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]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, and the FU09 internal - external spread rebounded slightly. The domestic market had a large amount of deliverable goods, maintaining a loose pattern [6]. - The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread fluctuated around $4.5. The LU internal - external spread weakened slightly and then fluctuated, with the 09 spread fluctuating around $16 [6]. - This week, Singapore's on - land inventory increased significantly. The near - month was under pressure due to delivery pressure on the window, 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. However, the East - West and internal - external spreads had fallen rapidly. The external low - sulfur valuation was relatively high, and the LU internal - external spread was running at a high level. Attention should be paid to the domestic production situation [7]. - The Singapore Hi - 5 spread reached a new high this year. Both 380cst and VLSFO weakened. The domestic FU internal - external spread rebounded slightly, and the LU valuation was relatively high. Attention could be paid to the short - term valuation regression opportunity of FU - LU, with the risk being the continuous weakening of the external 380cst [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 414.59 | 419.29 | 422.21 | 418.59 | 422.47 | 3.88 | | Rotterdam 0.5% VLS FO Swap M1 | 466.28 | 471.87 | 469.91 | 464.51 | 462.79 | - 1.72 | | Rotterdam HSFO - Brent M1 | - 2.80 | - 2.56 | - 1.66 | - 1.61 | - 0.90 | 0.71 | | Rotterdam 10ppm Gasoil Swap M1 | 681.38 | 694.41 | 695.90 | 683.83 | 680.79 | - 3.04 | | Rotterdam VLSFO - Gasoil M1 | - 215.10 | - 222.54 | - 225.99 | - 219.32 | - 218.00 | 1.32 | | LGO - Brent M1 | 23.77 | 25.55 | 25.76 | 24.83 | 24.64 | - 0.19 | | Rotterdam VLSFO - HSFO M1 | 51.69 | 52.58 | 47.70 | 45.92 | 40.32 | - 5.60 | [4] Singapore Fuel Oil Swap Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 404.37 | 411.39 | 411.16 | 408.54 | 405.92 | - 2.62 | | Singapore 180cst M1 | 417.12 | 423.64 | 425.21 | 423.78 | 418.17 | - 5.61 | | Singapore VLSFO M1 | 492.44 | 497.30 | 493.65 | 494.54 | 491.81 | - 2.73 | | Singapore GO M1 | 88.46 | 91.55 | 90.15 | 90.87 | 90.38 | - 0.49 | | Singapore 380cst - Brent M1 | - 3.68 | - 3.80 | - 3.42 | - 3.46 | - 3.88 | - 0.42 | | Singapore VLSFO - Gasoil M1 | - 162.16 | - 180.17 | - 173.46 | - 177.90 | - 177.00 | 0.90 | [4] Singapore Fuel Oil Spot Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 397.47 | 404.58 | 404.97 | 401.08 | 398.16 | - 2.92 | | FOB VLSFO | 497.73 | 501.52 | 497.55 | 498.63 | 496.58 | - 2.05 | | 380 Basis | - 6.22 | - 6.64 | - 6.11 | - 6.05 | - 6.25 | - 0.20 | | High - sulfur Internal - external Spread | - 6.2 | - 6.0 | - - 4.2 | - 2.1 | - 4.9 | - 2.8 | | Low - sulfur Internal - external Spread | 13.0 | 13.4 | 12.2 | 12.8 | 10.9 | - 1.9 | [5] Domestic FU Data | Contract | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2849 | 2887 | 2886 | 2894 | 2876 | - 18 | | FU 05 | 2794 | 2821 | 2828 | 2845 | 2833 | - 12 | | FU 09 | 2863 | 2912 | 2924 | 2924 | 2879 | - 45 | | FU 01 - 05 | 55 | 66 | 58 | 49 | 43 | - 6 | | FU 05 - 09 | - 69 | - 91 | - 96 | - 79 | - 46 | 33 | | FU 09 - 01 | 14 | 25 | 38 | 30 | 3 | - 27 | [5] Domestic LU Data | Contract | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3508 | 3570 | 3550 | 3525 | 3515 | - 10 | | LU 05 | 3446 | 3500 | 3500 | 3470 | 3472 | 2 | | LU 09 | 3580 | 3634 | 3603 | 3584 | 3569 | - 15 | | LU 01 - 05 | 62 | 70 | 50 | 55 | 43 | - 12 | | LU 05 - 09 | - 134 | - 134 | - 103 | - 114 | - 97 | 17 | | LU 09 - 01 | 72 | 64 | 53 | 59 | 54 | - 5 | [6]

