Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - This week, the high - sulfur cracking spread rebounded, the monthly spread rebounded from a low level, and the basis rebounded. European high - sulfur cracking spread fluctuated, the monthly spread weakened, and the EW continued to strengthen. The 0.5% cracking spread in Singapore weakened, the monthly spread fluctuated at a low level, and the basis fluctuated at a low level. European V low - sulfur cracking spread fluctuated at a low level [4]. - In terms of inventory, Singapore's residual oil inventory decreased, high - sulfur floating storage inventory increased, ARA's residual oil inventory was basically flat, Fujairah's residual oil inventory significantly decreased, high - sulfur floating storage inventory decreased, and EIA's residual oil inventory slightly increased [4]. - This week, the cracking spreads of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur and diesel continued to rebound. After the fire at Al Zour refinery on October 21, it stopped production, and the external low - sulfur market faced support, but the short - term upward space was limited [5]. - Global residual oil entered the off - season for inventory accumulation. Attention should be paid to crude oil fluctuations and feedstock premium/discount levels in the external cracking spread. This week, the external market's inventory decreased and the monthly spread strengthened, and it remained volatile in the short term. The low - sulfur valuation was low but there was no driver [5]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Product | 2025/12/15 | 2025/12/16 | 2025/12/17 | 2025/12/18 | 2025/12/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 320.55 | 316.99 | 325.12 | 327.47 | 323.91 | -3.56 | | Rotterdam 0.5% VLS FO Swap M1 | 375.22 | 364.37 | 368.94 | 369.76 | 370.46 | 0.70 | | Rotterdam HSFO - Brent M1 | -9.66 | -8.87 | -8.40 | -8.26 | -8.86 | -0.60 | | Rotterdam 10ppm Gasoil Swap M1 | 602.86 | 588.11 | 594.14 | 593.29 | 588.07 | -5.22 | | Rotterdam VLSFO - Gasoil M1 | -227.64 | -223.74 | -225.20 | -223.53 | -217.61 | 5.92 | | LGO - Brent M1 | 22.59 | 22.32 | 22.33 | 22.13 | 20.77 | -1.36 | | Rotterdam VLSFO - HSFO M1 | 54.67 | 47.38 | 43.82 | 42.29 | 46.55 | 4.26 | [2] Singapore Fuel Oil Swap Data | Product | 2025/12/15 | 2025/12/16 | 2025/12/17 | | --- | --- | --- | --- | | Singapore 380cst M1 | 337.68 | 332.73 | 337.69 | | Singapore 180cst M1 | 344.37 | 341.31 | 344.87 | | Singapore VLSFO M1 | 415.04 | 406.98 | 404.54 | | Singapore Gasoil M1 | 80.91 | 79.66 | 78.95 | | Singapore 380cst - Brent M1 | -7.78 | -7.27 | -6.18 | | Singapore VLSFO - Gasoil M1 | -183.69 | -182.50 | -179.69 | [2] Singapore Fuel Oil Spot Data | Product | 2025/12/15 | 2025/12/16 | 2025/12/17 | 2025/12/18 | 2025/12/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 333.35 | 328.39 | 333.61 | 339.30 | 332.35 | -6.95 | | FOB VLSFO | 415.10 | 407.01 | 404.59 | 407.57 | 403.41 | -4.16 | | 380 Basis | -3.00 | -4.05 | -3.25 | -3.00 | -2.95 | 0.05 | | High - sulfur Domestic - Foreign Spread | 1.9 | 2.3 | 3.7 | 3.3 | 2.9 | -0.4 | | Low - sulfur Domestic - Foreign Spread | 6.0 | 3.7 | 5.8 | 4.8 | 6.5 | 1.7 | [3] Domestic FU Data | Product | 2025/12/15 | 2025/12/16 | 2025/12/17 | 2025/12/18 | 2025/12/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2417 | 2368 | 2384 | 2403 | 2356 | -47 | | FU 05 | 2474 | 2431 | 2444 | 2464 | 2415 | -49 | | FU 09 | 2445 | 2400 | 2412 | 2431 | 2382 | -49 | | FU 01 - 05 | -57 | -63 | -60 | -61 | -59 | 2 | | FU 05 - 09 | 29 | 31 | 32 | 33 | 33 | 0 | | FU 09 - 01 | 28 | 32 | 28 | 28 | 26 | -2 | [3] Domestic LU Data | Product | 2025/12/15 | 2025/12/16 | 2025/12/17 | 2025/12/18 | 2025/12/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 2988 | 2900 | 2864 | 2901 | 2886 | -15 | | LU 05 | 3003 | 2934 | 2912 | 2936 | 2912 | -24 | | LU 09 | 3039 | 2977 | 2956 | 2977 | 2952 | -25 | | LU 01 - 05 | -15 | -34 | -48 | -35 | -26 | 9 | | LU 05 - 09 | -36 | -43 | -44 | -41 | -40 | 1 | | LU 09 - 01 | 51 | 77 | 92 | 76 | 66 | -10 | [4] Fuel Oil Morning Report Data | Date | 2025/12/18 | 2025/12/19 | Change | | --- | --- | --- | --- | | Value | 341.67 | 335.69 | -5.98 | | Value | 352.34 | 342.69 | -9.65 | | Value | 407.95 | 404.73 | -3.22 | | Value | 79.76 | 78.63 | -1.13 | | Value | -6.01 | -6.57 | -0.56 | | Value | -182.27 | -177.13 | 5.14 | [8]

1. Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, neutral - bearish [3] - Low - sulfur fuel oil: Short - term neutral, neutral - bearish [3] - Cross - variety: None [3] - Cross - period: None [3] - Spot - futures: None [3] - Options: None [3] 2. Core View of the Report - The crude oil price has shown signs of stabilizing in the past two days after continuous decline, but the expectation of oversupply in the oil market has not reversed. The progress of Russia - Ukraine peace talks may negatively affect oil prices, and the crude oil end will continue to suppress the unilateral prices of FU and LU. The current fundamentals of the fuel oil market have both long and short factors with limited overall contradictions [2]. - The fundamentals of high - sulfur fuel oil are average, but the crack spread has shown signs of stabilizing after a significant correction. In addition to the support from refinery demand, Russia's exports declined again in December. The estimated shipment volume of high - sulfur fuel oil in Russia in December is 1.72 million tons, a decrease of 680,000 tons compared with the previous month. The supply of Russian refineries has been continuously disrupted by drone attacks in Ukraine [2]. - The overall driving force of the low - sulfur fuel oil market is limited. Due to the dynamic changes of the devices, there is room for local supply to increase. However, the shipment volumes of Kuwait and Nigeria in December have not increased significantly for the time being, and the bunker fuel terminal demand has been boosted at the end of the year. The bunker fuel sales volume in Singapore increased by 8% month - on - month in November. Coupled with the diversion of components by gasoline and diesel, the market pressure of low - sulfur fuel oil is currently limited [2]. 3. Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 2.01% at 2,429 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed up 1.59% at 2,931 yuan/ton [1] 4. Strategy - High - sulfur fuel oil: Short - term neutral, neutral - bearish [3] - Low - sulfur fuel oil: Short - term neutral, neutral - bearish [3] - Cross - variety: No strategy [3] - Cross - period: No strategy [3] - Spot - futures: No strategy [3] - Options: No strategy [3]

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 high - sulfur monthly spread and basis fluctuated at low levels. The European high - sulfur cracking spread weakened, the monthly spread weakened, and the EW strengthened. The Singapore 0.5% cracking spread fluctuated at a historical low, the monthly spread and basis fluctuated at low levels, and the Singapore VLSFO cracking spread further weakened [3]. - In terms of inventory, Singapore residual oil, high - sulfur floating storage, ARA residual oil, and Fujairah residual oil increased in inventory. High - sulfur floating storage and EIA residual oil decreased in inventory. This week, the cracking spreads of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur fuel oil and diesel continued to rebound [3][4]. - After the fire at the Al Zour refinery on October 21st, the external low - sulfur fuel oil has support, but the short - term upside space is limited. Global residual oil has entered the off - season for inventory accumulation. The external cracking spread is affected by crude oil fluctuations, and the spot market shows no improvement, so it is regarded as bearish. The low - sulfur fuel oil has a low valuation but no driving force for now [4]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 12th to December 18th, the price of Rotterdam 3.5% HSFO swap M1 decreased by 1.46, the price of Rotterdam 0.5% VLSFO swap M1 increased by 1.27, the Rotterdam HSFO - Brent M1 increased by 0.35, the Rotterdam 10ppm Gasoil swap M1 decreased by 2.60, the Rotterdam VLSFO - GO M1 increased by 3.87, the LGO - Brent M1 remained