Group 1: Report Information - Report title: "Asphalt Morning Report" [2] - Research team: Research Center Energy and Chemicals Team - Report date: June 25, 2025 [3] Group 2: Futures Data Futures Contracts - The prices of BU main contract, BU06, BU09, BU12, and BU03 on June 24 were 3580, 3301, 3580, 3417, and 3341 respectively, with daily changes of -201, -171, -201, -203, and -190, and weekly changes of -87, -349, -87, -82, and -82 [4]. Trading Volume and Open Interest - The trading volume on June 24 was 623,658, with a daily increase of 202,050 and a weekly increase of 180,885. The open interest was 531,329, with a daily decrease of 52,841 and a weekly decrease of 9,847 [4]. Warehouse Receipts - The number of warehouse receipts on June 24 was 59,010, with a daily and weekly increase of 3,850 [4]. Group 3: Spot Market Data Regional Low - end Prices - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on June 24 were 3620, 3710, 3620, 3830, and 3980 respectively. The daily changes were 0, 0, -60, -50, and 0, and the weekly changes were 20, 30, 90, 50, and 50 [4]. Specific Spot Prices - The prices of Jingbo (Haiyun), Tianhai, and Xinhai (Xin Bohai) on June 24 were 3770, 3800, and 3830 respectively, with daily changes of -50, 0, and -50, and weekly changes of 70, 100, and 50 [4]. Price Differences between Regions - The price differences between Shandong - East China, Shandong - Northeast, and East China - South China on June 24 were -90, -360, and 90 respectively, with daily changes of 0, 0, and 60, and weekly changes of -10, -30, and -60 [4]. Group 4: Basis and Calendar Spread Data Basis - The Shandong, East China, and South China basis on June 24 were 40, 130, and 40 respectively, with daily increases of 201, 201, and 141, and weekly increases of 107, 117, and 177 [4]. Calendar Spread - The spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on June 24 were 40, -279, 163, and 76 respectively, with daily changes of -19, 30, 2, and -13, and weekly changes of 267, -262, -5, and 0 [4]. Group 5: Crack Spread and Profit Data Crack Spread and Profits - The asphalt Brent crack spread on June 24 was -126, with a daily increase of 291 and a weekly increase of 282. The asphalt Marrow profit was -184, with a daily increase of 263 and a weekly increase of 254. The ordinary refinery comprehensive profit was 506, with a daily increase of 225 and a weekly increase of 377 [4]. Import Profits - The import profits from South Korea to East China and from Singapore to South China on June 24 were -119 and -790 respectively, with daily changes of 7 and -52, and weekly changes of -48 and 81 [4]. Group 6: Related Prices - The Brent crude oil price on June 24 was 71.5, with a daily decrease of 5.5 and a weekly decrease of 5. The gasoline, diesel, and residual oil prices in Shandong market on June 24 were 8113, 7068, and 3850 respectively, with daily changes of -43, -57, and -75, and weekly changes of 263, 253, and 75 [4].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - In the short - term, with the expectation of increased supply, the chemical demand is expected to rise, which may boost the market in Shandong, while the markets in East and South China are more likely to fluctuate. The geopolitical situation has significantly escalated, and the US attack on three Iranian nuclear facilities is expected to have a large impact on the sentiment side, so cautious operation is recommended [1]. 3) Summary by Related Catalogs Market Price Data - From June 1 to June 24, 2025, the prices of South China LPG, East China LPG, Shandong LPG, Shandong ether - after carbon four, and Shandong alkylated oil showed certain fluctuations. For example, South China LPG increased from 4660 to 4695, with a daily change of 45 on June 24 [1]. - The prices of propane CFR South, propane CIF Japan, MB propane spot, and CP forecast prices also fluctuated, and there were daily changes such as - 25 for MB propane spot on June 24 [1]. - The paper import profit showed a change of 248 on June 24, and the主力基差 changed by 319 [1]. Market