attention should be paid to the opportunity for the long - term decline of the high - sulfur crack spread [5][6] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From May 23 to May 29, 2025, the price of Rotterdam 3.5% HSF Swap M1 decreased by 8.89, Rotterdam 0.5% VLSFO Swap M1 decreased by 7.24, Rotterdam HSFO - Brent M1 decreased by 0.37, Rotterdam 10ppm Gasoil Swap M1 decreased by 9.66, Rotterdam VLSFO - Gasoil M1 increased by 2.42, LGO - Brent M1 decreased by 0.49, and Rotterdam VLSFO - HSFO M1 increased by 1.65 [3] Singapore Fuel Oil Swap Data - From May 23 to May 29, 2025, the price of Singapore 380cst M1 decreased by 9.09, Singapore 180cst M1 decreased by 7.78, Singapore VLSFO M1 increased by 8.82, Singapore GO M1 increased by 1.61, Singapore 380cst - Brent M1 increased by 0.07, and Singapore VLSFO - Gasoil M1 decreased by 3.10 [3][10] Singapore Fuel Oil Spot Data - From May 23 to May 29, 2025, the FOB price of Singapore 380cst increased by 6.41, the FOB price of Singapore VLSFO increased by 5.99, the 380 basis increased by 0.45, the high - sulfur domestic - foreign price difference decreased by 1.9, and the low - sulfur domestic - foreign price difference decreased by 1.1 [4] Domestic FU Data - From May 23 to May 29, 2025, the price of FU 01 increased by 62, FU 05 increased by 57, FU 09 increased by 73, FU 01 - 05 increased by 5, FU 05 - 09 decreased by 16, and FU 09 - 01 increased by 11 [4] Domestic LU Data - From May 23 to May 29, 2025, the price of LU 01 increased by 71, LU 05 increased by 56, LU 09 increased by 83, LU 01 - 05 increased by 15, LU 05 - 09 decreased by 27, and LU 09 - 01 increased by 12 [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - This week, the high - sulfur cracking spread fluctuated. The 380 - grade near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur cracking spread fluctuated, the near - end monthly spread declined, and the basis fluctuated. [3] - This week, there was a significant inventory build - up on land in Singapore, a slight inventory build - up at ARA ports, and a drawdown of residual oil in the US. Recently, the low - sulfur valuation has been realized, and there is room for recovery in cracking spreads and monthly spreads after supply resumes. [3] - The high - sulfur cracking spread ran strongly, and the profit was higher than the historical average. This year, in China, due to the impact of consumption tax deductions and tariff adjustments, the demand for fuel oil as refinery feedstock has dropped significantly. In the marine fuel sector, the global high - sulfur marine fuel consumption from January to March increased by 2% year - on - year, while that in Singapore remained basically flat, and the total marine fuel consumption was weak year - on - year. Attention should be paid to the impact of tariffs on global trade activities. [4] - Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. The high - sulfur near - end is strong, and attention should be paid to the opportunity of a medium - to - long - term decline in the high - sulfur cracking spread. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From May 22 to May 28, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 12.82, Rotterdam 0.5% VLS FO swap M1 increased by 7.11, Rotterdam HSFO - Brent M1 increased by 0.65, Rotterdam 10ppm Gasoil swap M1 increased by 10.94, Rotterdam VLSFO - GO M1 decreased by 3.83, LGO - Brent M1 increased by 0.60, and Rotterdam VLSFO - HSFO M1 decreased by 5.71. [1] Singapore Fuel Oil Swap Data - From May 22 to May 28, 2025, the price of Singapore 380cst M1 increased by 5.94, Singapore 180cst M1 increased by 5.93, Singapore VLSFO M decreased by 3.49, Singapore 380cst - Brent M1 decreased by 0.20, Singapore VLSFO - GO M1 increased by 1.47, and Singapore 380cst - GO M1 decreased by 2.01. [1] Singapore Fuel Oil Spot Data - From May 22 to May 28, 