1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall fundamentals of LPG remain weak, with chemical demand in Shandong providing some support, but supply pressure in other regions is high and demand continues to be sluggish. The expected increase in external sales volume and decrease in inbound volume. Chemical demand is expected to be supported in the short - term, and the PDH operating rate is expected to increase next week. Combustion demand is expected to decline as the temperature rises [1] 3. Summary by Relevant Catalogs 3.1 Daily Data - From 2025/06/03 to 2025/06/09, prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. showed various changes. The daily changes were 20, 2, 10, 1, - 4 respectively. The arbitrage window is closed, the contract basis has weakened, and the monthly spread has strengthened significantly. The FEI and MB in the outer market are basically flat, CP has declined, and the oil - gas ratio has increased. The internal - external price difference has strengthened, especially PG - CP [1] 3.2 Weekly View - Factory inventories have increased, with Shandong factory inventories being depleted due to chemical demand. Arrivals have increased (mainly in South China), and external sales have increased significantly. It is expected that external sales will continue to increase and inbound volume will decline. Chemical demand is expected to be supported in the short - term, the PDH operating rate is basically flat and is expected to increase next week. The subsequent expected recovery in gasoline demand will drive up the demand for alkylated oil. The demand for C4 is expected to increase as several MTBE plants plan to start operations next week. Combustion demand is expected to decline as the temperature rises. The number of registered warehouse receipts is 9304 lots (-565) [1] 3.3 Daily Changes - In terms of civil gas, prices in Shandong, East China, and South China have increased. The price of ether - post - carbon four has increased. The cheapest deliverable is East China civil gas. FEI and CP import costs have increased, PP prices have increased, and the profits of FEI and CP for PP production have increased. The PG futures price has fluctuated upwards. The basis of the 07 contract has weakened, and the 07 - 09 monthly spread has strengthened. The US to Far East civil gas was generally weak last week. The port inventory has slightly increased, and the terminal has offered discounts [1]

| | | | | 燃料油早报 | | 研究中心能化团队 2025/06/09 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/30 | 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 | | 2025/06/04 | 391.22 | 442.85 | -2.37 | 589.89 | -147.04 | 16.42 | 51.63 | | ...

2025年6月9日 曹剑兰 | ZOOJaREE | | --- | 原木期货日报 证监许可 【2011】1292号 | 持续。当前盘面价格反弹,07合约将进入交割月迎来首次交割,后续交割成本逻辑支 | | --- | | 撑下盘面或有分歧。建议单边观望为主,本月主力将移仓至09合约,可关注月差变 | | 化,反套参与。 | | 数据来源:海关总署、木联数据、Wind、广发期货研究所。请仔细阅读报告尾端免责声明。 | | 兜贡声明 | | 本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。本报告反映 | | 研究人员的不同观点、见解及分析方法，并不代表广发期货或其附属机构的立场。在任何情况下，报告内容仅供参考，报告中的信息或所表 | | 这的意见并不够成所达品种买卖的出价或狗价，投资者据比投资，风险自控。本报告音在发送给广发明朗特定客户及其他专业人士、版权归 | | 广发期货所有，未经广发期货书面授权，任何人不得对本报告进行任何形式的发布、复制。如引用、刊发，需注明出处为"广发明货"。 | | 知识图强,求实奉献,客户至上,合作共赢 | | 关注微 ...

