Report Overview - The report is a fuel oil morning report released by the energy and chemical team of the research center on September 5, 2025, covering fuel oil data from August 29 to September 4, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst strengthened oscillatingly, the near - month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on delivery warehouses, FU10 rose sharply and then fell. The low - sulfur cracking weakened, the spread oscillated, and the LU internal - external spread fluctuated around 10 US dollars. The MF0.5 basis began to rebound. Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA's residue began to accumulate. The global supply - demand of high - sulfur fuel oil weakened. Due to logistics reshaping, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still being repaired. The domestic high - sulfur spot was still in excess. A new round of sanctions had a large potential impact on the supply of heavy crude oil in China, providing some support for the valuation of Asian fuel oil. This week, LU maintained an oscillation. The external MF0.5 basis started to rebound, and the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter could be noted [4][10] Data Summary Rotterdam Fuel Oil Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 389.06 | 377.63 | -0.64 | | Rotterdam 0.5% VLS FO Swap M1 | 456.37 | 441.32 | -4.96 | | Rotterdam HSFO - Brent M1 | -6.14 | -7.05 | 0.41 | | Rotterdam 10ppm Gasoil Swap M1 | 654.16 | 665.68 | -7.81 | | Rotterdam VLSFO - Gasoil M1 | -197.79 | -224.36 | 2.85 | | LGO - Brent M1 | 22.15 | 24.02 | -0.39 | | Rotterdam VLSFO - HSFO M1 | 67.31 | 63.69 | -4.32 | [2] Singapore Fuel Oil Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 401.16 | 388.65 | -8.63 | | Singapore 180cst M1 | 416.16 | 398.86 | -10.92 | | Singapore VLSFO M1 | 485.77 | 468.34 | -16.91 | | Singapore GO M1 | 85.94 | 87.04 | -1.49 | | Singapore 380cst - Brent M1 | -4.48 | -5.32 | 0.53 | | Singapore VLSFO - Gasoil M1 | -150.19 | -175.76 | -5.89 | [2][9] Singapore Fuel Oil Spot Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | FOB 380cst | 399.85 | 387.09 | -9.17 | | FOB VLSFO | 488.05 | 474.28 | -11.56 | | 380 Basis | -1.10 | -1.00 | 0.45 | | High - sulfur Internal - external Spread | 2.4 | 6.0 | 0.0 | | Low - sulfur Internal - external Spread | 8.0 | 9.4 | -0.8 | [3] Domestic FU Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | FU 01 | 2812 | 2760 | -80 | | FU 05 | 2773 | 2721 | -76 | | FU 09 | 2735 | 2694 | -48 | | FU 01 - 05 | 39 | 39 | -4 | | FU 05 - 09 | 38 | 27 | -28 | | FU 09 - 01 | -77 | -66 | 32 | [3] Domestic LU Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | LU 01 | 3479 | 3395 | -97 | | LU 05 | 3435 | 3359 | -89 | | LU 09 | 3312 | 3341 | -100 | | LU 01 - 05 | 44 | 36 | -8 | | LU 05 - 09 | 123 | 18 | 11 | | LU 09 - 01 | -167 | -54 | -3 | [4]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst oscillated strongly, the near-month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on delivery warehouses, FU10 rose sharply and then fell. The low-sulfur cracking weakened, the spread oscillated, the LU internal and external spread fluctuated around 10 US dollars, and the MF0.5 basis began to rebound [3]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA's residue began to accumulate. The global supply and demand of high-sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provided support, and the EW spread was still recovering. The domestic high-sulfur spot was still in excess supply, so beware of overheating sentiment. The new round of sanctions has a large potential impact on the supply of heavy crude oil in China, which provides some support for the valuation of Asian fuel oil. This week, LU remained oscillating, and the basis of the external MF0.5 began to rebound. One can pay attention to the opportunity of the low-sulfur - high-sulfur spread widening in the fourth quarter [4]. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From August 27 to September 2, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed from 381.95 to 388.30, with a change of 0.19; the price of Rotterdam 0.5% VLS FO swap M1 changed from 454.66 to 457.64, with a change of 1.27; the Rotterdam HSFO - Brent M1 changed from -6.75 to -7.42, with a change of -1.02; etc. [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed from 394.03 to 400.25, with a change of 2.23; the price of Singapore 180cst M1 changed from 406.97 to 412.56, with a change of 0.48; the price of Singapore VLSFO M1 changed from 482.43 to 488.34, with a change of 5.97 [1]. Singapore Fuel Oil Spot Data - From August 27 to September 2, 2025, the FOB 380cst price changed from 395.34 to 402.43, with a change of 4.54; the FOB VLSFO price changed from 485.57 to 492.24, with a change of 6.79; the 380 basis changed from 1.50 to -0.05, with a change of 0.35 [2]. Domestic FU Data - During the same period, the price of FU 01 changed from 2790 to 2847, with a change of 23; the price of FU 05 changed from 2748 to 2807, with a change of 25; the price of FU 09 changed from 2763 to 2750, with a change of 13 [2]. Domestic LU Data - From August 27 to September 2, 2025, the price of LU 01 changed from 3444 to 3509, with a change of 58; the price of LU 05 changed from 3408 to 3458, with a change of 60; the price of LU 09 changed from 3418 to 3428, with a change of 54 [3].