2025, the FOB price of 380cst increased by 7.87, the FOB price of VLSFO decreased by 3.06, the 380 - grade basis increased by 0.95, the high - sulfur domestic - foreign price difference decreased by 1.6, and the low - sulfur domestic - foreign price difference increased by 1.2. [2] Domestic FU Data - From May 22 to May 28, 2025, the price of FU 01 decreased by 2, FU 05 remained unchanged, FU 09 increased by 5, FU 01 - 05 decreased by 2, FU 05 - 09 decreased by 5, and FU 09 - 01 increased by 7. [2] Domestic LU Data - From May 22 to May 28, 2025, the price of LU 01 decreased by 27, LU 05 decreased by 4, LU 09 decreased by 34, LU 01 - 05 decreased by 23, LU 05 - 09 increased by 30, and LU 09 - 01 decreased by 7. [3]

Report Overview - The report is a fuel oil morning report released by the Energy and Chemicals Team of the Research Center on May 28, 2025, presenting fuel oil data from May 21 - 27, 2025 [1] Report Industry Investment Rating - No investment rating provided in the report Core Viewpoints - This week, the high - sulfur crack spread fluctuated, the 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur crack spread fluctuated, the near - end monthly spread declined, and the basis fluctuated. This week, there was a significant inventory build - up in Singapore onshore, a slight inventory build - up at ARA ports, and a decline in US residual oil inventory. Recently, the low - sulfur valuation has been realized, and there is room for repair in the crack spread and monthly spread after supply recovery. The high - sulfur crack spread is running strongly, with profits higher than the historical average. This year, due to the impact of consumption tax deductions and tariff adjustments in China, the demand for fuel oil refinery feedstock has dropped significantly. In terms of marine fuel, the global high - sulfur marine fuel from January to March increased by 2% year - on - year, Singapore remained basically flat, and the total marine fuel was weaker year - on - year. Follow - up attention should be paid to the impact of tariffs on global trade activities. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued, resulting in a strong near - end of high - sulfur fuel oil. Attention should be paid to the opportunity for the high - sulfur crack spread to decline in the medium - to - long - term [4][5] Data Summary Rotterdam Fuel Oil Swap Data | Type | Change from May 21 - 27, 2025 | | --- | --- | | 3.5% HSF O Swap M1 | -3.16 | | 0.5% VLS FO Swap M1 | -5.00 | | HSFO - Brent M1 | 0.55 | | 10ppm Gasoil Swap M1 | -4.12 | | VLSFO - Gasoil M1 | -0.88 | | LGO - Brent M1 | -0.02 | | VLSFO - HSFO M1 | -1.84 | [2] Singapore Fuel Oil Swap Data | Type | Change from May 21 - 27, 2025 | | --- | --- | | 380cst M1 | -8.12 | | 180cst M1 | -7.36 | | VLSFO M1 | -2.10 | | Gasoil M1 | -0.12 | | 380cst - Brent M1 | -1.01 | | VLSFO - Gasoil M1 | -1.21 | [2] Singapore Fuel Oil Spot Data | Type | Change from May 21 - 27, 2025 | | --- | --- | | FOB 380cst | -9.86 | | FOB VLSFO | -4.19 | | 380 Basis | -1.65 | | High - sulfur Domestic - Foreign Spread | 1.3 | | Low - sulfur Domestic - Foreign Spread | -1.2 | [3] Domestic FU Data | Type | Change from May 21 - 27, 2025 | | --- | --- | | FU 01 | -5 | | FU 05 | -16 | | FU 09 | -17 | | FU 01 - 05 | 11 | | FU 05 - 09 | 1 | | FU 09 - 01 | -12 | [3] Domestic LU Data | Type | Change from May 21 - 27, 2025 | | --- | --- | | LU 01 | -16 | | LU 05 | -3 | | LU 09 | -16 | | LU 01 - 05 | -13 | | LU 05 - 09 | 13 | | LU 09 - 01 | 0 | [4]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking was volatile. The 380 near - end ran strongly, the monthly spread strengthened again, and the basis was volatile. The low - sulfur cracking was volatile, the near - end monthly spread declined, and the basis was volatile. This week, there was a significant inventory build - up on land in Singapore, a