unchanged, and the Rotterdam VLSFO - HSFO M1 increased by 2.73 [1]. Singapore Fuel Oil Swap Data - From December 12th to December 18th, the price of Singapore 380cst M1 increased by 0.34, the price of Singapore 180cst M1 increased by 4.31, the price of Singapore VLSFO M1 decreased by 0.88, the price of Singapore GO M1 decreased by 0.22, the Singapore 380cst - Brent M1 increased by 0.36, and the Singapore VLSFO - GO M1 increased by 0.75 [1]. Singapore Fuel Oil Spot Data - From December 12th to December 18th, the FOB price of 380cst increased by 5.69, the FOB price of VLSFO increased by 2.98, the 380 - basis increased by 0.25, the high - sulfur domestic - foreign price difference decreased by 0.4, and the low - sulfur domestic - foreign price difference decreased by 1.0 [2]. Domestic FU Futures Data - From December 12th to December 18th, the price of FU 01 increased by 19, the price of FU 05 increased by 20, the price of FU 09 increased by 19, the FU 01 - 05 decreased by 1, the FU 05 - 09 increased by 1, and the FU 09 - 01 remained unchanged [2]. Domestic LU Futures Data - From December 12th to December 18th, the price of LU 01 increased by 37, the price of LU 05 increased by 24, the price of LU 09 increased by 21, the LU 01 - 05 increased by 13, the LU 05 - 09 increased by 3, and the LU 09 - 01 decreased by 16 [3].

Group 1: Investment Ratings - No investment ratings provided in the reports Group 2: Core Views Polyolefins (LLDPE & PP) - The fundamentals of both LLDPE and PP show a pattern of increasing supply and weakening demand, with cost support and inventory pressure coexisting. Polypropylene has high maintenance levels on the supply - side with an expected increase later, and its inventory is still higher than usual. The overall valuation is moderately low. For polyethylene, the operating load is gradually rising, and the upstream inventory is still high year - on - year [1]. Methanol - The methanol futures fluctuated upwards, with the basis being relatively firm. In the port area, Iranian gas restrictions led to multiple device shutdowns, but shipments are still fast. In the inland area, both supply and demand are increasing. It is recommended to go long on the 05 contract at low prices after the shipment decreases [4][5]. PVC & Caustic Soda - For caustic soda, the supply - demand situation still has pressure, with high inventory levels. The price is expected to be weak. For PVC, the supply pressure remains this week, and the demand is sluggish. Although there are expectations of increased exports, the overall supply - demand is in an oversupply situation, and the price is not optimistic. It is recommended to go short on PVC after a rebound [8]. Glass & Soda Ash - For soda ash, the supply - demand situation is bearish, and the price is in a downward trend. After a technical rebound, short - term long positions can be closed, and short positions can be taken after a rebound. For glass, the spot price is stable, but the demand is weakening, and the price is expected to be under pressure, with the 01 contract following the delivery logic and the 05 contract remaining weak in the short - term [9]. Polyester Industry Chain - PX may fluctuate in the range of 6600 - 7000 in the short - term and should be treated with low - buying. PTA may fluctuate in the range of 4500 - 4800 in the short - term, and low - buying and TA5 - 9 low - level positive spreads are recommended. Ethylene glycol is expected to oscillate at a low level in the short - term, and it is recommended to sell EG2605 - C - 4100 to obtain time value. Short - fiber follows the raw material fluctuations, and the processing fee on the disk should be shorted when it is high. For polyester bottle - chips, it is recommended to sell PR2602 - P - 5500 [11]. Natural Rubber - The supply - side is supported by rising overseas raw material prices due to the tense situation between Thailand and Cambodia. The demand - side has limited improvement in production capacity utilization. The market is in a short - term stalemate between long and short forces, and the rubber price is expected to