Analysis - The cheapest deliverable is East China civil gas at 4667. The PP price dropped significantly, FEI and CP prices tumbled, PDH production profit improved, and the FEI production cost is higher than that of CP. The PG futures market declined significantly, and the 07 - 09 spread remained at 99 [1]. - The US - to - Far - East arbitrage window is closed. Civil gas prices first rose and then fell due to continuous disturbances in international supply, but sufficient domestic supply and weak demand. The PG futures market strengthened unilaterally due to geopolitical impacts, the 07 contract basis weakened to 80 (- 141), and the spreads (07 - 08 and 07 - 09) weakened significantly [1]. - The outer - market prices continued to strengthen, and the oil - gas ratio increased. In terms of regional spreads, the internal - external spread continued to strengthen, FEI - MB strengthened slightly, while FEI - CP and MB - CP weakened [1]. Fundamental Analysis - In terms of fundamentals, port arrivals were delayed, chemical demand increased slightly, port inventories and storage capacity ratios decreased, factory inventories were basically flat, and external sales were basically unchanged [1]. - Chemical demand was supported, PDH and MTBE operating rates increased, and the alkylation rate was basically flat. Many PDH plants are expected to increase their loads in the future, which will drive up the PDH operating rate [1]. - The number of registered warrants decreased by 647 to 8358 hands, mainly due to a decrease of 270 in Jinneng Chemical and 377 in Shanghai Yuchi [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated. Crude oil prices rose significantly. High - sulfur fuel oil with a large proportion of Iranian supply performed well in terms of oil product profits. The 380 - cst monthly spread fluctuated, with the 8 - 9 month spread at $7.5. The basis fluctuated, and there was a differentiation between the near and far months of the FU inside - outside market. 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 - cst crack spread in Singapore declined, and the monthly spread fluctuated [5]. - This week, Singapore's on - land inventory decreased, high - sulfur floating storage inventory increased, low - sulfur floating storage inventory increased, ARA's inventory decreased, floating storage inventory fluctuated, and the US inventory decreased. Saudi Arabia's shipments decreased month - on - month, and the shipments 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 not being able to participate in the physical delivery of the futures market. It is expected that Iran's future shipments will decline, mainly due to the impact of US sanctions. If the risk events in the Strait of Hormuz escalate, the impact scale will increase. Recently, high - sulfur fuel oil is still in the peak power - generation season, the external market is running strongly, the near - month contracts of the FU inside - outside market are under pressure, the valuation is low, and the game continues. Attention should be paid to the impact of supply interruption on the far - month contracts, while the inside - outside valuation of the LU is high [6]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Item | Change | | --- | --- | | 3.5% HSF O Swap M1 | -$4.35 | | 0.5% VLS FO Swap M1 | +$1.35 | | HSFO - Brent M1 | -$0.68 | | 10ppm Gasoil Swap M1 | -$14.62 | | VLSFO - Gasoil M1 | +$15.97 | | LGO - Brent M1 | +$4.09 | | VLSFO - HSFO M1 | +$5.70 | [3] Singapore Fuel Oil Swap Data | Item | Change | | --- | --- | | 380cst M1 | -$6.99 | | 180cst M1 | -$6.02 | | VLSFO M1 | -$3.46 | | Gasoil M1 | -$2.85 | | 380cst - Brent M1 | -$0.71 | | VLSFO - Gasoil M1 | +$17.63 | [3] Singapore Fuel Oil Spot Data | Item | Change | | --- | --- | | FOB 380cst | -$3.22 | | FOB VLSFO | -$0.88 | | 380 Basis | +$0.95 | | High - sulfur Inside - outside Spread | +$0.8 | | Low - sulfur Inside - outside Spread | +$2.6 | [4] Domestic FU Futures Data | Item | Change | | --- | --- | | FU 01 | +28 | | FU 05 | +21 | | FU 09 | +22 | | FU 01 - 05 | +7 | | FU 05 - 09 | -1 | | FU 09 - 01 | -6 | [4] Domestic LU Futures Data | Item | Change | | --- | --- | | LU 01 | +49 | | LU 05 | +14 | | LU 09 | +51 | | LU 01 - 05 | +35 | | LU 05 - 09 | -37 | | LU 09 - 01 | +2 | [5]