slight inventory build - up at ARA ports, and a drawdown of residual oil in the US. Recently, the low - sulfur valuation has been realized, and there is room for repair in cracking and inter - monthly spreads after supply recovery. The high - sulfur cracking ran strongly, with profits higher than the historical average. This year, in China, affected by consumption tax deductions and tariff adjustments, the feedstock demand of fuel oil refineries has significantly declined. In terms of marine fuel, the global high - sulfur marine fuel from January to March increased by 2% year - on - year, and Singapore was basically flat. The total marine fuel was weaker year - on - year. Subsequently, the impact of tariffs on global trade activities should be monitored. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. The high - sulfur near - end is strong. Opportunities for the decline of high - sulfur cracking in the medium and long term should be monitored [5][6] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From May 20th to May 26th, 2025, for Rotterdam's 3.5% HSFO swap M1, the price changed from 407.23 to 401.31, a decrease of 4.33; for Rotterdam's 0.5% VLSFO swap M1, it changed from 446.09 to 447.03, a decrease of 2.24; for Rotterdam's HSFO - Brent M1, it changed from - 0.27 to - 0.94, a decrease of 0.50; for Rotterdam's 10ppm Gasoil swap M1, it changed from 588.04 to 585.92, a decrease of 2.40; for Rotterdam's VLSFO - GO M1, it changed from - 141.95 to - 138.89, an increase of 0.16; for LGO - Brent M1, it changed from 15.90 to 16.20, a decrease of 0.30; for Rotterdam's VLSFO - HSFO M1, it changed from 38.86 to 45.72, an increase of 2.09 [3] Singapore Fuel Oil Swap and Spot Data - Swap data: From May 20th to May 26th, 2025, for Singapore's 380cst M1, the price changed from 431.93 to 424.98, a decrease of 1.56; for Singapore's 180cst M1, it changed from 438.43 to 431.23, a decrease of 1.68; for Singapore's VLSFO M1, it changed from 485.73 to 484.07, an increase of 4.57; for Singapore's GO M1, it changed from 79.88 to 79.00, an increase of 0.77; for Singapore's 380cst - Brent M1, it changed from 3.21 to 2.50, a decrease of 1.24; for Singapore's VLSFO - GO M1, it changed from - 105.38 to - 100.53, a decrease of 1.13 [3] - Spot data: From May 20th to May 26th, 2025, for Singapore's FOB 380cst, the price changed from 434.71 to 430.07, an increase of 1.27; for FOB VLSFO, it changed from 498.93 to 493.11, an increase of 3.07; the 380 basis changed from - 0.25 to 7.15, an increase of 5.65; the high - sulfur internal - external spread changed from 9.6 to 8.8, a decrease of 0.6; the low - sulfur internal - external spread changed from 12.2 to 13.1, a decrease of 1.2 [4] Domestic Fuel Oil Futures Data - FU data: From May 20th to May 26th, 2025, for FU 01, the price changed from 2722 to 2681, a decrease of 11; for FU 05, it changed from 2662 to 2627, a decrease of 11; for FU 09, it changed from 2874 to 2836, an increase of 3; FU 01 - 05 remained unchanged at 54; FU 05 - 09 changed from - 212 to - 209, a decrease of 14; FU 09 - 01 changed from 152 to 155, an increase of 14 [4] - LU data: From May 20th to May 26th, 2025, for LU 01, the price changed from 3390 to 3360, an increase of 2; for LU 05, it changed from 3314 to 3285, a decrease of 6; for LU 09, it changed from 3445 to 3431, an increase of 26; LU 01 - 05 changed from 76 to 75, an increase of 8; LU 05 - 09 changed from - 131 to - 146, a decrease of 32; LU 09 - 01 changed from 55 to 71, an increase of 24 [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated. The 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur crack spread fluctuated, the near - end of the monthly spread declined, and the basis fluctuated. Singapore's on - land inventory increased significantly, ARA ports had a slight inventory build - up, and the US residual oil inventory