Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the high - sulfur cracking spread strengthened, the 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur cracking spread oscillated at a high level, the near - end monthly spread strengthened, and the basis continued to strengthen [4]. - This week, Singapore's on - land inventory continued to decline, ARA ports' inventory decreased, and the US residual oil inventory increased significantly. Singapore's high - sulfur floating storage inventory decreased, with overall inventory decline. The Middle East floating storage inventory oscillated at a high level, and Saudi Arabia's exports were neutral year - on - year. Fujairah's floating storage inventory oscillated, and European floating storage inventory decreased [4]. - Recently, the low - sulfur market has strengthened. Attention should be paid to the subsequent fulfillment of supply increments and the change in the low - sulfur export volume of Dangote Refinery. The high - sulfur cracking spread is running strongly, with profits higher than the historical average. This year, in China, affected by consumption tax deductions and tariff adjustments, the refinery feed demand for fuel oil has dropped significantly. The bunker fuel demand is expected to be weaker year - on - year due to tariff impacts. In the short term, the bunker fuel market has become prosperous due to rush shipments. Subsequently, attention should be paid to the power generation demand and procurement demand, as well as the opportunity for the high - sulfur cracking spread to decline in the medium term [5]. 3) Summary by Catalog Rotterdam Fuel Oil Swap Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 408.43 | 406.15 | 399.03 | 402.97 | 407.04 | 4.07 | | Rotterdam 0.5% VLS FO Swap M1 | 452.25 | 451.49 | 442.66 | 447.36 | 446.85 | - 0.51 | | Rotterdam HSFO - Brent M1 | - 1.39 | - 1.58 | - 0.90 | - 1.01 | - 0.62 | 0.39 | | Rotterdam 10ppm Gasoil Swap M1 | 602.56 | 606.04 | 598.55 | 595.17 | 593.82 | - 1.35 | | Rotterdam VLSFO - Gasoil M1 | - 150.31 | - 154.55 | - 155.89 | - 147.81 | - 146.97 | 0.84 | | LGO - Brent M1 | 16.66 | 17.57 | 18.05 | 16.77 | 16.37 | - 0.40 | | Rotterdam VLSFO - HSFO M1 | 43.82 | 45.34 | 43.63 | 44.39 | 39.81 | - 4.58 | [2] Singapore Fuel Oil Swap Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 427.25 | 433.27 | 424.56 | 428.16 | 428.78 | | Singapore 180cst M1 | 437.53 | 442.48 | 433.13 | 436.13 | 436.10 | | Singapore VLSFO M1 | 485.06 | 498.06 | 486.28 | 486.45 | 487.21 | | Singapore Gasoil M1 | 79.84 | 81.58 | 79.90 | 79.79 | 79.83 | | Singapore 380cst - Brent M1 | 2.93 | 2.53 | 3.23 | 3.71 | 3.27 | | Singapore VLSFO - Gasoil M1 | - 105.76 | - 105.63 | - 104.98 | - 104.00 | - 103.53 | [2] Singapore Fuel Oil Spot Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 428.64 | 432.78 | 425.82 | 432.24 | 431.06 | - 1.18 | | FOB VLSFO | 495.51 | 511.73 | 502.70 | 499.95 | 499.38 | - 0.57 | | 380 Basis | 1.00 | - 1.45 | - 0.45 | 0.25 | - 0.45 | - 0.70 | | High - Sulfur Domestic - Foreign Spread | 8.2 | 7.9 | 9.8 | 8.6 | 9.7 | 1.1 | | Low - Sulfur Domestic - Foreign Spread | 16.3 | 17.0 | 17.5 | 14.7 | 14.5 | - 0.2 | [3] Domestic FU Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2709 | 2755 | 2686 | 2685 | 2705 | 20 | | FU 05 | 2665 | 2697 | 2644 | 2639 | 2649 | 10 | | FU 09 | 2839 | 2893 | 2818 | 2824 | 2847 | 23 | | FU 01 - 05 | 44 | 58 | 42 | 46 | 56 | 10 | | FU 05 - 09 | - 174 | - 196 | - 174 | - 185 | - 198 | - 13 | | FU 09 - 01 | 130 | 138 | 132 | 139 | 142 | 3 | [3] Domestic LU Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3375 | 3451 | 3377 | 3367 | 3378 | 11 | | LU 05 | 3260 | 3401 | 3320 | 3313 | 3313 | 0 | | LU 09 | 3436 | 3521 | 3456 | 3438 | 3437 | - 1 | | LU 01 - 05 | 115 | 50 | 57 | 54 | 65 | 11 | | LU 05 - 09 | - 176 | - 120 | - 136 | - 125 | - 124 | 1 | | LU 09 - 01 | 61 | 70 | 79 | 71 | 59 | - 12 | [4]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week, the high-sulfur crack strengthened, the 380 near end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low-sulfur crack oscillated at a high level, the near end of the monthly spread strengthened, and the basis continued to strengthen. This week, Singapore's onshore inventory continued to decline, ARA ports' inventory decreased, and the US residual oil inventory increased significantly. The floating storage of high-sulfur fuel oil in Singapore decreased, resulting in an overall inventory decline. The floating storage in the Middle East oscillated at a high level, and Saudi Arabia's exports were neutral year-on-year. The floating storage in Fujairah fluctuated, and the floating storage in Europe decreased. Recently, the low-sulfur fuel oil has strengthened. Attention should be paid to the subsequent realization of supply increments and the change in the low-sulfur exports of the Dangote refinery. The high-sulfur crack is running strongly, with profits higher than the historical average. This year, affected by the consumption tax deduction and tariff adjustment in China, the feedstock demand of fuel oil refineries has dropped significantly. The marine fuel demand is expected to be weaker year-on-year due to tariff impacts. In the short term, the marine fuel market has become prosperous due to rush shipments. In the future, attention should be paid to the procurement demand for power generation and the opportunity for the high-sulfur crack to decline in the medium term [3][4] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Prices - From May 12 - 16, 2025, the prices of Rotterdam 3.5% HSF O swap M1 increased by 3.94, Rotterdam 0.5% VLS FO swap M1 increased by 4.70, Rotterdam HSFO - Brent M1 decreased by 0.11, Rotterdam 10ppm Gasoil swap M1 decreased by 3.38, Rotterdam VLSFO - Gasoil M1 increased by 8.08, LGO - Brent M1 decreased by 1.28, and Rotterdam VLSFO - HSFO M1 increased by 0.76 [1] Singapore Fuel Oil Swap Prices - From May 12 - 16, 2025, the prices of Singapore 380cst M1 increased by 3.60, Singapore 180cst M1 increased by 3.00, Singapore VLSFO M1 increased by 0.17, Singapore Gasoil M1 decreased by 0.11, Singapore 380cst - Brent M1 increased by 0.48, and Singapore VLSFO - Gasoil M1 increased by 0.98 [1][8] Singapore Fuel Oil Spot Prices - From May 12 - 16, 2025, the FOB 380cst price increased by 6.42, the FOB VLSFO price decreased by 2.75, the 380 basis increased by 0.70, the high - sulfur domestic - foreign price difference decreased by 1.2, and the low - sulfur domestic - foreign price difference decreased by 2.8 [2] Domestic FU Prices - From May 12 - 16, 2025, the price of FU 01 decreased by 1, FU 05 decreased by 5, FU 09 increased by 6, FU 01 - 05 increased by 4, FU 05 - 09 decreased by 11, and FU 09 - 01 increased by 7 [2] Domestic LU Prices - From May 12 - 16, 2025, the price of LU 01 decreased by 10, LU 05 decreased by 7, LU 09 decreased by 18, LU 01 - 05 decreased by 3, LU 05 - 09 increased by 11, and LU 09 - 01 decreased by 8 [3]

