Report Summary 1. Report Industry Investment Rating No relevant information provided. 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 spread oscillated at + $10. There was a large amount of delivery goods in the near - month, 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 spread oscillating at 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 the inventory was still at the lowest level in the same period of history, and floating storage inventory oscillated with low - sulfur floating storage increasing. Fujairah's on - shore inventory increased significantly, and floating storage decreased slightly [7]. - This week, geopolitical risks were lifted. Recently, fuel oil exports from Iran and Iraq remained at a high level, and Egypt's net imports reached a new high. 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. 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 23 to June 27, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from $460.60 to $411.99, a change of - $1.97; the price of Rotterdam 0.5% VLS FO swap M1 increased from $509.41 to $474.54, a change of $0.38; and other related spreads also had corresponding changes [2]. Singapore Fuel Oil Data - Swap data: From June 23 to June 27, 2025, the price of Singapore 380cst M1 decreased from $471.10 to $415.91, a change of - $7.34; the price of Singapore VLSFO M1 increased from $540.67 to $498.49, a change of $3.37 [2][6]. - Spot data: From June 23 to June 27, 2025, the FOB 380cst price decreased from $475.90 to $416.77, a change of - $10.95; the FOB VLSFO price increased from $549.45 to $504.02, a change of $2.08 [3]. Domestic FU Data - From June 23 to June 27, 2025, the price of FU 01 changed from 3180 to 2864, a change of 1; the price of FU 05 changed from 3100 to 2811, a change of - 1; the price of FU 09 changed from 3385 to 3002, a change of - 17 [3]. Domestic LU Data - From June 23 to June 27, 2025, the price of LU 01 changed from 3815 to 3528, a change of 29; the price of LU 05 changed from 3701 to 3434, a change of 14; the price of LU 09 changed from 3968 to 3600, a change of - 23 [4].

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur crack spread fluctuated, with crude oil prices rising significantly. High-sulfur fuel oil, with a large proportion of Iranian supply, performed well in terms of oil product profits. The 380-month spread fluctuated, with the August - September spread at $7.5, and the basis also fluctuated. The domestic FU showed a differentiation between near and far months, with the July contract dropping to around -$7 (it is expected that there will be a large amount of delivery goods), and the September contract fluctuating at around $8. The 0.5 crack spread in Singapore declined, and the month spread fluctuated. This week, onshore inventories in Singapore decreased, high-sulfur floating storage inventories increased, low-sulfur floating storage inventories increased, ARA inventories decreased, floating storage inventories fluctuated, and US inventories decreased. Saudi Arabia's shipments decreased month-on-month, remaining at a moderately high level compared to the same period, while Russia's shipments were neutral. Iran and Iraq account for about 15% - 20% of Singapore's high-sulfur imports, mainly affecting some bunkering and refinery feedstock in the Asia-Pacific region and cannot be used for physical delivery on the futures market. It is expected that Iran's shipments will decline in the future, mainly due to the impact of US sanctions. If the risk events in the Strait of Hormuz escalate, the impact magnitude will increase. Recently, high-sulfur fuel oil is still in the peak power generation season, with the overseas market performing strongly. The domestic FU near-month contracts are under pressure, with relatively low valuations, and the market game continues. For the far-month