Report Industry Investment Rating - Not provided 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 and external spread rebounded slightly, and the domestic delivery volume was large, maintaining a loose pattern. The Singapore 0.5 crack spread declined slightly, the month spread weakened, and it fluctuated around $4.5 for the 8-9 month. The LU internal and external spread weakened slightly and then fluctuated, with the 09 around $16. [6][7] - This week, Singapore's onshore inventory increased significantly, the window was under delivery pressure, and the near-month contract was under pressure. 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 and demand were still in the peak season. However, the East-West and internal-external spreads have quickly declined. The external low-sulfur valuation is high, and the LU internal and external spread is running at a high level. Attention should be paid to the domestic production situation. [7] - The Singapore Hi-5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU internal and external spread rebounded slightly, and the LU valuation is high. Attention can be paid to the short-term valuation regression opportunity of FU-LU, with the risk being the continuous weakening of the external 380cst. [7] Summary by Related Content Rotterdam Fuel Oil Swap Data - From July 15 to July 21, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from $412.56 to $422.21, a change of $2.92; the price of Rotterdam 0.5% VLS FO swap M1 decreased from $466.16 to $469.91, a change of -$1.96; the Rotterdam HSFO-Brent M1 increased from -$3.12 to -$1.66, a change of $0.90; etc. [4] Singapore Fuel Oil Swap Data - From July 15 to July 21, 2025, the price of Singapore 380cst M1 decreased from $404.43 to $411.16, a change of -$0.23; the price of Singapore 180cst M1 increased from $414.93 to $425.21, a change of $1.57; the Singapore VLSFO M1 decreased from $496.15 to $493.65, a change of -$3.65; etc. [4] Singapore Fuel Oil Spot Data - From July 15 to July 21, 2025, the FOB 380cst price increased from $395.38 to $404.97, a change of $0.39; the FOB VLSFO price decreased from $501.64 to $497.55, a change of -$3.97; the 380 basis increased from -$6.98 to -$6.11, a change of $0.53; etc. [5] Domestic FU Data - From July 15 to July 21, 2025, the price of FU 01 decreased from 2828 to 2886, a change of -1; the price of FU 05 increased from 2788 to 2828, a change of 7; the price of FU 09 increased from 2840 to 2924, a change of 12; etc. [5] Domestic LU Data - From July 15 to July 21, 2025, the price of LU 01 decreased from 3529 to 3550, a change of -20; the price of LU 05 remained unchanged at 3500; the price of LU 09 decreased from 3639 to 3603, a change of -31; etc. [6]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread fluctuated downward, the near - month spread declined, and the EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 domestic - foreign spread rebounded slightly, the domestic delivery volume was large, and the supply remained loose. The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread fluctuated around $4.5. The LU domestic - foreign spread weakened slightly and then fluctuated, with LU09 fluctuating around $16. [4][5] - This week, Singapore's on - land inventory increased significantly. Due to delivery pressure on the window, the near - month contract was under pressure, 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. Although the high - sulfur supply and demand are in the peak season, the East - West and domestic - foreign spreads have dropped rapidly. The foreign low - sulfur valuation is high, and the LU domestic - foreign spread is running at a high level. Attention should be paid to the domestic production situation. [5] - Singapore's Hi - 5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU domestic - foreign spread rebounded slightly, and the LU valuation is high. Attention can be paid to the short - term valuation regression opportunity of FU - LU, with the risk being the continuous weakening of the foreign 380cst. [5] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From July 11 to July 17, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by $4.57, Rotterdam 0.5% VLS FO swap M1 changed by $3.93, Rotterdam HSFO - Brent M1 changed by - $0.25, Rotterdam 10ppm Gasoil swap M1 changed by $18.74, Rotterdam