Group 1: Report Core View - This week, the high-sulfur crack fluctuated, the 380 near-end ran strongly, and the basis fluctuated. The low-sulfur crack continued to strengthen, the monthly spread strengthened, and the basis fluctuated. Singapore's onshore inventory decreased significantly, ARA's decreased slightly, and the US residual oil inventory increased significantly. Singapore's high-sulfur floating storage increased significantly, with overall inventory accumulation, while the Middle East's floating storage decreased, and Saudi Arabia's exports increased significantly. Fujairah's floating storage and Europe's floating storage increased. Recently, the low-sulfur market has strengthened marginally, and attention should be paid to the subsequent realization of supply increments. The high-sulfur market fluctuates at a high level, with profits higher than the historical average. This year, affected by consumption tax deductions and tariff adjustments in China, the refinery feed demand for fuel oil has declined significantly, and the bunker fuel demand is expected to be weaker year-on-year due to tariff impacts. In the future, attention should be paid to the power generation demand and procurement demand, as well as the medium-term short allocation opportunity for the high-sulfur crack [6][7] Group 2: Rotterdam Fuel Oil Swap Data - From May 8 to May 14, 2025, the prices of Rotterdam 3.5% HSF O swap M1 changed from 385.77 to 406.15, a decrease of 2.28; Rotterdam 0.5% VLS FO swap M1 changed from 431.14 to 451.49, a decrease of 0.76; Rotterdam HSFO-Brent M1 changed from -1.51 to -1.58, a decrease of 0.19; Rotterdam 10ppm Gasoil swap M1 changed from 571.02 to 606.04, an increase of 3.48; Rotterdam VLSFO-G M1 changed from -139.88 to -154.55, a decrease of 4.24; LGO-Brent M1 changed from 16.22 to 17.57, an increase of 0.91; Rotterdam VLSFO-HSFO M1 changed from 45.37 to 45.34, an increase of 1.52 [4] Group 3: Singapore Fuel Oil Swap Data - From May 8 to May 14, 2025, the prices of Singapore 380cst M1 changed from 402.45 to 433.27; Singapore 180cst M1 changed from 412.95 to 442.48; Singapore VLSFO M1 changed from 467.39 to 498.06; Singapore GO M1 changed from 76.00 to 81.58; Singapore 380cst-Brent M1 changed from 2.28 to 2.53; Singapore VLSFO-GO M1 changed from -95.01 to -105.63 [4] Group 4: Singapore Fuel Oil Spot Data - From May 8 to May 14, 2025, the FOB 380cst price changed from 402.67 to 432.78, an increase of 4.14; the FOB VLSFO price changed from 481.67 to 511.73, an increase of 16.22; the 380 basis changed from -1.30 to -1.45, a decrease of 2.45; the high-sulfur domestic and foreign price difference changed from 7.6 to 7.9, a decrease of 0.3; the low-sulfur domestic and foreign price difference changed from 11.9 to 17.0, an increase of 0.7 [5] Group 5: Domestic FU Data - From May 8 to May 14, 2025, the prices of FU 01 changed from 2584 to 2755, an increase of 46; FU 05 changed from 2566 to 2697, an increase of 32; FU 09 changed from 2707 to 2893, an increase of 54; FU 01 - 05 changed from 18 to 58, an increase of 14; FU 05 - 09 changed from -141 to -196, a decrease of 22; FU 09 - 01 changed from 123 to 138, an increase of 8 [5] Group 6: Domestic LU Data - From May 8 to May 14, 2025, the prices of LU 01 changed from 3237 to 3451, an increase of 76; LU 05 changed from 3219 to 3401, an increase of 141; LU 09 changed from 3298 to 3521, an increase of 85; LU 01 - 05 changed from 18 to 50, a decrease of 65; LU 05 - 09 changed from -79 to -120, an increase of 56; LU 09 - 01 changed from 61 to 70, an increase of 9 [6]

| | | | 燃料油早报 | | --- | 研究中心能化团队 2025/05/12 | 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 | | 2025/04/30 | 394.65 | 422.85 | -0.52 | 580.80 | -157.95 | 18.60 | 28.20 | | 2025/05/06 | 380.62 | 426.34 | -2.19 | 571.31 | -144.97 | 16.94 | 45.72 | | 2025/05/07 | 376.49 | 422.72 | -1.76 | 558.93 | -136.21 | 16.36 | 46.23 | | ...