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]

Report Industry Investment Rating - Not provided in the document Report's Core View - In the short - term, with the expectation of increased supply, the expected increase in chemical demand provides some support. It is expected that Shandong will be boosted, while East and South China markets will be more volatile. Geopolitical factors have significantly escalated, which is expected to have a large impact on the sentiment side, and cautious operation is recommended [1] Summary by Relevant Catalog Price and Basis Information - The cheapest deliverable is Shandong civil gas at 4630. The PG futures price has increased, with the 07 - 09 spread decreasing by 6 to 97. The US to Far - East arbitrage window is closed [1] - Civil gas prices first rose and then fell. The current cheapest deliverable is East China civil gas at 4657. The PG futures price has strengthened significantly unilaterally due to geopolitical shocks. The 07 contract basis has weakened to 80 (-141), and the spreads have weakened significantly, with 07 - 08 at 10 and 07 - 09 at 195 [1] Price Changes - From June 1 to June 20, 2025, the daily changes in prices include: South China LPG -10, East China LPG 7, Shandong LPG 80, Shandong ether - post - carbon - four 1, Shandong alkylated oil -5, etc. [1] Market Conditions - The CFR prices of propane in South China and East China are basically flat. The outer - market prices have continued to strengthen, and the oil - gas ratio has increased [1] - In terms of regional spreads, the internal - external spread has strengthened, FEI - MB has strengthened slightly, FEI - CP and MB - CP have weakened. The US - Asia arbitrage window is closed. The AFEI propane FOB discount has weakened slightly to 2.25, and the CP CIF discount has dropped significantly to 12 US dollars. Freight has increased slightly [1] Downstream Profits - The PDH spot profit has improved due to the increase in drawing prices. The profit of producing PP with FEI has decreased, while the profit of producing with CP has increased. The profits of alkylation and MTBE have decreased, and the FEI - MOPJ spread has shifted downward [1] Fundamental Information - Due to delayed arrivals and a slight increase in chemical demand, port inventories and storage capacity ratios have decreased, while factory inventories have remained basically flat, and external sales have remained basically unchanged [1] - Chemical demand has support, with the operating rates of PDH and MTBE increasing, and the alkylation rate remaining basically flat. Subsequently, many PDH plants are expected to increase their loads, driving up the PDH operating rate [1] Warehouse Receipt Information - The number of registered warehouse receipts is 8358 lots (-647), mainly due to a decrease of 270 at Jinneng Chemical and 377 at Shanghai Yuchi [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the high - sulfur cracking fluctuated, with crude oil rising significantly. High - sulfur fuel oil showed good performance in oil product profits due to a large proportion of Iranian supply. The 380 - month spread fluctuated, with a 7 - 8 - month spread of $11.5, and the basis strengthened. The domestic FU showed a differentiation between near and far months, with 07 dropping to around -$5 (it is expected that there will be a relatively large amount of delivery goods), and 09 fluctuating at $9. The Singapore 0.5 cracking declined, while the month - spread and basis strengthened. [5][6] - This week, 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 significantly accumulated. Saudi Arabia's shipments increased significantly, while Russia's shipments decreased month - on - month. 