oscillate in the range of 15000 - 15500 [13]. Urea - Affected by the news of India's new round of tenders, the urea price stopped falling and rebounded. The supply is abundant, and the demand is weak. The price is expected to bottom - out and rebound in the short - term, fluctuating in the range of 1650 - 1700 [15]. Crude Oil - After a rebound, the crude oil price is affected by geopolitical factors such as the situation between the US and Venezuela and the US - Russia talks. The inventory shows a slight reduction, but the supply - demand pattern is still loose. Brent crude oil should be monitored at the level of 60 dollars per barrel [16]. Pure Benzene & Styrene - For pure benzene, the short - term supply - demand is weak, but there are expectations of improvement later. It is expected to oscillate in the range of 5300 - 5600. For styrene, the supply is increasing, the demand is weak, and it is expected to oscillate in the range of 6400 - 6700 in the short - term [19]. LPG - The LPG price shows certain fluctuations. The inventory and operating rates of upstream and downstream are changing. The overall market situation needs to be further observed [21]. Group 3: Summaries by Catalog Polyolefins - **Prices**: L2601 and L2605 of LLDPE decreased, while PP2601 slightly increased and PP2605 slightly decreased. The basis and spreads of various varieties also changed [1]. - **Inventory**: PE enterprise inventory increased, and social inventory decreased. PP enterprise inventory slightly increased, and trader inventory decreased [1]. - **Operating Rates**: PE device operating rate was stable, and downstream weighted operating rate decreased. PP device operating rate increased, and powder operating rate decreased [1]. Methanol - **Prices**: Methanol futures prices increased, and the basis was relatively firm. Spot prices in different regions had different changes [4]. - **Inventory**: Enterprise inventory increased, port inventory decreased, and social inventory increased [4]. - **Operating Rates**: Upstream domestic and overseas enterprise operating rates increased slightly, and some downstream operating rates also changed [5]. PVC & Caustic Soda - **PVC**: - **Prices**: Futures and spot prices of PVC increased. The basis and spreads had corresponding changes [8]. - **Supply - Demand**: Supply pressure remained, and demand was sluggish. There were expectations of increased exports [8]. - **Caustic Soda**: - **Prices**: Prices in different regions and forms had different trends. The export profit increased slightly [8]. - **Supply - Demand**: Supply - demand pressure remained, with high inventory levels [8]. Glass & Soda Ash - **Glass**: - **Prices**: Spot prices in different regions were stable, and futures prices had minor changes [9]. - **Inventory**: Factory inventory decreased [9]. - **Soda Ash**: - **Prices**: Spot and futures prices had small fluctuations [9]. - **Supply - Demand**: Supply - demand was bearish, with reduced demand from the float and photovoltaic ends [9]. Polyester Industry Chain - **Prices**: Upstream raw material prices such as crude oil and naphtha, and downstream polyester product prices all had different degrees of change [11]. - **Inventory**: MEG port inventory was expected to increase [11]. - **Operating Rates**: Operating rates of various links in the polyester industry chain, such as PX, PTA, and MEG, changed [11]. Natural Rubber - **Prices**: Spot prices of natural rubber increased, and the basis and spreads changed [13]. - **Inventory**: Bonded area inventory and factory - warehouse futures inventory increased [13]. - **Supply - Demand**: Supply was affected by the overseas situation, and demand was limited by the slow recovery of tire production and the weakening of replacement demand [13]. Urea - **Prices**: Futures prices increased, and spot prices in different regions had different trends [15]. - **Inventory**: Factory inventory decreased [15]. - **Supply - Demand**: Supply was abundant, and demand was affected by environmental inspections and the limited impact of India's tenders [15]. Crude Oil - **Prices**: Brent, WTI, and SC crude oil prices had different trends, and the spreads between different varieties and months also changed [16]. - **Inventory**: EIA inventory decreased slightly [16]. Pure Benzene & Styrene - **Prices**: Pure benzene and styrene spot and futures prices decreased, and the spreads and cash - flows had corresponding changes [19]. - **Inventory**: Pure benzene port inventory was stable, and styrene port inventory decreased [19]. - **Operating Rates**: Operating rates of pure benzene and styrene and their downstream industries decreased [19]. LPG - **Prices**: Futures prices of LPG had different trends, and the basis and spreads changed [21]. - **Inventory**: Refinery inventory ratio and port inventory increased [21]. - **Operating Rates**: Upstream refinery operating rate increased, and some downstream operating rates also changed [21].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking fluctuated, the monthly spread and basis fluctuated at low levels. The high - sulfur cracking in Europe weakened, the monthly spread weakened, and the EW strengthened. The 0.5% cracking in Singapore fluctuated at a historical low, the monthly spread and basis fluctuated at low levels, and the VLSFO cracking in Singapore further weakened. [3] - In terms of inventory, the residual fuel oil in Singapore, high - sulfur floating storage, ARA residual fuel oil, and Fujairah residual fuel oil all increased in stock, the high - sulfur floating storage decreased in stock, and the EIA residual fuel oil decreased in stock. [3][4] - This week, the cracking of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur and diesel continued to rebound. After the Al Zour refinery shut down due to a fire on October 21, the external low - sulfur market has support, but the short - term upward space is limited. [4] - The global residual fuel oil has entered the off - season for inventory accumulation. The external cracking is affected by crude oil fluctuations, and there is no improvement in the spot market, so it is regarded as bearish. The low - sulfur valuation is low but there is currently no driving force. [4] 3. Summary of Related Data Rotterdam Fuel Oil Swap Data - From December 10 to December 16, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 4.89, the price of Rotterdam 0.5% VLSFO swap M1 decreased by 11.93, and the price of Rotterdam HSFO - Brent M1 increased by 0.76. [1] Singapore Fuel Oil Data - **Swap Data**: From December 10 to December 16, 2025, the price of Singapore 380cst M1 decreased by 6.43, the price of Singapore 180cst M1 decreased by 2.93, and the price of Singapore VLSFO M1 decreased by 9.91. [1][7] - **Spot Data**: From December 10 to December 16, 2025, the FOB 380cst price decreased by 4.96, the FOB VLSFO price decreased by 8.09, the 380 - basis data is incomplete, the high - sulfur internal - external price difference increased by 0.4, and the low - sulfur internal - external price difference decreased by 2.3. [2] Domestic Fuel Oil Futures Data - **FU Futures**: From December 10 to December 16, 2025, the prices of FU 01, FU 05, and FU 09 decreased by 49, 43, and 45 respectively. The price difference between FU 01 - 05 decreased by 6, the price difference between FU 05 - 09 increased by 2, and the price difference between FU 09 - 01 increased by 4. [2] - **LU Futures**: From December 10 to December 16, 2025, the prices of LU 01, LU 05, and LU 09 decreased by 88, 69, and 62 respectively. The price difference between LU 01 - 05 decreased by 19, the price difference between LU 05 - 09 decreased by 7, and the price difference between LU 09 - 01 increased by 26. [3]

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 | | --- | --- | --- | --- | --- | --- | | 2025/12/08 | 343.53 | 425.03 | -6.40 | 2.1 | 4.5 | | 2025/12/09 | 333.81 | 415.01 | -5.22 | 1.7 | 4.2 | | 2025/12/10 | 330.84 | 416.96 | -5.85 | -0.2 | 3.8 | | 2025/12/11 | 328.65 | 410.80 | -5.35 | 0.8 | 3.7 | | 2025/12/12 | 331.79 | 416.24 | -4.45 | 3.3 | 6.1 | | 变化 | 3.14 | 5.44 | 0.90 | 2.5 | 2.4 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU ...