decreased. Recently, the low - sulfur valuation was realized, and there is room for repair in the crack spread and monthly spread after the supply recovers. The high - sulfur crack spread ran strongly, with profits higher than the historical average. Affected by consumption tax deductions and tariff adjustments in China this year, the refinery feedstock demand for fuel oil has dropped significantly. In the bunker fuel sector, the global high - sulfur bunker fuel from January to March increased by 2% year - on - year, Singapore remained basically flat, and the total bunker fuel was weaker year - on - year. Attention should be paid to the impact of tariffs on global trade activities. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases continue. The near - end of high - sulfur is strong, and attention should be paid to the opportunity of a medium - to - long - term decline in the high - sulfur crack spread [3][4]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 407.04 | 407.23 | 409.58 | 403.67 | 405.64 | 1.97 | | Rotterdam 0.5% VLS FO Swap M1 | 446.85 | 446.09 | 447.99 | 444.44 | 449.27 | 4.83 | | Rotterdam HSFO - Brent M1 | - 0.62 | - 0.27 | - 0.02 | - 0.04 | - 0.44 | - 0.40 | | Rotterdam 10ppm Gasoil Swap M1 | 593.82 | 588.04 | 589.31 | 583.79 | 588.32 | 4.53 | | Rotterdam VLSFO - Gasoil M1 | - 146.97 | - 141.95 | - 141.32 | - 139.35 | - 139.05 | 0.30 | | LGO - Brent M1 | 16.37 | 15.90 | 16.50 | 16.30 | 16.50 | 0.20 | | Rotterdam VLSFO - HSFO M1 | 39.81 | 38.86 | 38.41 | 40.77 | 43.63 | 2.86 | [1] Singapore Fuel Oil Swap Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 428.78 | 431.93 | 441.46 | 428.49 | 426.54 | - 1.95 | | Singapore 180cst M1 | 436.10 | 438.43 | 447.56 | 434.99 | 432.91 | - 2.08 | | Singapore VLSFO M1 | 487.21 | 485.73 | 489.98 | 482.50 | 479.50 | - 3.00 | | Singapore Gasoil M1 | 79.83 | 79.88 | 80.60 | 78.60 | 78.23 | - 0.37 | | Singapore 380cst - Brent M1 | 3.27 | 3.21 | 3.91 | 3.69 | 3.74 | 0.05 | | Singapore VLSFO - Gasoil M1 | - 103.53 | - 105.38 | - 106.46 | - 99.14 | - 99.40 | - 0.26 | [1][9] Singapore Fuel Oil Spot Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 431.06 | 434.71 | 443.64 | 429.70 | 428.80 | - 0.90 | | FOB VLSFO | 499.38 | 498.93 | 502.27 | 493.36 | 490.04 | - 3.32 | | 380 Basis | - 0.45 | - 0.25 | 0.30 | - 0.18 | 1.50 | 1.68 | | High - sulfur Domestic - Foreign Spread | 9.7 | 9.6 | 11.1 | 10.2 | 9.4 | - 0.8 | | Low - sulfur Domestic - Foreign Spread | 14.5 | 12.2 | 14.7 | 13.5 | 14.3 | 0.8 | [2] Domestic FU Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2705 | 2722 | 2748 | 2695 | 2692 | - 3 | | FU 05 | 2649 | 2662 | 2669 | 2634 | 2638 | 4 | | FU 09 | 2847 | 2874 | 2910 | 2841 | 2833 | - 8 | | FU 01 - 05 | 56 | 60 | 79 | 61 | 54 | - 7 | | FU 05 - 09 | - 198 | - 212 | - 241 | - 207 | - 195 | 12 | | FU 09 - 01 | 142 | 152 | 162 | 146 | 141 | - 5 | [2] Domestic LU Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3378 | 3390 | 3393 | 3350 | 3358 | 8 | | LU 05 | 3313 | 3314 | 3307 | 3330 | 3291 | - 39 | | LU 09 | 3437 | 3445 | 3456 | 3412 | 3405 | - 7 | | LU 01 - 05 | 65 | 76 | 86 | 20 | 67 | 47 | | LU 05 - 09 | - 124 | - 131 | - 149 | - 82 | - 114 | - 32 | | LU 09 - 01 | 59 | 55 | 63 | 62 | 47 | - 15 | [3]

| | | | | 燃料油早报 | | 研究中心能化团队 2025/05/23 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/16 | 402.97 | 447.36 | -1.01 | 595.17 | -147.81 | 16.77 | 44.39 | | 2025/05/19 | 407.04 | 446.85 | -0.62 | 593.82 | -146.97 | 16.37 | 39.81 | | 2025/05/20 | 407.23 | 446.09 | -0.27 | 588.04 | -141.95 | 15.90 | 38.86 | | ...

| | | | | 燃料油早报 | | 研究中心能化团队 2025/05/22 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/15 | 399.03 | 442.66 | -0.90 | 598.55 | -155.89 | 18.05 | 43.63 | | 2025/05/16 | 402.97 | 447.36 | -1.01 | 595.17 | -147.81 | 16.77 | 44.39 | | 2025/05/19 | 407.04 | 446.85 | -0.62 | 593.82 | -146.97 | 16.37 | 39.81 | | ...