contracts, attention should be paid to the impact of supply disruptions. The domestic and overseas valuations of LU are relatively high. [4][5] Data Summaries Rotterdam Fuel Oil Swap Data - From June 19 to June 25, 2025, the prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, and other related products changed. For example, the price of Rotterdam 3.5% HSF O swap M1 decreased from $481.08 to $414.85, with a change of $1.34. [2] Singapore Fuel Oil Swap Data - During the same period, the prices of Singapore 380cst M1, Singapore 180cst M1, and other related products also changed. For instance, the price of Singapore 380cst M1 decreased from $480.47 to $420.87, with a change of -$7.03. [2] Singapore Fuel Oil Spot Data - From June 19 to June 25, 2025, the FOB prices of Singapore 380cst and FOB VLSFO changed. The FOB 380cst price decreased from $485.32 to $424.16, with a change of -$7.46. [3] Domestic FU Data - The prices of domestic FU 01, FU 05, and FU 09 contracts changed. For example, the FU 01 contract price decreased from 3154 to 2874, with a change of -21. [3] Domestic LU Data - The prices of domestic LU 01, LU 05, and LU 09 contracts changed. The LU 01 contract price increased from 3787 to 3508, with a change of 8. [4]

Report Information - Report Date: June 23, 2025 [2] - Report Team: Research Center Energy and Chemicals Team [2] Industry Investment Rating - Not provided Core Views - This week, high-sulfur cracking fluctuated, crude oil prices rose significantly, Iran accounted for a large proportion of high-sulfur supply, and it performed well in oil product profits. The 380-month spread fluctuated, the 8-9 spread was $7.5, the basis fluctuated, and there was a differentiation between near and far months of FU at home and abroad. The 07 contract dropped to around -$7 (it is expected that there will be a large amount of delivery goods), and the 09 contract fluctuated at $8. The 0.5 cracking in Singapore declined, and the month spread fluctuated [4]. - This week, land-based inventories in Singapore decreased, high-sulfur floating storage inventories increased, low-sulfur floating storage inventories increased, ARA inventories decreased, floating storage inventories fluctuated, and US inventories decreased. Saudi Arabia's shipments decreased month-on-month, and were moderately high compared to the same period. Russia's shipments were neutral. Iran and Iraq accounted for about 15%-20% of Singapore's high-sulfur imports, mainly affecting some bunkering and refinery feedstock in the Asia-Pacific region and cannot participate in physical delivery on the futures market. It is expected that Iran's shipments will decline in the future, mainly due to the impact of US sanctions. If the risk events in the Strait of Hormuz escalate, the impact will be greater. Recently, high-sulfur fuel oil is still in the peak power generation season, the overseas market is operating strongly, the near months of FU at home and abroad are under pressure, the valuation is low, and the game continues. Pay attention to the impact of supply disruptions in the far months. The domestic and overseas valuations of LU are high [4][5]. Data Summary Rotterdam Fuel Oil Swap Data | Product | Change from June 16 - 20 | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | -$16.13 | | Rotterdam 0.5% VLS FO Swap M1 | -$9.53 | | Rotterdam HSFO - Brent M1 | -$0.66 | | Rotterdam 10ppm Gasoil Swap M1 | -$36.15 | | Rotterdam VLSFO - Gasoil M1 | +$26.62 | | LGO - Brent M1 | -$2.65 | | Rotterdam VLSFO - HSFO M1 | +$6.60 | [2] Singapore Fuel Oil Swap Data | Product | Change from June 16 - 20 | | --- | --- | | Singapore 380cst M1 | -$2.38 | | Singapore 180cst M1 | -$0.32 | | Singapore VLSFO M1 | +$1.14 | | Singapore Gasoil M1 | -$0.19 | | Singapore 380cst - Brent M1 | -$0.53 | | Singapore VLSFO - Gasoil M1 | +$2.55 | [2] Singapore Fuel Oil Spot Data | Product | Change from June 16 - 20 | | --- | --- | | FOB 380cst | -$6.20 | | FOB VLSFO | -$0.44 | | 380 Basis | -$1.95 | | High-Sulfur Domestic-International Spread | +$0.8 | | Low-Sulfur Domestic-International Spread | -$4.2 | [3] Domestic FU Data | Product | Change from June 16 - 20 | | --- | --- | | FU 01 | -2 | | FU 05 | +11 | | FU 09 | -6 | | FU 01 - 05 | -13 | | FU 05 - 09 | +17 | | FU 09 - 01 | -4 | [3] Domestic LU Data | Product | Change from June 16 - 20 | | --- | --- | | LU 01 | -21 | | LU 05 | +13 | | LU 09 | -31 | | LU 01 - 05 | -34 | | LU 05 - 09 | +44 | | LU 09 - 01 | -10 | [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. Crude oil prices rose significantly. High - sulfur oil with a large proportion of Iranian supply performed well in oil product profits. The 380 - month spread was volatile, the 7 - 8 spread was $11.5, the basis strengthened, and the FU internal and external near - and far - month contracts were differentiated. The Singapore 0.5 cracking declined, the month spread strengthened month - on - month, and the basis strengthened. Singapore's on - shore inventory continued to accumulate, high - sulfur floating storage accumulated, low - sulfur floating storage fluctuated at a low level, ARA slightly reduced inventory, floating storage inventory fluctuated, Fujairah's on - shore inventory accumulated, and floating storage increased significantly. Saudi Arabia's shipments increased significantly, and Russia's shipments decreased month - on - month. It is expected that Iran's shipments will decline in the future due to US sanctions. High - sulfur oil is still in the peak power - generation season, the near - month contracts of FU are under pressure, the valuation is low, and the game continues. The subsequent focus is on Middle - East shipments, and the large downward drive inside and outside has decreased. LU production increased month - on - month [4][5] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Data - From June 12 to June 18, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by -$0.69, Rotterdam 0.5% VLS FO swap M1 changed by -$3.04, Rotterdam HSFO - Brent M1 changed by $0.15, Rotterdam 10ppm Gasoil swap M1 changed by $2.86, Rotterdam VLSFO - GO M1 changed by -$5.90, LGO - Brent M1 changed by -$0.02, and Rotterdam VLSFO - HSFO M1 changed by -$2.35 [2] Singapore Fuel Oil Data Swap Data - From June 12 to June 18, 2025, the price of Singapore 380cst M1 changed by $3.70, Singapore 180cst M1 changed by $3.47, Singapore VLSFO M1 changed by $8.86, Singapore GO M1 changed by $2.67, Singapore 380cst - Brent M1 changed by -$1.17, and Singapore VLSFO - GO M1 changed by -$10.90 [2] Spot Data - From June 12 to June 18, 2025, the FOB 380cst price in Singapore changed by $1.91, FOB VLSFO changed by $9.11, the 380 basis changed by -$0.48, the high - sulfur internal - external spread changed by -$1.3, and the low - sulfur internal - external spread changed by $1.4 [3] Domestic FU Data - From June 12 to June 18, 2025, FU 01 changed by 91, FU 05 changed by 80, FU 09 changed by 86, FU 01 - 05 changed by 11, FU 05 - 09 changed by -6, and FU 09 - 01 changed by -5 [3] Domestic LU Data - From June 12 to June 18, 2025, LU 01 changed by 90, LU 05 changed by -44, LU 09 changed by 124, LU 01 - 05 changed by 134, LU 05 - 09 changed by -168, and LU 09 - 01 changed by 34 [4]

| | | 燃料油早报 研究中心能化团队 2025/06/17 | 日期 | LU 01 | LU 05 | LU 09 | LU 01-05 | LU 05-09 | LU 09-01 | | --- | --- | --- | --- | --- | --- | --- | | 2025/06/10 | 3431 | 3358 | 3518 | 73 | -160 | 87 | | 2025/06/11 | 3414 | 3348 | 3524 | 66 | -176 | 110 | | 2025/06/12 | 3496 | 3461 | 3609 | 35 | -148 | 113 | | 2025/06/13 | 3671 | 3625 | 3785 | 46 | -160 | 114 | | 2025/06/16 | 3695 | 3620 | 3829 | 75 | -209 | 134 | | 变化 | 24 | -5 | 44 | 29 | -49 | 20 | | | | | 结论观点： 本周高硫裂解震荡，原油大幅上涨，高硫伊朗供应占比较大，油品利润中表现较好。380月差 震荡， 7-8月 ...