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur cracking fluctuated, the 380 near-month spread weakened slightly, and the 380 basis strengthened. The low-sulfur cracking fluctuated and strengthened, the spread fluctuated, and the basis strengthened slightly. Singapore's land-based inventory continued to accumulate, ARA's inventory accumulated, and the US residual oil inventory decreased. Singapore's floating storage decreased overall, the high-sulfur floating storage increased, and the low-sulfur floating storage decreased. The floating storage in the Middle East accumulated, and the high-sulfur floating storage increased slightly. The high-sulfur floating storage in Fujairah increased significantly. The floating storage in Europe fluctuated, and the high-sulfur floating storage decreased slightly. The floating storage in the US decreased. Recently, the fundamentals of high and low sulfur have diverged. Affected by the consumption tax deduction and tariff adjustment in China, the refinery feed demand for fuel oil has declined significantly. Recently, the differentiation between high-sulfur standard and non-standard products has continued. Recently, the spread between high and low sulfur can be expanded on dips, but there is no downward trend in high-sulfur cracking before the peak season. Pay attention to the fulfillment of power generation procurement demand [4][5] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From April 23 to April 29, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 3.74, the price of Rotterdam 0.5% VLS FO swap M1 decreased by 5.23, the Rotterdam HSFO-Brent M1 increased by 0.09, the Rotterdam 10ppm Gasoil swap M1 decreased by 7.22, the Rotterdam VLSFO-G M1 increased by 1.99, the LGO-Brent M1 increased by 0.64, and the Rotterdam VLSFO-HSFO M1 decreased by 1.49 [2] Singapore Fuel Oil Swap Data - From April 23 to April 29, 2025, the price of Singapore 380cst M1 decreased by 5.99, the price of Singapore 180cst M1 decreased by 6.68, the price of Singapore VLSFO M1 decreased by 8.88, the price of Singapore Gasoil M1 decreased by 1.11, the Singapore 380cst-Brent M1 increased by 0.51, and the Singapore VLSFO-Gasoil M1 decreased by 0.67 [2] Singapore Fuel Oil Spot Data - From April 23 to April 29, 2025, the FOB 380cst price decreased by 7.03, the FOB VLSFO price decreased by 10.25, the 380 basis decreased by 0.05, the high-sulfur internal and external spread decreased by 0.6, and the low-sulfur internal and external spread decreased by 1.0 [3] Domestic FU Data - From April 23 to April 29, 2025, the price of FU 01 decreased by 58, the price of FU 05 decreased by 57, the price of FU 09 decreased by 62, the FU 01 - 05 spread decreased by 1, the FU 05 - 09 spread increased by 5, and the FU 09 - 01 spread decreased by 4 [3] Domestic LU Data - From April 23 to April 29, 2025, the price of LU 01 decreased by 74, the price of LU 05 decreased by 68, the price of LU 09 decreased by 75, the LU 01 - 05 spread decreased by 6, the LU 05 - 09 spread increased by 7, and the LU 09 - 01 spread decreased by 1 [4]

Group 1: Core Viewpoints - The high - sulfur cracking spread began to decline this week, the 380 - month spread fluctuated at a high level, and the 380 basis weakened. The low - sulfur cracking spread, month spread, and basis all fluctuated. In terms of fundamentals, on - land inventories in Singapore and ARA continued to accumulate, while US residual oil inventories decreased. Singapore's high - sulfur floating storage increased significantly, the Middle East's high - sulfur floating storage fluctuated, and low - sulfur floating storage decreased. European floating storage increased significantly. In 2025, pay attention to the impact of sanctions on Iran on global