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 | | --- | --- | --- | --- | --- | --- | | 2025/12/05 | 340.82 | 421.73 | -5.60 | 0.4 | 5.1 | | 2025/12/08 | 343.53 | 425.03 | -6.40 | 2.1 | 4.5 | | 2025/12/09 | 333.81 | 415.01 | -5.22 | 1.7 | 4.2 | | 2025/12/10 | 330.84 | 416.96 | -5.85 | -0.2 | 3.8 | | 2025/12/11 | - | - | - | 0.8 | 3.7 | | 变化 | - | - | - | 1.0 | -0.1 | | | | | | 燃料油早报 | | 研究中心能化团队 2025/12/12 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：能源研发中心 日报观点 【1】盘面表现：BU 2602合约日内下挫到低位后有所拉升，最终收盘2940，跌幅0.1%，盘中最高触及 2953，最低2916，近7天累计-1.6%，处于震荡状态。次月合约2601跌幅0.24%，合约期限仍呈现近低远 高的Contango结构。 【2】现货市场：①山东重交沥青市场价为2930元/吨，与沥青期价基本相近，环比持平，7天累 计-1.7%。山东基差为-10元/吨，7天累计0元/吨。②华东重交沥青市场价为3150元/吨，环比+0%。华东 基差为+210元/吨，7天累计+10元/吨。 【3】裂解变化：①BU-Brent录得-265元/吨，7天累计+8元/吨。当日BU主力-0.1%；Brent-0.4%（以下午 3点收盘成交价计算）。沥青近期成为能化板块弱品种，其在油价无过多支撑且现货市场不景气下，价 格维持低位，拉阔了裂解价差。目前油价也面临较多不确定性因素，沥青层面作为油价的对冲难度要大 一些，裂解差持观望看待。 【4】基本面变化：目前来看，整体沥青正值冬季淡季，其基本面平淡无过多亮点。产量端，截止12月 ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - This week, the cracking spread of high - sulfur fuel oil in Singapore fluctuated, the monthly spread was at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday; the cracking spread of European HSFO fluctuated weakly, and the EW spread fluctuated. The cracking spread of 0.5% fuel oil in Singapore weakened, with the monthly spread and basis fluctuating at low levels. [3] - In terms of inventory, Singapore's residue oil had a slight inventory build - up, high - sulfur floating storage had a slight inventory draw - down, ARA's residue oil had a slight inventory build - up, Fujairah's residue oil had a significant inventory build - up, high - sulfur floating storage had an inventory draw - down, and EIA's residue oil had a slight inventory build - up. [3] - With the increasing expectation of Russia - Ukraine peace talks, the cracking spreads of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at Al Zour refinery on October 21, the external low - sulfur fuel oil was supported, but the short - term upside space was limited. [4] - The global heavy - oil market entered the off - season with inventory build - up. The external cracking spread was affected by crude oil fluctuations, and there was no improvement in the spot market. FU01 should be treated bearishly. The valuation of low - sulfur fuel oil was low but there was no driving force. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Rotterdam 3.5% HSF O swap M1 dropped from 348.42 to 335.47, a decrease of 4.32; the price of Rotterdam 0.5% VLS FO swap M1 dropped from 390.01 to 381.64, a decrease of 3.04. [1] - The Rotterdam HSFO - Brent M1 spread changed by 0.06, the Rotterdam 10ppm Gasoil swap M1 decreased by 11.68, the Rotterdam VLSFO - Gasoil M1 increased by 8.64, the LGO - Brent M1 decreased by 0.96, and the Rotterdam VLSFO - HSFO M1 increased by 1.28. [1] Singapore Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Singapore 380cst M1 dropped from 345.72 to 341.31, a decrease of 11.08; the price of Singapore 180cst M1 dropped from 350.42 to 349.84, a decrease of 9.74; the price of Singapore VLSFO M1 dropped from 419.63 to 416.32, a decrease of 10.14. [1] - The price of Singapore GO M1 dropped from 83.93 to 83.59, a decrease of 1.87; the Singapore 380cst - Brent M1 spread decreased by 0.31, and the Singapore VLSFO - Gasoil M1 increased by 3.69. [1] Singapore Fuel Oil Spot Data - From December 3 to December 9, 2025, the FOB price of 380cst dropped from 334.01 to 333.81, a decrease of 9.72; the FOB price of VLSFO dropped from 418.67 to 415.01, a decrease of 10.02. [2] - The 380 - cst basis increased by 1.18, the high - sulfur internal - external price difference decreased by 0.4, and the low - sulfur internal - external price difference decreased by 0.3. [2] Domestic FU Data - From December 3 to December 9, 2025, the price of FU 01 dropped from 2437 to 2418, a decrease of 90; the price of FU 05 dropped from 2499 to 2488, a decrease of 85; the price of FU 09 dropped from 2468 to 2464, a decrease of 70. [2] - The FU 01 - 05 spread decreased by 5, the FU 05 - 09 spread decreased by 15, and the FU 09 - 01 spread increased by 20. [2] Domestic LU Data - From December 3 to December 9, 2025, the price of LU 01 dropped from 3010 to 2989, a