VLSFO - Gasoil M1 changed by - $14.81, LGO - Brent M1 changed by $1.35, and Rotterdam VLSFO - HSFO M1 changed by - $0.64. [2] Singapore Fuel Oil Swap Data - From July 11 to July 17, 2025, the price of Singapore 380cst M1 changed by - $1.30, Singapore 180cst M1 changed by - $0.48, Singapore VLSFO M1 changed by - $1.97, Singapore GO M1 changed by $0.29, Singapore 380cst - Brent M1 changed by $0.07, and Singapore VLSFO - Gasoil M1 changed by - $4.11. [2] Singapore Fuel Oil Spot Data - From July 11 to July 17, 2025, the FOB 380cst price changed by - $2.82, FOB VLSFO changed by $1.27, the 380 basis changed by - $0.79, the high - sulfur domestic - foreign spread changed by - $0.4, and the low - sulfur domestic - foreign spread changed by - $0.5. [3] Domestic FU Data - From July 11 to July 17, 2025, FU 01 changed by - 5, FU 05 changed by - 10, FU 09 changed by - 17, FU 01 - 05 changed by 5, FU 05 - 09 changed by 7, and FU 09 - 01 changed by - 12. [3] Domestic LU Data - From July 11 to July 17, 2025, LU 01 changed by - 38, LU 05 changed by - 21, LU 09 changed by - 50, LU 01 - 05 changed by - 17, LU 05 - 09 changed by 29, and LU 09 - 01 changed by - 12. [4]

Report Summary 1) Report Industry Investment Rating No relevant content 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 the 8 - 9 month spread fluctuated around $4.5. The LU internal - external spread weakened slightly and then fluctuated, with the 09 around $16. [4] - This week, Singapore's on - land inventory increased significantly. Under delivery pressure, the near - month contract was under pressure, 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. Although the high - sulfur supply - demand is in the peak season, the East - West and internal - external spreads have dropped rapidly. The external low - sulfur valuation is high, and the LU internal - external spread is at a high level. Attention should be paid 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, and the LU valuation is high. The short - term valuation regression opportunity of FU - LU can be considered, with the risk of continuous weakening of the external 380cst. [5] 3) Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 10 to July 16, 2025, the price of Rotterdam 3.5% HSFO swap M1 changed by -$0.32, Rotterdam 0.5% VLSFO swap M1 changed by -$1.21, Rotterdam HSFO - Brent M1 changed by $0.52, Rotterdam 10ppm Gasoil swap M1 changed by -$12.35, Rotterdam VLSFO - GO M1 changed by $11.14, LGO - Brent M1 changed by -$1.45, and Rotterdam VLSFO - HSFO M1 changed by -$0.89. [2] Singapore Fuel Oil Swap Data - From July 10 to July 16, 2025, the price of Singapore 380cst M1 changed by $1.24, Singapore 180cst M1 changed by $2.67, Singapore VLSFO M1 changed by -$1.74, Singapore GO M1 changed by $0.31, Singapore 380cst - Brent M1 changed by $0.69, and Singapore VLSFO - GO M1 changed by -$4.04. [2] Singapore Fuel Oil Spot Data - From July 10 to July 16, 2025, the FOB price of 380cst changed by $4.91, FOB VLSFO changed by -$5.18, the 380 basis changed by $1.55, the high - sulfur internal - external spread changed by $1.2, and the low - sulfur internal - external spread changed by -$2.6. [3] Domestic FU Data - From July 10 to July 16, 2025, FU 01 changed by 26, FU 05 changed by 16, FU 09 changed by 40, FU 01 - 05 changed by 10, FU 05 - 09 changed by - 24, and FU 09 - 01 changed by 14. [3] Domestic LU Data - From July 10 to July 16, 2025, LU 01 changed by 17, LU 05 changed by 16, LU 09 changed by - 9, LU 01 - 05 changed by 1, LU 05 - 09 changed by 25, and LU 09 - 01 changed by - 26. [4]