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 | | --- | --- | --- | --- | --- | --- | | 2025/06/06 | 430.80 | 489.76 | 10.65 | 8.8 | 16.5 | | 2025/06/09 | 433.59 | 490.06 | 10.65 | 6.5 | 16.2 | | 2025/06/10 | 441.10 | 496.78 | 12.25 | 7.0 | 16.5 | | 2025/06/11 | 435.55 | 499.42 | 12.95 | 6.8 | 17.6 | | 2025/06/12 | 448.16 | 511.48 | 10.25 | 6.2 | 17.1 | | 变化 | 12.61 | 12.06 | -2.70 | -0.6 | -0.5 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week, the high-sulfur crack spread declined, the 380-month spread decreased, and the basis strengthened. The low-sulfur crack spread weakened in a volatile manner, the near-term month spread slightly weakened, and the basis weakened. This week, inventories in Singapore continued to accumulate, inventories in ARA ports continued to accumulate, and US residual oil inventories decreased slightly. Recently, the low-sulfur valuation has shown that there is room for downward correction in the crack spread and the inter-month spread after the supply recovers. The high-sulfur crack spread has started to loosen, and the game in the overseas market remains strong. This year, affected by the consumption tax deduction and tariff adjustment in China, the feedstock demand of fuel oil refineries has declined significantly. In terms of marine fuel, the global high-sulfur marine fuel from January to March increased by 2% year-on-year, and Singapore remained basically flat. The total marine fuel was weaker year-on-year. Pay attention to the impact of tariffs on global trade activities in the future. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. High-sulfur fuel oil is still in the peak season. Pay attention to the opportunity for the high-sulfur crack spread to decline in the medium term. The domestic production schedule is relatively high, and the idea of shorting LU at high levels both domestically and overseas remains unchanged. [3][8] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From June 5th to June 11th, the price of Rotterdam 3.5% HSFO swap M1 increased from 397.00 to 416.62, with a change of 9.39; the price of Rotterdam 0.5% VLSFO swap M1 increased from 450.35 to 469.90, with a change of 11.94; the Rotterdam HSFO-Brent M1 decreased from -2.45 to -3.10, with a change of -0.14; the price of Rotterdam 10ppm Gasoil swap M1 increased from 599.39 to 628.77, with a change of 12.17; the Rotterdam VLSFO-GO M1 decreased from -149.04 to -158.87, with a change of -0.23; the LGO-Brent M1 remained unchanged at 17.90; the Rotterdam VLSFO-HSFO M1 increased from 53.35 to 53.28, with a change of 2.55 [1] Singapore Fuel Oil Swap Data - From June 5th to June 11th, the price of Singapore 380cst M1 increased from 412.03 to 430.99, with a change of 10.92; the price of Singapore 180cst M1 increased from 418.53 to 431.27, with a change of 4.30; the price of Singapore VLSFO M1 increased from 478.40 to 501.76, with a change of 15.62; the price of Singapore GO M1 increased from 79.75 to 84.48, with a change of 2.50; the Singapore 380cst-Brent M1 decreased from 0.57 to -0.91, with a change of -0.63; the Singapore VLSFO-GO M1 decreased from -111.75 to -123.39, with a change of -2.88 [1] Singapore Fuel Oil Spot Data - From June 5th to June 11th, the FOB 380cst decreased from 435.70 to 435.55, with a change of -5.55; the FOB VLSFO increased from 489.42 to 499.42, with a change of 2.64; the 380 basis increased from 10.50 to 12.95, with a change of 0.70; the high-sulfur domestic and overseas price difference decreased from 6.7 to 6.8, with a change of -0.2; the low-sulfur domestic and overseas price difference increased from 18.4 to 17.6, with a change of 1.1 [2] Domestic FU Data - From June 5th to June 11th, the FU 01 remained unchanged at 2780; the FU 05 increased from 2657 to 2727, with a change of 10; the FU 09 decreased from 2853 to 2912, with a change of -12; the FU 01-05 decreased from 55 to 53, with a change of -10; the FU 05-09 increased from -196 to -185, with a change of 22; the FU 09-01 decreased from 141 to 132, with a change of -12 [2] Domestic LU Data - From June 5th to June 11th, the LU 01 decreased from 3356 to 3414, with a change of -17; the LU 05 decreased from 3280 to 3348, with a change of -10; the LU 09 increased from 3450 to 3524, with a change of 6; the LU 01-05 decreased from 76 to 66, with a change of -7; the LU 05-09 decreased from -170 to -176, with a change of -16; the LU 09-01 increased from 94 to 110, with a change of 23 [3]

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]