Report Overview - Report Title: Fuel Oil Morning Report - Report Date: August 1, 2025 - Research Team: Energy and Chemicals Team of the Research Center Report Industry Investment Rating - Not provided Core Views - This week, the high - sulfur crack spread fluctuated, the near - month spread declined and returned to the historical low for the same period. EW continued to weaken and rebounded on Friday. The 380 9 - 10 month spread weakened to around $2, the 380 basis continued to weaken to -$7.25/ton, and the FU09 domestic - foreign spread rebounded and then fluctuated. The Singapore 0.5 crack spread declined fluctuantly, the 9 - 10 month spread weakened to around $2.75, the LU domestic - foreign spread weakened, and the 09 domestic - foreign spread dropped to $0.7. [4][5] - This week, Singapore's on - land inventory increased slightly, floating storage decreased, and the near - month spread was under pressure. Saudi Arabia's shipments and imports increased month - on - month, while the UAE's shipments decreased significantly month - on - month. Egypt's net imports decreased slightly month - on - month but remained at a seasonal high. High - sulfur supply and demand are still in the peak season. After the 380 crack spread declined, it fluctuated. Currently, the EW arbitrage window is theoretically open, and the domestic - foreign spread oscillated after repair. [5] - This week, the hi - 5 spread fluctuated after a slight decline. The domestic LU domestic - foreign spread decline was realized, and the FU - LU domestic - foreign valuation was partially realized. Attention should be paid to whether there is support for the 380 near - month contract. [5] Data Summary Rotterdam Fuel Oil Data - From July 25 to July 31, 2025, for Rotterdam 3.5% HSF O swap M1, the price changed from $418.40 to $430.91, with a change of -$3.62; for Rotterdam 0.5% VLS FO swap M1, the price changed from $464.12 to $485.27, with a change of -$2.48; for Rotterdam HSFO - Brent M1, the price changed from -$2.01 to -$3.80, with a change of -$0.20; etc. [2] Singapore Fuel Oil Data - From July 25 to July 31, 2025, for Singapore 380cst M1, the price changed from $410.89 to $416.80, with a change of -$1.87; for Singapore 180cst M1, the price changed from $423.97 to $430.45, with a change of -$1.63; for Singapore VLSFO M1, the price changed from $495.32 to $509.36, with a change of -$1.75; etc. [2][10] Singapore Fuel Oil Spot Data - From July 25 to July 31, 2025, for FOB 380cst, the price changed from $403.34 to $411.50, with a change of -$0.77; for FOB VLSFO, the price changed from $499.89 to $511.91, with a change of -$2.94; the 380 basis changed from -$6.25 to -$6.25, with a change of $0.05; etc. [3] Domestic FU Data - From July 25 to July 31, 2025, for FU 01, the price changed from 2921 to 2953, with a change of -12; for FU 05, the price changed from 2872 to 2909, with a change of -3; for FU 09, the price changed from 2915 to 2933, with a change of -23; etc. [3] Domestic LU Data - From July 25 to July 31, 2025, for LU 01, the price changed from 3549 to 3628, with a change of -24; for LU 05, the price changed from 3489 to 3593, with a change of -21; for LU 09, the price changed from 3611 to 3655, with a change of -37; etc. [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking fluctuated, the near - month spread declined and returned to the historical low for the same period. EW continued to weaken and rebounded on Friday. The 380 9 - 10 spread weakened to around $2, the 380 basis continued to weaken to -$7.25/ton, and the FU09 internal - external spread rebounded and then fluctuated [5]. - The Singapore 0.5 cracking fluctuated downward, the 9 - 10 spread weakened to around $2.75, the LU internal - external spread weakened, and the 09 internal - external spread dropped to $0.7 [6]. - This week, Singapore's on - land inventory increased slightly, floating storage decreased, the near - month