Report Summary 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 slightly, the 380 near - end ran strongly, the monthly spread oscillated at a high level, and the basis strengthened again. The low - sulfur crack spread oscillated, the near - end monthly spread oscillated, and the basis weakened. [3] - This week, on - shore inventories in Singapore continued to accumulate, ARA ports had a slight inventory build - up, US residual oil had inventory drawdown, and Fujairah had significant inventory drawdown. [3] - Recently, the low - sulfur valuation has been realized. After the supply recovery, there is room for the crack spread and the inter - month spread to repair downward. [4] - The high - sulfur crack spread is running strongly, with profits higher than the historical average. This year, affected by the consumption tax deduction and tariff adjustment in China, the demand for fuel oil refinery feedstock has declined significantly. In terms of marine fuel, the global high - sulfur marine fuel from January to March increased by 2% year - on - year, Singapore remained basically flat, and the total marine fuel was weaker year - on - year. Follow - up attention should be paid to the impact of tariffs on global trade activities. [4] - Recently, the net import of Saudi residual oil has rebounded, and Egypt's purchases have continued. The high - sulfur near - end remains strong, and attention should be paid to the opportunity of the high - sulfur crack spread to decline in the medium and long term. [4] 3. Key Points by Category Rotterdam Fuel Oil - From May 29 to June 5, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 5.78, Rotterdam 0.5% VLS FO swap M1 changed by 7.50, Rotterdam HSFO - Brent M1 changed by - 0.08, Rotterdam 10ppm Gasoil swap M1 changed by 9.50, Rotterdam VLSFO - Gasoil M1 changed by - 2.00, LGO - Brent M1 changed by 0.76, and Rotterdam VLSFO - HSF M1 changed by 1.72. [1] Singapore Fuel Oil - **Swap Prices**: From May 29 to June 5, 2025, the price of Singapore 380cst M1 changed by 0.42, Singapore 180cst M1 changed by 0.17, Singapore VLSFO M1 changed by - 4.31, Singapore Gasoil M1 changed by - 0.86, Singapore 380cst - Brent M1 changed by 0.79, and Singapore VLSFO - Gasoil M1 changed by 2.05. [1] - **Spot Prices**: From May 29 to June 5, 2025, the FOB 380cst price changed by 1.82, FOB VLSFO changed by - 4.17, the 380 basis changed by 0.90, the high - sulfur domestic - foreign price difference changed by 0.9, and the low - sulfur domestic - foreign price difference changed by 3.3. [2] Domestic FU - From May 29 to June 5, 2025, FU 01 changed by 2, FU 05 changed by 5, FU 09 changed by 12, FU 01 - 05 changed by - 3, FU 05 - 09 changed by - 7, and FU 09 - 01 changed by 10. [2] Domestic LU - From May 29 to June 5, 2025, LU 01 changed by - 25, LU 05 changed by - 30, LU 09 changed by - 21, LU 01 - 05 changed by 5, LU 05 - 09 changed by - 9, and LU 09 - 01 changed by 4. [3]

Report Information - Report Title: "Asphalt Morning Report" [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: June 4, 2025 [3] Key Data Summary Futures Contracts - BU主力合约: Price on 6/3 was 3482, with a weekly change of -44 [4] - BU06: Price on 6/3 was 3479, daily change 27, weekly change -60 [4] - BU09: Price on 6/3 was 3456, daily change 42, weekly change -22 [4] - BU12: Price on 6/3 was 3291, daily change 54, weekly change -6 [4] - BU03: Price on 6/3 was 3260, weekly change 2 [4] Trading Volume and Open Interest - Volume: 406179 on 6/3, daily change -173747, weekly change 13911 [4] - Open Interest: 423125 on 6/3, daily change 2661, weekly change 35582 [4] - Inventory: Remained 55160 from 4/30 to 6/3, no change [4] Spot Prices - Shandong Market Low-end Price: 3470 on 6/3, daily and weekly change 20 [4] - East China Market Low-end Price: 3550 on 6/3, daily change 30, weekly change 30 [4] - South China Market Low-end Price: 3360 on 6/3, daily change 80, weekly change -20 [4] - North China Market Low-end Price: 3640 on 6/3, weekly change 60 [4] - Northeast Market Low-end Price: 3780 on 6/3, weekly change 80 [4] Basis and Calendar Spreads - Shandong Basis: -12 on 6/3, daily change -5, weekly change 64 [4] - East China Basis: 68 on 6/3, daily change 5, weekly change 74 [4] - South China Basis: -122 on 6/3, weekly change 24 [4] - 03 - 06 Spread: -219 on 6/3, daily change 32, weekly change 62 [4] - 06 - 09 Spread: 23 on 6/3, daily change -15, weekly change -38 [4] - 09 - 12 Spread: 158 on 6/3, daily change -12, weekly change -16 [4] - 12 - 03 Spread: 31 on 6/3, daily change -5, weekly change -8 [4] - Consecutive Spread: 9 on 6/3, daily change -10, weekly change -10 [4] Crack Spreads and Profits - Asphalt Brent Crack Spread: 73 on 6/3, daily change -25, weekly change -22 [4] - Asphalt Ma Rui Profit: -23 on 6/3, weekly change -20 [4] - Ordinary Refinery Comprehensive Profit: 534 on 6/3 [4] - Ma Rui-type Refinery Comprehensive Profit: Data for 6/3 is N/A [4] - Import Profit (South Korea - East China): -194 on 6/3, daily change -93, weekly change -100 [4] - Import Profit (Singapore - South China): -1031 on 6/3, daily change 63, weekly change -34 [4] Related Prices - Brent Crude Oil: 64.6 on 6/3, daily change 0.7, weekly change 0.5 [4] - Shandong Gasoline Market Price: 7575 on 6/3, daily change 92, weekly change 146 [4] - Shandong Diesel Market Price: 6664 on 6/3, daily change 88, weekly change 132 [4] - Shandong Residue Oil Market Price: 3710 on 6/3, daily change -50, weekly change -82 [4]