Report Information - Report Title: Fuel Oil Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: July 16, 2025 [1] Core Viewpoints - This week, the high-sulfur crack spread oscillated downward, the near-month spread declined, and the EW continued to weaken. The 380 8-9 month spread weakened to $1.75, the basis weakened and then oscillated, the FU09 internal and external spread rebounded slightly, and the domestic delivery volume was large, 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 and external spread weakened slightly and then oscillated, with the 09 around $16. [4][5] - This week, Singapore's onshore inventory increased significantly, the window was under delivery pressure, the near month was under pressure, and Saudi Arabia's shipments increased month-on-month. Recently, the exports of fuel oil from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, and the high-sulfur supply and 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 and external spread was running at a high level. Attention should be paid to the domestic production situation. [5] - The Singapore Hi-5 spread reached a new high this year, both 380cst and VLSFO weakened, the domestic FU internal and external spread rebounded slightly, and the LU valuation was high. Attention could be paid to the short-term valuation regression opportunity of FU-LU, with the risk of continuous weakening of the external 380cst. [5] Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 427.74 | 416.69 | 420.81 | 410.97 | 412.56 | 1.59 | | Rotterdam 0.5% VLS FO Swap M1 | 476.00 | 467.49 | 475.48 | 469.20 | 466.16 | -3.04 | | Rotterdam HSFO-Brent M1 | -1.75 | -2.05 | -2.86 | -3.55 | -3.12 | 0.43 | | Rotterdam 10ppm Gasoil Swap M1 | 675.03 | 662.16 | 681.86 | 673.49 | 674.99 | 1.50 | | Rotterdam VLSFO-Gasoil M1 | -199.03 | -194.67 | -206.38 | -204.29 | -208.83 | -4.54 | | LGO-Brent M1 | 22.33 | 22.20 | 23.03 | 23.04 | 23.87 | 0.83 | | Rotterdam VLSFO-HSFO M1 | 48.26 | 50.80 | 54.67 | 58.23 | 53.60 | -4.63 | [2] Singapore Fuel Oil Swap Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 426.95 | 426.30 | 412.36 | 411.55 | 404.43 | -7.12 | | Singapore 180cst M1 | 434.39 | 434.01 | 421.80 | 421.36 | 414.93 | -6.43 | | Singapore VLSFO M1 | 507.25 | 504.61 | 497.43 | 507.96 | 496.15 | -11.81 | | Singapore Gasoil M1 | 90.06 | 88.88 | 87.89 | 90.87 | 87.86 | -3.01 | | Singapore 380cst-Brent M1 | -2.03 | -1.67 | -2.86 | -4.96 | -4.13 | 0.83 | | Singapore VLSFO-Gasoil M1 | -159.19 | -153.10 | -152.96 | -164.48 | -154.01 | 10.47 | [2] Singapore Fuel Oil Spot Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 420.79 | 418.55 | 404.43 | 402.60 | 395.38 | -7.22 | | FOB VLSFO | 516.44 | 512.29 | 504.95 | 514.89 | 501.64 | -13.25 | | 380 Basis | -5.30 | -5.40 | -6.05 | -7.05 | -6.98 | 0.07 | | High-Sulfur Internal-External Spread | -10.3 | -10.1 | -7.6 | -5.9 | -7.0 | -1.1 | | Low-Sulfur Internal-External Spread | 16.6 | 17.4 | 16.4 | 16.5 | 16.1 | -0.4 | [3] Domestic FU Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2902 | 2910 | 2855 | 2883 | 2828 | -55 | | FU 05 | 2837 | 2848 | 2803 | 2825 | 2788 | -37 | | FU 09 | 2982 | 2972 | 2911 | 2922 | 2840 | -82 | | FU 01-05 | 65 | 62 | 52 | 58 | 40 | -18 | | FU 05-09 | -145 | -124 | -108 | -97 | -52 | 45 | | FU 09-01 | 80 | 62 | 56 | 39 | 12 | -27 | [3] Domestic LU Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3568 | 3567 | 3520 | 3583 | 3529 | -54 | | LU 05 | 3472 | 3491 | 3451 | 3502 | 3451 | -51 | | LU 09 | 3692 | 3687 | 3640 | 3694 | 3639 | -55 | | LU 01-05 | 96 | 76 | 69 | 81 | 78 | -3 | | LU 05-09 | -220 | -196 | -189 | -192 | -188 | 4 | | LU 09-01 | 124 | 120 | 120 | 111 | 110 | -1 | [4]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the high-sulfur cracking spread fluctuated and declined, the near-month calendar spread decreased, and the EW continued to weaken. The 380 8-9 calendar spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal and external spread rebounded slightly, and the domestic delivery inventory was abundant, maintaining a loose pattern. The Singapore 0.5 cracking spread declined slightly, the calendar spread weakened, and the 8-9 spread fluctuated around $4.5. The LU internal and external spread weakened slightly and then fluctuated, with the 09 spread fluctuating around $16. [5][6] - This week, Singapore's onshore inventory increased significantly. Under the pressure of delivery at the window, the near-month