decrease of 82; the price of LU 05 dropped from 3021 to 3003, a decrease of 88; the price of LU 09 dropped from 3060 to 3033, a decrease of 72. [3] - The LU 01 - 05 spread increased by 6, the LU 05 - 09 spread decreased by 16, and the LU 09 - 01 spread increased by 10. [3]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Crude Oil - Monday saw a decline in international crude oil prices due to factors such as the resumption of normal operations in some Iraqi oil fields, the continuous production - increase plan of OPEC+, high - level US crude oil production, and an increase in crude oil inventory. However, the ongoing Russia - Ukraine peace talks and the expected Fed rate cut next week are likely to support prices. Short - term Brent crude is expected to trade between $60 - 65 per barrel [1]. Natural Rubber - On the supply side, the continuous decline in Thai raw material prices, the expected increase in overseas supply, the weakening of upstream cost support, and the seasonal increase in overseas shipments have led to a continuous build - up of natural rubber inventory, suppressing spot prices. On the demand side, although tire production is gradually recovering, the overall output increase is limited, and the market is mainly focused on inventory digestion. Short - term rubber prices are expected to be weak and volatile [3]. Methanol - Methanol futures fluctuated narrowly. Spot was purchased on - demand, and the basis was firm. Inland supply increased with plant restarts, but coal - and gas - based production profits were weak. Traditional downstream demand increased slightly, and winter fuel demand provided support. In ports, Iranian gas restrictions led to multiple plant shutdowns, strengthening the expectation of inventory reduction, but high overseas shipments and a large number of registered warrants kept prices weak. Attention should be paid to MTO05 [6][7]. LLDPE and PP - The operating load of polyethylene is gradually increasing, and supply is on the rise. Although upstream inventory is being depleted, it is still higher than the same period last year, and the profit from naphtha cracking is low. The supply of polypropylene is expected to increase after maintenance, and inventory depletion is accelerating, but the overall inventory level is still high. The cost of propylene is strong, compressing the profit of PP production processes. Overall, the fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [11]. Pure Benzene and Styrene - For pure benzene, domestic supply is expected to remain stable, downstream cash flow has improved slightly, but demand support is limited. There will be a large number of imports arriving at ports, and port inventory is expected to continue to build up. The short - term price driver is weak, and it may follow oil prices and styrene fluctuations. For styrene, although planned and unplanned maintenance is expected to increase, the overall operating rate may rise slightly, and port inventory may continue to decline. However, due to weak cost support and seasonal weakening of terminal demand, the upside space is limited [14]. Urea - Supply pressure is continuously released as the daily production on December 8 reached a recent high. Demand is in the off - season, and downstream procurement willingness is weak. Although the inventory depletion rate of enterprises has accelerated, the overall inventory level is still high. The mismatch between supply and demand is the main reason for price decline, and short - term prices are expected to be weak and volatile [15]. Polyester Industry Chain - For PX, short - term supply is less affected, but there is an expected supply contraction in the medium - term. Demand is relatively strong, and short - term price drivers are limited, but medium - term support is strong. PTA supply is expected to decrease in November - December, and demand is relatively strong, with short - term price support. Ethylene glycol is expected to continue to decline due to high overseas supply and inventory build - up. Short - fiber supply remains high, and demand is seasonally weak, with limited price drivers. Polyester bottle - chip supply is expected to increase in December, and demand is weak, with processing fees expected to