spread was under pressure, Saudi Arabia's shipments increased month - on - month, imports from Saudi Arabia also increased, and the UAE's shipments decreased significantly month - on - month. Egypt's net imports decreased slightly month - on - month but remained at a seasonal high [6]. - High - sulfur supply and demand are still in the peak season. After the 380 cracking declined, it fluctuated. Currently, the EW arbitrage window is theoretically open, and the internal - external spread repaired and then fluctuated [6]. - This week, the hi - 5 spread fluctuated after a slight decline. The domestic LU internal - external spread decline was realized, and the FU - LU internal - external valuation was partially realized. Attention should be paid to whether there is support for the 380 near - month contract [6]. Group 3: Summary According to Data Rotterdam Market - From July 23 to July 29, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by $6.61, Rotterdam 0.5% VLS FO swap M1 increased by $5.21, Rotterdam HSFO - Brent M1 decreased by $0.07, Rotterdam 10ppm Gasoil swap M1 increased by $1.78, Rotterdam VLSFO - GO M1 increased by $3.43, LGO - Brent M1 decreased by $2.03, and Rotterdam VLSFO - HSFO M1 decreased by $1.40 [4]. Singapore Market - For Singapore fuel oil swaps from July 23 to July 29, 2025, Singapore 380cst M1 had a certain price change, Singapore 180cst M1 also changed, Singapore VLSFO M1 changed, and Singapore GO M1 changed. The Singapore 380cst - Brent M1 and Singapore VLSFO - GO M1 also had corresponding changes [4]. - For Singapore fuel oil spot, from July 23 to July 29, 2025, FOB 380cst increased by $5.89, FOB VLSFO increased by $8.44, and the 380 basis decreased by $0.05 [4]. Domestic Market - For domestic FU from July 23 to July 29, 2025, FU 01 increased by 40, FU 05 increased by 35, FU 09 increased by 48, FU 01 - 05 increased by 5, FU 05 - 09 decreased by 13, and FU 09 - 01 increased by 8 [4]. - For domestic LU from July 23 to July 29, 2025, LU 01 increased by 69, LU 05 increased by 48, LU 09 increased by 88, LU 01 - 05 increased by 21, LU 05 - 09 decreased by 40, and LU 09 - 01 increased by 19 [5].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - 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 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 fluctuated around $4.5. The LU internal - external spread weakened slightly and then fluctuated, with the 09 around $16. [6][7] - This week, Singapore's on - land 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. Although the high - sulfur supply and demand were in the peak season, 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 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, 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. [7] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 16 to July 22, 2025, for Rotterdam 3.5% HSF O swap M1, the price decreased from 410.02 to 418.59, a change of - 3.62; for Rotterdam 0.5% VLS FO swap M1, it decreased from 462.35 to 464.51, a change of - 5.40; and other indicators also had corresponding changes. [4] Singapore Fuel Oil Swap Data - During the same period, for Singapore 380cst M1, the price decreased from 405.67 to 408.54, a change of - 2.62; for Singapore 180cst M1, it decreased from 417.60 to 423.78, a change of - 1.43; and other indicators also changed accordingly. [4] Singapore Fuel Oil Spot Data - From July 16 to July 22, 2025, the FOB 380cst price decreased from 400.29 to 401.08, a change of - 3.89; the FOB VLSFO price increased from 496.46 to 498.63, a change of 1.08; and other indicators also had corresponding changes. [5] Domestic FU Data - During the same period, the FU 01 price increased from 2854 to 2894, a change of 8; the FU 05 price increased from 2804 to 2845, a change of 17; and other indicators also changed accordingly. [5] Domestic LU Data - From July 16 to July 22, 2025, the LU 01 price decreased from 3546 to 3525, a