contract was under pressure, 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 and demand was still in the peak season. However, the East-West and internal-external spreads have dropped rapidly. The external low-sulfur valuation is relatively high, and the LU internal and external spread is running at a high level. Attention should be paid to the domestic production situation. [6] - The Singapore Hi-5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU internal and external spread rebounded slightly, and the LU valuation is relatively high. Attention can be paid to the short-term valuation regression opportunity of FU-LU, with the risk being the continuous weakening of the external 380cst. [6] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 7th to July 11th, 2025, the prices of Rotterdam 3.5% HSF Swap M1 increased by $4.12, Rotterdam 0.5% VLSFO Swap M1 increased by $7.99, Rotterdam HSFO-Brent M1 decreased by $0.81, Rotterdam 10ppm Gasoil Swap M1 increased by $19.70, Rotterdam VLSFO-Gas M1 decreased by $11.71, LGO-Brent M1 increased by $0.83, and Rotterdam VLSFO-HSFO M1 increased by $3.87. [3] Singapore Fuel Oil Swap Data - From July 7th to July 11th, 2025, the prices of Singapore 380cst M1 decreased by $13.94, Singapore 180cst M1 decreased by $12.21, Singapore VLSFO M1 decreased by $7.18, Singapore Gasoil M1 decreased by $0.99, Singapore 380cst-Brent M1 decreased by $1.19, and Singapore VLSFO-Gas M1 increased by $0.14. [3] Singapore Fuel Oil Spot Data - From July 7th to July 11th, 2025, the FOB 380cst price decreased by $14.12, the FOB VLSFO price decreased by $7.34, the 380 basis decreased by $0.65, the high-sulfur internal-external spread increased by $2.5, and the low-sulfur internal-external spread decreased by $1.0. [4] Domestic FU Data - From July 7th to July 11th, 2025, the prices of FU 01 decreased by 55, FU 05 decreased by 45, FU 09 decreased by 61, FU 01 - 05 decreased by 10, FU 05 - 09 increased by 16, and FU 09 - 01 decreased by 6. [4] Domestic LU Data - From July 7th to July 11th, 2025, the prices of LU 01 decreased by 47, LU 05 decreased by 40, LU 09 decreased by 47, LU 01 - 05 decreased by 7, LU 05 - 09 increased by 7, and LU 09 - 01 remained unchanged. [5]

| 2025/07/09 | 426.95 | 434.39 | 507.25 | 90.06 | -2.03 | -159.19 | | --- | --- | --- | --- | --- | --- | --- | | 2025/07/10 | 426.30 | 434.01 | 504.61 | 88.88 | -1.67 | -153.10 | | 变化 | -0.65 | -0.38 | -2.64 | -1.18 | 0.36 | 6.09 | | | | 燃料油早报 研究中心能化团队 2025/07/11 | 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 | | 2025/0 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and the EW weakened rapidly. The 380 8 - 9 month spread dropped to $4.25, the basis oscillated at a low level, the FU07 internal - external spread oscillated at - $5, and the 09 oscillated at + $10. There was a large amount of near - month delivery cargo, maintaining a loose pattern [4]. - The low - sulfur crack spread rebounded, the month spread dropped to around $5, the basis weakened slightly and oscillated at $6. The LU internal - external spread remained strong, with the 09 oscillating around $17 [7]. - This week, Singapore's on - shore inventory increased, floating storage oscillated at a high level, low - sulfur floating storage decreased slightly, ARA's on - shore inventory increased slightly but was still at the lowest level in the same period of history, floating storage inventory oscillated, and low - sulfur floating storage increased. Fujairah's on - shore inventory increased significantly, and floating storage decreased slightly [7]. - This week, geopolitical risks were resolved. 