heavy - quality valuations. In the Asian region, focus on whether Russian supply will return to the benchmark. The far - month 380 has downside potential. Recently, global and Singapore residual oil inventories have been increasing, so the near - month 380 is expected to face continued pressure. The low - sulfur market remains in a volatile pattern [3][8] Group 2: Rotterdam Fuel Oil Swap Data 3.5% HSF Swap M1 - On April 16, 2025, the price was 397.83. On April 17, it was 408.43, with a change of 10.57 [1] 0.5% VLSFO Swap M1 - On April 16, 2025, the price was 430.85. On April 17, it was 441.13, with a change of 8.40 [1] HSFO - Brent M1 - On April 16, 2025, the value was - 2.30. On April 17, it was - 2.30, with a change of 0.34 [1] 10ppm Gasoil Swap M1 - On April 16, 2025, the price was 595.85. On April 17, it was 607.75, with a change of 10.40 [1] VLSFO - Gasoil M1 - On April 16, 2025, the value was - 165.00. On April 17, it was - 166.62, with a change of - 2.00 [1] LGO - Brent M1 - On April 16, 2025, the value was 16.43. On April 17, it was 15.93, with a change of 0.19 [1] VLSFO - HSFO M1 - On April 16, 2025, the value was 33.02. On April 17, it was 32.70, with a change of - 2.17 [1] Group 3: Singapore Fuel Oil Swap Data 380cst M1 - On April 16, 2025, the price was 413.13. On April 22, it was 423.34, with a change of 3.36 [1] 180cst M1 - On April 16, 2025, the price was 425.63. On April 22, it was 437.60, with a change of 3.81 [1] VLSFO M1 - On April 16, 2025, the price was 462.42. On April 22, it was 476.78, with a change of 3.74 [1] Gasoil M1 - On April 16, 2025, the price was 80.00. On April 22, it was 81.42, with a change of 0.20 [1] 380cst - Brent M1 - On April 16, 2025, the value was 0.96. On April 22, it was 0.55, with a change of 0.24 [1] VLSFO - Gasoil M1 - On April 16, 2025, the value was - 129.58. On April 22, it was - 125.73, with a change of 2.26 [1] Group 4: Singapore Fuel Oil Spot Data FOB 380cst - On April 16, 2025, the price was 416.99. On April 22, it was 422.28, with a change of 5.61 [2] FOB VLSFO - On April 16, 2025, the price was 470.33. On April 22, it was 481.09, with a change of 3.35 [2] 380 Basis - On April 16, 2025, the value was - 0.55. On April 22, it was - 1.35, with a change of 2.70 [2] High - Sulfur Domestic - Foreign Spread - On April 16, 2025, the value was 7.3. On April 22, it was 6.9, with a change of - 0.7 [2] Low - Sulfur Domestic - Foreign Spread - On April 16, 2025, the value was 4.1. On April 22, it was 5.1, with a change of 1.1 [2] Group 5: Domestic FU Data FU 01 - On April 16, 2025, the price was 2637. On April 22, it was 2734, with a change of - 13 [2] FU 05 - On April 16, 2025, the price was 3016. On April 22, it was 3035, with a change of - 13 [2] FU 09 - On April 16, 2025, the price was 2758. On April 22, it was 2863, with a change of - 1 [2] FU 01 - 05 - On April 16, 2025, the value was - 379. On April 22, it was - 301, with a change of 0 [2] FU 05 - 09 - On April 16, 2025, the value was 258. On April 22, it was 172, with a change of - 12 [2] FU 09 - 01 - On April 16, 2025, the value was 121. On April 22, it was 129, with a change of 12 [2] Group 6: Domestic LU Data LU 01 - On April 16, 2025, the price was 3262. On April 22, it was 3352, with a change of 10 [3] LU 05 - On April 16, 2025, the price was 3350. On April 22, it was 3478, with a change of 33 [3] LU 09 - On April 16, 2025, the price was 3274. On April 22, it was 3387, with a change of 13 [3] LU 01 - 05 - On April 16, 2025, the value was - 88. On April 22, it was - 126, with a change of - 23 [3] LU 05 - 09 - On April 16, 2025, the value was 76. On April 22, it was 91, with a change of 20 [3] LU 09 - 01 - On April 16, 2025, the value was 12. On April 22, it was 35, with a change of 3 [3]