be squeezed [16]. LPG - The data shows price fluctuations in LPG futures and spot markets, as well as changes in inventory and operating rates. Overall, the market is in a state of adjustment, and attention should be paid to changes in supply and demand and international market prices [17]. Glass and Soda Ash - Soda ash production is at a high level, and it is expected to return to the inventory - build - up pattern this week. Downstream demand is shrinking, and the supply - demand pattern is bearish. Glass prices in some regions are weakening, and although there is still some short - term demand support, the medium - and long - term demand outlook is not optimistic [19]. PVC and Caustic Soda - Caustic soda industry supply is abundant, demand is weak, and prices are expected to be weak. PVC supply pressure remains high, demand is low, and although there is some export advantage, overall supply exceeds demand, and prices are expected to be weak [20]. 3. Summaries According to Relevant Catalogs Crude Oil - **Prices and Spreads**: Brent crude fell from $63.75 to $62.49 per barrel (-1.98%), WTI from $60.08 to $58.88 per barrel (-2.00%), and SC rose from 453.40 to 456.40 yuan/ton (0.66%). Various spreads also showed different degrees of change [1]. - **Refined Oil**: Prices of NYM RBOB, NYM ULSD, and ICE Gasoil all declined, and their spreads also changed [1]. - **Refined Oil Crack Spreads**: Crack spreads of various refined oil products in different regions decreased [1]. Natural Rubber - **Spot Prices and Basis**: The price of Yunnan Guofu new - type rubber increased slightly, while the price of Thai standard mixed rubber decreased. The basis of whole - milk rubber increased [3]. - **Monthly Spreads**: The 9 - 1 spread increased significantly, while the 1 - 5 and 5 - 9 spreads decreased [3]. - **Fundamentals**: In October, production in Thailand, Indonesia, and China decreased, while production in India increased. Tire production and export decreased, and inventory increased [3]. Methanol - **Prices and Spreads**: Futures and spot prices showed small fluctuations, and various spreads also changed [6]. - **Inventory**: Methanol enterprise, port, and social inventories all decreased [6]. - **Operating Rates**: Upstream domestic enterprise operating rates increased slightly, while some downstream operating rates changed [7]. LLDPE and PP - **Prices and Spreads**: Futures and spot prices of LLDPE and PP decreased slightly, and various spreads changed [11]. - **Operating Rates and Inventory**: PE and PP operating rates showed different trends, and enterprise and social inventories decreased [11]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: Crude oil, naphtha, and other upstream prices changed, and spreads between products also changed [14]. - **Styrene - Related Prices and Spreads**: Styrene prices and spreads showed different degrees of change [14]. - **Inventory and Operating Rates**: Pure benzene and styrene inventories and operating rates in different regions changed [14]. Urea - **Futures Prices and Spreads**: Futures prices and spreads changed [15]. - **Supply and Demand**: Supply increased, demand was weak, and inventory was at a high level [15]. Polyester Industry Chain - **Upstream and Downstream Prices**: Upstream crude oil, naphtha, and other prices changed, and downstream polyester product prices and cash flows also changed [16]. - **PX, PTA, and MEG**: Prices, spreads, inventory, and operating rates of PX, PTA, and MEG all changed [16]. LPG - **Prices and Spreads**: Futures and spot prices of LPG changed, and various spreads also changed [17]. - **External Market Prices**: LPG external market prices increased slightly [17]. - **Inventory and Operating Rates**: LPG inventory decreased, and upstream and downstream operating rates changed [17]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash prices and spreads changed [19]. - **Supply, Inventory, and Real - Estate Data**: Supply, inventory, and real - estate data showed different trends [19]. PVC and Caustic Soda - **Prices and Spreads**: PVC and caustic soda prices and spreads changed [20]. - **Supply, Demand, and Inventory**: Supply, demand, and inventory of PVC and caustic soda showed different trends [20].