6月3日股指期货套利监测日报 金十期货6月3日讯， 2.月差：沪深300IF2506-2507价差为37.2，上证50IH2506-2507价差为30.6，中证500IC2506-2507价差为 70.6，中证1000IM2506-2507价差为88.2。 1.基差：沪深300 IF2506合约贴水27.21，上证50 IH2506合约贴水18.7，中证500 IC2506合约贴水56.44， 中证1000 IM2506合约贴水72.04； ...

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The fundamentals of the LPG market are still weak overall, with expected overall supply growth, some support from Shandong's chemical demand, but weak combustion demand [1]. 3. Summary by Relevant Content Price Changes - In the civil gas segment, prices in Shandong increased by 40 to 4550, remained stable in East China at 4505, and decreased by 40 to 4710 in South China; ether - post C4 decreased by 40 to 4640, and the cheapest deliverable is East China civil gas at 4505 [1]. - The PG futures price declined with the drop in oil prices. The basis of the 07 contract is currently 513; the 07 - 08 spread is 84, and the 07 - 09 spread is 150 [1]. - The import cost increased, PP prices rose, and PP production profit decreased. The US - to - Far - East arbitrage window opened [1]. Weekly Changes - From Monday to Thursday, the PG futures price fluctuated upwards, and on Friday, it significantly declined due to the drop in oil prices. The basis of the 07 contract strengthened, and the spreads of 07 - 08 and 07 - 09 also strengthened [1]. - In the external market, FEI and MB slightly declined, while CP slightly increased; the oil - gas ratios in North Asia and the US fluctuated, and the oil - gas ratio in the Middle East declined. The official June CP price decreased, with propane and butane at 600/570 (-10/-20) dollars [1]. Fundamentals - Arrivals slightly increased, chemical demand rose, civil gas sales were sluggish, and overall port inventories decreased; refinery inventories generally increased [1]. - Supply increased by 2.46% in terms of commercial volume, and it is expected to continue to rise, while arrivals are expected to decrease [1]. - The PDH operating rate rebounded to 63.26% (+2.11pct), production margins declined, and the processing profits of FEI and CP are similar. It is expected that the PDH operating rate will continue to rise next week [1]. - The alkylation operating rate and commercial volume increased, and profitability rebounded significantly. It is expected that the operating rate will continue to climb next week [1]. - MTBE prices first rose and then fell, production remained basically flat, and the profits of gas - fraction etherification and isomerization etherification increased significantly. It is expected that MTBE supply will increase, and there may be some replenishment demand after the Dragon Boat Festival, which will support C4 demand [1]. - As temperatures rise, combustion demand is expected to decline [1].