change of - 25; the LU 05 price decreased from 3467 to 3470, a change of - 30; and other indicators also had corresponding changes. [6]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the high-sulfur cracking spread fluctuated downward, the near-month spread declined, and the EW was in a low-level oscillation. The 380 8-9 month spread dropped to $3.25, the basis oscillated at a low level, the FU09 domestic and foreign spread weakened significantly, and the domestic delivery volume was large, maintaining a loose pattern. The Singapore 0.5 cracking spread declined slightly, the month spread oscillated, and the 8-9 month spread oscillated around $6. The LU domestic and foreign spreads remained strong, with the 09 oscillating around $17. This week, Singapore's onshore inventory increased, the window was under delivery pressure, and the near month was under pressure. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, the high-sulfur supply and demand was still in the peak season, the domestic and foreign spreads had dropped rapidly, the foreign low-sulfur valuation was high, and the LU domestic and foreign spreads were running at a high level. Attention should be paid to the domestic production situation. [3][4] Data Summary Rotterdam Fuel Oil Swap Data - From July 2, 2025, to July 8, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by $5.66, the price of Rotterdam 0.5% VLS FO swap M1 increased by $4.57, the Rotterdam HSFO-Brent M1 decreased by $0.02, the Rotterdam 10ppm Gasoil swap M1 increased by $13.76, the Rotterdam VLSFO-GO M1 decreased by $9.19, the LGO-Brent M1 increased by $1.28, and the Rotterdam VLSFO-HSFO M1 decreased by $1.09. [1] Singapore Fuel Oil Swap Data - From July 2, 2025, to July 8, 2025, the price of Singapore 380cst M1 increased by $7.37, the price of Singapore 180cst M1 increased by $6.98, the price of Singapore VLSFO M1 increased by $6.99, the price of Singapore GO M1 decreased by $0.43, the Singapore 380cst-Brent M1 increased by $0.19, and the Singapore VLSFO-GO M1 increased by $10.17. [1] Singapore Fuel Oil Spot Data - From July 2, 2025, to July 8, 2025, the FOB 380cst price increased by $9.62, the FOB VLSFO price increased by $5.90, the 380 basis increased by $1.25, the high-sulfur domestic and foreign spread decreased by $2.3, and the low-sulfur domestic and foreign spread increased by $0.6. [2] Domestic FU Data - From July 2, 2025, to July 8, 2025, the price of FU 01 increased by 21, the price of FU 05 increased by 13, the price of FU 09 increased by 25, the FU 01-05 spread increased by 8, the FU 05-09 spread decreased by 12, and the FU 09-01 spread increased by 4. [2] Domestic LU Data - From July 2, 2025, to July 8, 2025, the price of LU 01 increased by 31, the price of LU 05 increased by 44, the price of LU 09 increased by 44, the LU 01-05 spread decreased by 13, the LU 05-09 spread remained unchanged, and the LU 09-01 spread increased by 13. [3]

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 EW oscillated at a low level. The 380 8 - 9 month spread dropped to $3.25, the basis oscillated at a low level, the FU09 domestic - foreign spread weakened significantly, and the domestic delivery volume was large, maintaining a loose pattern. [5] - The Singapore 0.5 crack spread declined slightly, the monthly spread oscillated, and the 8 - 9 month spread oscillated around $6. The LU domestic - foreign spread remained strong, with LU09 oscillating around $17. [5] - This week, there was an inventory build - up on land in Singapore. The window was under delivery pressure, and the near - month contract was under pressure. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, the high - sulfur supply and demand was still in the peak season, and the domestic - foreign spread had dropped rapidly. The valuation of the low - sulfur on the external market was relatively high, and the LU domestic - foreign spread was running at a high level. One should pay attention to the domestic production situation. [6] 3. Data Summary Rotterdam Fuel Oil Swap Data | Type | Change | |--|--| | Rotterdam 3.5% HSF Swap M1 | +$9.14 | | Rotterdam 0.5% VLSFO Swap M1 | +$6.10 | | Rotterdam HSFO - Brent M1 | +$0.26 | | Rotterdam 10ppm Gasoil Swap M1 | -$6.08 | | Rotterdam VLSFO - Gasoil M1 | +$12.18 | | LGO - Brent M1 | -$2.02 | | Rotterdam VLSFO - HSFO M1 | -$3.04 | [3] Singapore Fuel Oil Swap Data | Type | Change | |--|--| | Singapore 380cst M1 | -$1.70 | | Singapore 180cst M1 | -$1.01 | | Singapore VLSFO M1 | -$4.70 | | Singapore Gasoil M1 | +$1.36 | | Singapore 380cst - Brent M1 | +$0.25 | | Singapore VLSFO - Gasoil M1 | -$14.77 | [3] Singapore Fuel Oil Spot Data | Type | Change | |--|--| | FOB 380cst | -$1.05 | | FOB VLSFO | -$5.58 | | 380 Basis | +$0.15 | | High - sulfur Domestic - foreign Spread | -$1.8 | | Low - sulfur Domestic - foreign Spread | +$0.7 | [4] Domestic FU Data | Type | Change | |--|--| | FU 01 | -9 | | FU 05 | -11 | | FU 09 | -19 | | FU 01 - 05 | +2 | | FU 05 - 09 | +8 | | FU 09 - 01 | -10 | [4] Domestic LU Data | Type | Change | |--|--| | LU 01 | -12 | | LU 05 | -8 | | LU 09 | -2 | | LU 01 - 05 | - | | LU 05 - 09 | -6 | | LU 09 - 01 | +10 | [5]

Report Information - Report Title: Fuel Oil Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: July 4, 2025 [2] Core Viewpoints - This week, the high-sulfur cracking fluctuated and declined, the near-month spread decreased, and the EW weakened rapidly. The 380 8-9 spread dropped to $4.25, the basis oscillated at a low level, the FU07 internal and 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 0.5 cracking in Singapore rebounded, the spread decreased to around $5, the basis weakened slightly, and oscillated at $6. The LU internal and external spread remained strong, with the 09 oscillating at around $17. [7] - This week, the onshore inventory in Singapore increased, the floating storage oscillated at a high level, the low-sulfur floating storage decreased slightly, the onshore inventory in ARA increased slightly, but the inventory was still at the lowest level in the same period in history, the floating storage inventory oscillated, and the low-sulfur floating storage increased. The onshore inventory in Fujairah increased significantly, and the floating storage decreased slightly. [7] - This week, the geopolitical risk was lifted. Recently, the 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. Recently, the high-sulfur was still in the peak power generation season, the near-month internal and external spreads of FU were suppressed, the valuation was low, and the game continued. Subsequently, pay attention to the shipping situation in the Middle East. The LU internal and external spreads were running at a high level, and pay attention to the domestic production situation. [7] Data Summary Rotterdam Market | Product | Change | | --- | --- | | 3.5% HSF Swap M1 | +$2.03 | | 0.5% VLSFO Swap M1 | +$6.35 | | HSFO-Brent M1 | -$0.30 | | 10ppm Gasoil Swap M1 | +$10.10 | | VLSFO-GO M1 | -$3.75 | | LGO-Brent M1 | +$1.48 | | VLSFO-HSFO M1 | +$4.32 | [3] Singapore Market Swap Data | Product | Change | | --- | --- | | 380cst M1 | +$2.80 | | 180cst M1 | +$3.46 | | VLSFO M1 | +$4.37 | | GO M1 | +$0.94 | | 380cst-Brent M1 | -$0.39 | | VLSFO-GO M1 | -$2.59 | [6] Spot Data | Product | Change | | --- | --- | | FOB 380cst | +$0.30 | | FOB VLSFO | +$3.62 | | 380 Basis | -$1.50 | | High-sulfur Internal and External Spread | -$1.5 | | Low-sulfur Internal and External Spread | +$0.2 | [3] Domestic Market FU Data | Product | Change | | --- | --- | | FU 01 | +18 | | FU 05 | +14 | | FU 09 | +27 | | FU 01 - 05 | +4 | | FU 05 - 09 | -13 | | FU 09 - 01 | +9 | [3] LU Data | Product | Change | | --- | --- | | LU 01 | +27 | | LU 05 | +25 | | LU 09 | +27 | | LU 01 - 05 | +2 | | LU 05 - 09 | -2 | | LU 09 - 01 | 0 | [4]

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]