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - This week, the high - sulfur crack spread strengthened, the 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur crack spread oscillated at a high level, the near - end monthly spread strengthened, and the basis continued to strengthen. Singapore's on - land inventory continued to decline, ARA ports' inventory decreased, and US residual oil inventory increased significantly. Singapore's high - sulfur floating storage decreased, with overall inventory decline, while the Middle East floating storage oscillated at a high level, and Saudi Arabia's exports were neutral year - on - year. Fujairah's floating storage oscillated, and European floating storage decreased. Recently, low - sulfur prices strengthened, and attention should be paid to the realization of subsequent supply increments and the change in the low - sulfur export volume of Dangote Refinery. The high - sulfur crack spread ran strongly, with profits higher than the historical average. This year, affected by consumption tax deductions and tariff adjustments in China, the feedstock demand of fuel oil refineries has dropped significantly. The bunker fuel market is expected to be weaker year - on - year due to tariff impacts, but has recently picked up due to rush transportation. Future power generation and procurement demand should be monitored, as well as the opportunity for the high - sulfur crack spread to decline in the medium term [3][4] 3. Data Summaries by Category Rotterdam Fuel Oil Swap Data - From May 14 to May 20, 2025, for the 3.5% HSF O swap M1 in Rotterdam, the price changed from 406.15 to 407.23, an increase of 0.19. The 0.5% VLS FO swap M1 changed from 451.49 to 446.09, a decrease of 0.76. The HSFO - Brent M1 changed from - 1.58 to - 0.27, an increase of 0.35. The 10ppm Gasoil swap M1 decreased from 606.04 to 588.04, a decrease of 5.78. The VLSFO - Gasoil M1 increased from - 154.55 to - 141.95, an increase of 5.02. The LGO - Brent M1 decreased from 17.57 to 15.90, a decrease of 0.47. The VLSFO - HSFO M1 decreased from 45.34 to 38.86, a decrease of 0.95 [1] Singapore Fuel Oil Swap Data - During the same period, for Singapore's 380cst M1, the price increased from 433.27 to 431.93, an increase of 3.15. The 180cst M1 increased from 442.48 to 438.43, an increase of 2.33. The VLSFO M1 decreased from 498.06 to 485.73, a decrease of 1.48. The Gasoil M1 increased slightly from 81.58 to 79.88, an increase of 0.05. The 380cst - Brent M1 decreased from 2.53 to 3.21, a decrease of 0.06. The VLSFO - Gasoil M1 decreased from - 105.63 to - 105.38, a decrease of 1.85 [1] Singapore Fuel Oil Spot Data - From May 14 to May 20, 2025, the FOB 380cst price in Singapore increased from 432.78 to 434.71, an increase of 3.65. The FOB VLSFO decreased from 511.73 to 498.93, a decrease of 0.45. The 380 - basis increased from - 1.45 to - 0.25, an increase of 0.20. The high - sulfur domestic - foreign price difference decreased from 7.9 to 9.6, a decrease of 0.1. The low - sulfur domestic - foreign price difference decreased from 17.0 to 12.2, a decrease of 2.3 [2] Domestic FU Data - For domestic FU, from May 14 to May 20, 2025, FU 01 increased from 2755 to 2722, an increase of 17. FU 05 increased from 2697 to 2662, an increase of 13. FU 09 increased from 2893 to 2874, an increase of 27. The FU 01 - 05 spread increased from 58 to 60, an increase of 4. The FU 05 - 09 spread decreased from - 196 to - 212, a decrease of 14. The FU 09 - 01 spread increased from 138 to 152, an increase of 10 [2] Domestic LU Data - For domestic LU, during the same period, LU 01 increased from 3451 to 3390, an increase of 12. LU 05 increased from 3401 to 3314, an increase of 1. LU 09 increased from 3521 to 3445, an increase of 8. The LU 01 - 05 spread increased from 50 to 76, an increase of 11. The LU 05 - 09 spread decreased from - 120 to - 131, a decrease of 7. The LU 09 - 01 spread decreased from 70 to 55, a decrease of 4 [3]