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]

Report Industry Investment Rating - Not provided Core Viewpoints - Expected supply to increase, chemical demand to rise, and combustion demand to be weak, with an overall weak fundamental situation [1] Summary by Relevant Content Price Changes - On Thursday, for civil gas, prices in Shandong increased by 20 to 4510, in East China decreased by 12 to 4505, and in South China decreased by 50 to 4750; etherified C4 decreased by 60 to 4680; the cheapest deliverable was Shandong civil gas at 4510 [1] - CP import cost slightly increased, PP remained flat, and PP production profit slightly increased; PG futures prices were strong, with the 06 contract basis at -28 (latest 85), the 06 - 07 monthly spread at -8 (latest 87), and the 07 - 09 monthly spread at 3 (latest 156); the US - Far East arbitrage window opened [1] - Civil gas prices significantly declined, etherified C4 rebounded, the cheapest deliverable was Shandong civil gas at 4480; PG futures prices declined due to weak spot prices; the 06 contract basis was 385 (+139), the 06 - 07 monthly spread was 54 (-27), and the 07 - 08 monthly spread was 61 (-15) [1] - In the external market, FEI and MB declined, CP increased, the oil - gas ratio fluctuated; the internal - external price difference significantly declined, and FEI - MOPJ slightly declined; freight rates from the US Gulf to Japan and from the Middle East to the Far East declined [1] Supply and Demand - Arrivals decreased significantly, exports were sluggish, and overall port inventories decreased; factory inventories were basically flat; the commercial volume slightly increased and was expected to continue increasing; at the same time, expected arrivals were expected to increase [1] - PDH operating rate rebounded to 61.15% (+3.17pct), production gross profit declined, and PDH operation was expected to continue to rebound next week; alkylation operating rate and commercial volume remained flat, profitability significantly declined to -40.5 (-308), and operation was expected to slightly increase next week [1] - MTBE prices generally declined by 50 - 150 yuan/ton, MTBE production was basically flat, profits from gas fractionation etherification and isomerization etherification declined; expected MTBE supply to fluctuate narrowly, gasoline demand difficult to improve, and prices may not fluctuate much [1] - As the temperature rises, combustion demand is expected to decline [1]

Industry Investment Rating - No relevant content provided Core Viewpoints - No relevant content provided Summary by Related Catalogs Futures Prices - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on May 29 were 3514, 3507, 3483, 3308, and 3266 respectively, with daily changes of 33, 18, 40, 42, and 39, and weekly changes of -5, -30, 8, 18, and 17 [4]. Trading Volume and Open Interest - The trading volume on May 29 was 510,411, with a daily increase of 102,426 and a weekly increase of 170,744. The open interest was 419,343, with a daily increase of 12,843 and a weekly increase of 18,164 [4]. Spot Prices - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on May 29 were 3480, 3520, 3280, 3640, and 3780 respectively. The daily changes were 0, 0, -100, 10, and 30, and the weekly changes were 30, 0, -100, 70, and 80 [4]. Basis and Calendar Spreads - The Shandong basis was -34, with a daily change of -33 and a weekly change of 35. The East China basis was 6, with a daily change of -33 and a weekly change of 5. The South China basis was -234, with a daily change of -133 and a weekly change of -95 [4]. - The 03 - 06 spread was -241, with a daily change of 21 and a weekly change of 47. The 06 - 09 spread was 24, with a daily change of -22 and a weekly change of -38. The 09 - 12 spread was 175, with a daily change of -2 and a weekly change of -10 [4]. Crack Spreads and Profits - The asphalt Brent crack spread was 69, with a daily change of -45 and a weekly change of 7. The ordinary refinery comprehensive profit was 475, with a daily change of -23 and a weekly change of 3. The Ma Rui - type refinery comprehensive profit was 106, with a daily change of -29 and a weekly change of 7 [4]. - The import profit from South Korea to East China was -107, with a daily change of -2 and a weekly change of 2. The import profit from Singapore to South China was -1101, with a daily change of -91 and a weekly change of -87 [4]. Related Prices - The price of Brent crude oil on May 29 was 64.9, with a daily change of 0.8 and a weekly change of 0.5. The gasoline market price in Shandong was 7482, with a daily change of 16 and a weekly change of 77. The diesel market price in Shandong was 6581, with a daily change of 44 and a weekly change of 62. The residue oil market price in Shandong was 3795, with no daily or weekly change [4].