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 fundamentals were in an oscillating pattern. Currently, high - sulfur is in the peak power - generation season, the near - month internal - external spread of FU is under pressure, the valuation is low, and the game continues. In the future, pay attention to the shipping situation in the Middle East, while the LU internal - external spread is running at a high level, and pay attention to the domestic production situation [7]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Data - From June 26 to July 2, the price of Rotterdam 3.5% HSF O swap M1 changed by $11.97, Rotterdam 0.5% VLS FO swap M1 changed by $2.45, Rotterdam HSFO - Brent M1 changed by $0.07, Rotterdam 10ppm Gasoil swap M1 changed by $19.63, Rotterdam VLSFO - Gasoil M1 changed by - $17.18, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 changed by - $9.52 [2]. Singapore Fuel Oil Data - **Swap Data**: From June 26 to July 2, the price of Singapore 380cst M1 changed by $10.35, Singapore 180cst M1 changed by $9.17, Singapore VLSFO M1 changed by $9.25, Singapore Gasoil M1 changed by $3.21, Singapore 380cst - Brent M1 changed by - $0.03, and Singapore VLSFO - Gasoil M1 changed by - $14.50 [2][6]. - **Spot Data**: From June 26 to July 2, the FOB 380cst price changed by - $0.39, FOB VLSFO changed by $2.85, the 380 basis changed by - $3.55, the high - sulfur internal - external spread changed by - $0.6, and the low - sulfur internal - external spread remained unchanged [3]. Domestic Fuel Oil Data - **FU Data**: From June 26 to July 2, FU 01 changed by - 6, FU 05 changed by - 8, FU 09 changed by - 19, FU 01 - 05 changed by 2, FU 05 - 09 changed by 11, and FU 09 - 01 changed by - 13 [3]. - **LU Data**: From June 26 to July 2, LU 01 changed by - 7, LU 05 changed by - 3, LU 09 changed by 6, LU 01 - 05 changed by - 4, LU 05 - 09 changed by - 9, and LU 09 - 01 changed by 13 [4].

Report Overview - The report is a fuel oil morning report released by the Energy and Chemicals Team of the Research Center on July 2, 2025 [1][2] Market Data Rotterdam Market - From June 25 to July 1, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from 414.85 to 405.07, a change of -0.79; Rotterdam 0.5% VLS FO swap M1 decreased from 468.83 to 460.85, a change of -12.96 [3] Singapore Market - In the Singapore market, from June 25 to July 1, 2025, the price of Singapore 380cst M1 decreased from 420.87 to 413.43, a change of -4.53; Singapore 180cst M1 decreased from 428.68 to 421.09, a change of -4.65 [3][12] Domestic Market - For domestic FU, from June 25 to July 1, 2025, FU 01 increased by 5, FU 05 increased by 8, and FU 09 decreased by 11 [4] - For domestic LU, from June 25 to July 1, 2025, LU 01 decreased by -5, LU 05 decreased by -11, and LU 09 increased by 9 [5] Core Views - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and EW weakened rapidly. The 380 8 - 9 month spread dropped to $4.25, the basis fluctuated at a low level, and the FU07 internal - external spread fluctuated at -$5, while the 09 spread fluctuated at +$10. There was a large amount of near - month delivery goods, maintaining a loose pattern [5] - The Singapore 0.5 crack spread rebounded, the month spread dropped to around $5, the basis weakened slightly, and fluctuated at $6. The LU internal - external spread remained strong, with the 09 spread fluctuating around $17 [5][6] - This week, Singapore's on - shore inventory increased, floating storage fluctuated at a high level, low - sulfur floating storage decreased slightly, ARA's on - shore inventory increased slightly, but the inventory was still at the lowest level in the same period of history, floating storage inventory fluctuated, and low - sulfur floating storage increased. Fujairah's on - shore inventory increased significantly, and floating storage decreased slightly [6] - This week, geopolitical risks were resolved. 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 fundamentals were in a fluctuating pattern. Recently, high - sulfur is still in the peak power - generation season, the near - month FU internal - external spread is under pressure, the valuation is low, and the game continues. In the future, pay attention to the shipping situation in the Middle East. The LU internal - external spread is running at a high level, and pay attention to the domestic production situation [6]