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 participate in physical delivery on the futures market. It is expected that Iran's shipments will decline in the future due to US sanctions, and if the risk events in the Strait of Hormuz escalate, the impact will be greater. [6] - Currently, high - sulfur fuel oil is still in the peak power - generation season, suppressing the near - month contracts of domestic and foreign FU, with low valuation and continued gaming. In the future, attention should be paid to the shipping situation in the Middle East, and the significant downward driving force at home and abroad has decreased. The domestic LU production increased month - on - month. [6] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From June 13 to June 19, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by $24.82, Rotterdam 0.5% VLS FO swap M1 increased by $21.27, Rotterdam HSFO - Brent M1 increased by $0.57, Rotterdam 10ppm Gasoil swap M1 increased by $57.41, Rotterdam VLSFO - GO M1 decreased by $36.14, LGO - Brent M1 increased by $5.23, and Rotterdam VLSFO - HSFO M1 decreased by $3.55. [3] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 increased by $1.57, Singapore 180cst M1 increased by $2.99, Singapore VLSFO M1 increased by $4.04, Singapore GO M1 increased by $3.35, Singapore 380cst - Brent M1 decreased by $1.25, and Singapore VLSFO - GO M1 decreased by $20.75. [3] Singapore Fuel Oil Spot Data - From June 13 to June 19, 2025, the FOB 380cst price decreased by $1.59, FOB VLSFO increased by $2.64, the 380 - basis decreased by $2.90, the high - sulfur domestic - foreign price difference decreased by $1.7, and the low - sulfur domestic - foreign price difference increased by $0.4. [4] Domestic FU Data - During this period, FU 01 increased by 35, FU 05 increased by 24, FU 09 increased by 36, FU 01 - 05 increased by 11, FU 05 - 09 decreased by 12, and FU 09 - 01 increased by 1. [4] Domestic LU Data - From June 13 to June 19, 2025, LU 01 increased by 54, LU 05 increased by 143, LU 09 increased by 62, LU 01 - 05 decreased by 89, LU 05 - 09 increased by 81, and LU 09 - 01 increased by 8. [5]

Report Information - Report Name: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: June 20, 2025 [3] 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - No core view is explicitly stated in the provided content. 3. Summary by Relevant Catalog Futures Contracts - **Prices**: The BU main contract price increased from 3519 on May 21 to 3738 on June 19, with a daily change of 43 and a weekly change of 277. Other contracts like BU06, BU09, BU12, and BU03 also showed various price changes during the period [4]. - **Volume and Open Interest**: The trading volume on June 19 was 412,737, with a daily increase of 53,393 and a weekly increase of 110,941. The open interest on June 19 was 549,599, with a daily increase of 4,534 and a weekly increase of 67,306 [4]. Spot Market - **Prices**: Low - end prices in different regions such as Shandong, East China, South China, North China, and Northeast China all showed upward trends. For example, the Shandong market low - end price rose from 3450 on May 21 to 3620 on June 19, with a daily increase of 20 and a weekly increase of 130 [4]. - **Price Differentials**: The price differentials between regions (e.g., Shandong - East China, Shandong - Northeast, East China - South China) also changed. For instance, the Shandong - East China differential increased from - 70 on May 21 to - 60 on June 19, with a daily increase of 20 and a weekly increase of 30 [4]. Basis and Calendar Spreads - **Basis**: The basis values for different regions (Shandong, East China, South China) changed over time. For example, the Shandong basis decreased from - 69 on May 21 to - 118 on June 19, with a daily decrease of 23 and a weekly decrease of 147 [4]. - **Calendar Spreads**: The spreads between different contract months (03 - 06, 06 - 09, 09 - 12, 12 - 03) also had fluctuations. For example, the 03 - 06 spread increased from - 288 on May 21 to 31 on June 19, with a daily increase of 13 and a weekly increase of 310 [4]. Crack Spreads and Profits - **Crack Spreads and Profits**: The asphalt Brent crack spread decreased from 12 on May 21 to - 405 on June 19, with a daily increase of 7 and a weekly decrease of 260. The asphalt Marrow profit decreased from - 55 on May 21 to - 436 on June 19, with a daily increase of 6 and a weekly decrease of 237. The ordinary refinery's comprehensive profit decreased from 431 on May 21 to 158 on June 19, with a daily decrease of 4 and a weekly decrease of 145 [4]. Related Prices - **Related Commodity Prices**: Brent crude oil price increased from 65.4 on May 21 to 76.7 on June 19, with a daily increase of 0.3 and a weekly increase of 7.3. The gasoline market price in Shandong increased from 7405 on May 21 to 7947 on June 19, with a daily increase of 6 and a weekly increase of 401 [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]

Report Overview - Report Date: June 18, 2025 [2] - Report Team: Research Center's Energy and Chemicals Team of ONGAN FUTURES [2] Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur cracking was volatile, with crude oil rising significantly. High-sulfur fuel oil, with a large proportion of Iranian supply, performed well in oil product profits. The 380-month spread was volatile, with the 7 - 8 spread at $11.5, and the basis strengthened. The domestic FU showed a differentiation between near and far months, with the 07 contract falling to around -$5 (it is expected that there will be a large amount of delivery goods), and the 09 contract fluctuating at $9. The Singapore 0.5 cracking declined, the month spread strengthened month-on-month, and the basis strengthened [5]. - This week, Singapore's onshore inventory continued to accumulate, high-sulfur floating storage accumulated, low-sulfur floating storage oscillated at a low level, ARA slightly destocked, floating storage inventory oscillated, Fujairah's onshore inventory accumulated, floating storage significantly accumulated, Saudi Arabia's shipments increased significantly, and Russia's shipments decreased month-on-month. 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 not being eligible for physical delivery on the futures market. It is expected that Iran's shipments will decline in the future due to US sanctions. If the risk event in the Strait of Hormuz escalates, the impact will be greater. Recently, high-sulfur fuel oil is still in the peak power generation season, suppressing the near-month contracts of domestic and international FU, with low valuation and continued gaming. In the future, attention should be paid to the shipping situation in the Middle East, and the large downward driving force for both domestic and international markets has decreased. The production of LU increased month-on-month [6]. Data Summaries Rotterdam Fuel Oil Swap Data (M1) | Product | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | 2025/06/17 | Change | | --- | --- | --- | --- | --- | --- | --- | | 3.5% HSF | 409.51 | 417.96 | 441.01 | 440.56 | 458.53 | 17.97 | | 0.5% VLS | 461.45 | 468.13 | 487.74 | 480.32 | 500.63 | 20.31 | | HSFO - Brent | -2.98 | -2.76 | -2.60 | -1.20 | -1.72 | -0.52 | | 10ppm Gasoil | 616.64 | 625.97 | 662.68 | 661.89 | 704.24 | 42.35 | | VLSFO - Gasoil | -155.19 | -157.84 | -174.94 | -181.57 | -203.61 | -22.04 | | LGO - Brent | 15.03 | 16.61 | 16.61 | 17.44 | 19.66 | 2.22 | | VLSFO - HSFO | 51.94 | 50.17 | 46.73 | 39.76 | 42.10 | 2.34 | [3] Singapore Fuel Oil Swap Data (M1) | Product | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | | 380cst | 415.25 | 429.92 | 459.79 | 470.69 | - | | 180cst | 422.25 | 437.61 | 467.24 | 477.81 | - | | VLSFO | 488.19 | 499.41 | 525.21 | 526.47 | - | | Gasoil | 81.81 | 83.98 | 87.92 | 89.80 | - | | 380cst - Brent | -0.88 | -0.39 | 0.21 | 1.75 | - | | VLSFO - Gasoil | -117.20 | -122.04 | -125.40 | -138.05 | - | [3] Singapore Fuel Oil Spot Data | Product | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | 2025/06/17 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 435.55 | 448.16 | 471.75 | 484.57 | 485.00 | 0.43 | | FOB VLSFO | 499.42 | 511.48 | 534.27 | 536.09 | 539.02 | 2.93 | | 380 Basis | 12.95 | 10.25 | 7.80 | 10.40 | 8.03 | -2.37 | | High - Sulfur Domestic - Foreign Spread | 6.8 | 6.2 | 12.2 | 11.0 | 10.5 | -0.5 | | Low - Sulfur Domestic - Foreign Spread | 17.6 | 17.1 | 20.3 | 18.7 | 18.6 | -0.1 | [4] Domestic FU Data | Product | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | 2025/06/17 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2780 | 2852 | 3048 | 3079 | 3028 | -51 | | FU 05 | 2727 | 2798 | 2986 | 3004 | 2964 | -40 | | FU 09 | 2912 | 2997 | 3205 | 3276 | 3247 | -29 | | FU 01 - 05 | 53 | 54 | 62 | 75 | 64 | -11 | | FU 05 - 09 | -185 | -199 | -219 | -272 | -283 | -11 | | FU 09 - 01 | 132 | 145 | 157 | 197 | 219 | 22 | [4] Domestic LU Data | Product | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | 2025/06/17 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3414 | 3496 | 3671 | 3695 | 3643 | -52 | | LU 05 | 3348 | 3461 | 3625 | 3620 | 3575 | -45 | | LU 09 | 3524 | 3609 | 3785 | 3829 | 3762 | -67 | | LU 01 - 05 | 66 | 35 | 46 | 75 | 68 | -7 | | LU 05 - 09 | -176 | -148 | -160 | -209 | -187 | 22 | | LU 09 - 01 | 110 | 113 | 114 | 134 | 119 | -15 | [5] Fuel Oil Morning Report Data (2025/06/17) | Product | Value | Change | | --- | --- | --- | | - | 475.20 | 4.51 | | - | 480.95 | 3.14 | | - | 530.09 | 3.62 | | - | 90.67 | 0.87 | | - | 2.10 | 0.35 | | - | -140.87 | -2.82 | [11]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The fundamentals of the LPG market are marginally improving but still under pressure, with significant geopolitical risks. It is recommended to operate with caution [1] 3) Summary by Relevant Content a) Price Changes - **Daily Changes**: In the civil gas segment, prices in Shandong remained stable at 4610, increased by 61 to 4677 in East China, and decreased by 30 to 4690 in South China. The price of ether - post carbon four decreased by 20 to 4960. The cheapest deliverable was Shandong civil gas at 4610. The PP price declined, PDH production profit worsened, and FEI production profit was lower than CP. The PG futures price was revised downwards, the basis of the 07 contract increased by 16 to 228, and the 07 - 09 spread decreased by 18 to 160. The US - to - Far - East arbitrage window closed [1] - **Weekly Changes**: Civil gas prices rose significantly, with the cheapest deliverable being East China civil gas at 4603. There were signs of stabilization in Shandong; the market in East China was generally weak due to the expected commissioning of Zhenhai Phase II but improved marginally due to the postponed commissioning of Daxie; the spot market in South China rebounded due to the impact of typhoons on ship arrivals. The PG futures market was strong, the basis of the 07 contract weakened to 221 (-130), and the 07 - 09 spread was 195 (+10). The external market price strengthened significantly, mainly affected by geopolitical factors. In terms of spreads, PG - CP reached 18 US dollars (+27), and FEI - CP reached -19 (+31). Freight rates increased, and the waiting time at the Panama Canal for VLGCs decreased [1] b) Production Profit and Market Conditions - PDH production profit worsened, and FEI production profit was lower than CP. The profitability of alkylated oil decreased significantly, MTBE gas - fractionation etherification profit increased, isomerization etherification profit decreased, and the spreads of FEI - MOPJ and naphtha cracking decreased [1] c) Supply and Demand - **Supply**: Port inventories and factory inventories decreased. Arrivals and external shipments declined, and it is expected that external shipments will increase and arrivals will decrease in the future [1] - **Demand**: Chemical demand improved overall. The operating rate of PDH increased to 64.3%, the operating rate of alkylation increased to 48.18%, and MTBE production increased significantly. With rising temperatures, combustion demand is expected to decline [1] d) Futures Market - The PG futures price was adjusted. The basis of the 07 contract and the 07 - 09 spread changed. The number of registered warehouse receipts was 9005 lots (-335) [1]