| | | | | 燃料油早报 | | 研究中心能化团队 2025/06/03 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/26 | 401.31 | 447.03 | -0.94 | 585.92 | -138.89 | 16.20 | 45.72 | | 2025/05/27 | 398.15 | 442.03 | -0.39 | 581.80 | -139.77 | 16.18 | 43.88 | | 2025/05/28 | 410.97 | 449.14 | 0.26 | 592.74 | -143.60 | 16.78 | 38.17 | | ...

| 燃料油早报 | | | --- | --- | | | 研究中心能化团队 2025/05/21 | | 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 | | 2025/05/14 | 406.15 | 451.49 | -1.58 | 606.04 | -154.55 | 17.57 | 45.34 | | 2025/05/15 | 399.03 | 442.66 | -0.90 | 598.55 | -155.89 | 18.05 | 43.63 | | 2025/05/16 | 402.97 | 447.36 | -1.01 | 595.17 | -147.81 | 16.77 | 4 ...

| 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU 09 | FU 01-05 | FU 05-09 | FU 09-01 | | 2025/05/09 | 2638 | 2608 | 2773 | 30 | -165 | 135 | | 2025/05/12 | 2699 | 2659 | 2832 | 40 | -173 | 133 | | 2025/05/13 | 2709 | 2665 | 2839 | 44 | -174 | 130 | | 2025/05/14 | 2755 | 2697 | 2893 | 58 | -196 | 138 | | 2025/05/15 | 2686 | 2644 | 2818 | 42 | -174 | 132 | | 变化 | -69 | -53 | -75 | -16 | 22 | -6 | 国 内 L U | 日期 | LU 01 | LU 05 | LU 09 | LU 01-05 | LU 05-09 | LU 09-01 ...

燃 料 油 日期 鹿特丹3.5% HSF O掉期 M1 鹿特丹0.5% VLS FO掉期 M1 鹿特丹HSFO-Br ent M1 鹿特丹10ppm G asoil掉期 M1 鹿特丹VLSFO-G O M1 LGO-Brent M1 鹿特丹VLSFO-H SFO M1 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 2025/05/08 385.77 431.14 -1.51 571.02 -139.88 16.22 45.37 2025/05/09 391.29 432.57 -1.45 579.21 -146.64 16.19 41.28 2025/05/12 402.21 442.91 -1.29 591.43 -148.02 16.88 40.70 变化 10.92 10.34 0.16 12.22 -1.38 0.69 -0.58 新加坡VLSFO M 新加坡380cst-Br 新加坡VLSFO-G | 日期 | | ...

Report Key Points 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - This week, the cracking spread of high - sulfur fuel oil in the outer market fluctuated, the 380 - grade monthly spread weakened, the 380 - grade basis fluctuated at a high level, and there was pressure on the inside - outer market of FU. In terms of fundamentals, there was a significant inventory build - up in Singapore, a drawdown in ARA, an inventory build - up in EIA onshore, an increase in floating storage, a significant drawdown in high - sulfur floating storage in the Middle East, a drawdown in both onshore and floating storage in Fujairah, and a drawdown in floating storage in Singapore. Saudi Arabia's shipments rebounded month - on - month, while the UAE's shipments decreased month - on - month. In 2025, attention should be paid to the increase in global heavy - oil valuation due to sanctions on Iran. In the Asian region, attention should be paid to whether Russian supply will return to the benchmark. Recently, the decline in floating storage in the Middle East and the onshore inventory build - up in Singapore have put pressure on the near - term monthly spread of 380 - grade fuel oil. For low - sulfur fuel oil, the situation in Singapore is weak. This week, the basis fluctuated at a low level, and the inside - outer price spread also fluctuated at a low level. Global heavy - oil supply remains tight, and the supply of 380 - grade standard products is still tight. If the window rules remain unchanged, the inside - outer market is expected to remain weak in summer, and the domestic market will fluctuate around the fundamentals of downstream demand. [1] 3. Summary by Relevant Catalogs Rotterdam Market - The prices of Rotterdam 3.5% HSFO swap M1, Rotterdam 0.5% VLSFO swap M1, Rotterdam HSFO - Brent M1, Rotterdam 10ppm Gasoil swap M1, Rotterdam VLSFO - GO M1, LGO - Brent M1, and Rotterdam VLSFO - HSFO M1 changed by - 3.35, 1.41, - 0.23, - 3.47, 4.88, - 0.25, and 4.76 respectively from March 26 to April 1 [1]. Singapore Market - In the Singapore market, the prices of Singapore 380cst M1, Singapore 180cst M1, Singapore VLSFO M1, Singapore GO M1, Singapore 380cst - Brent M1, and Singapore VLSFO - GO M1 changed by 3.09, 2.09, 5.88, 0.64, - 0.08, and 2.95 respectively from March 26 to April 1. For Singapore fuel oil spot, the FOB 380cst, FOB VLSFO, 380 basis, high - sulfur inside - outer spread, and low - sulfur inside - outer spread had corresponding price changes, with the high - sulfur inside - outer spread changing by - 0.9 and the low - sulfur inside - outer spread changing by 1.0 [1]. Domestic Market - In the domestic FU market, the prices of FU 01, FU 05, FU 09, FU 01 - 05, FU 05 - 09, and FU 09 - 01 changed by 71, 102, 89, - 31, 13, and 18 respectively from March 26 to April 1. In the domestic LU market, the prices of LU 01, LU 05, LU 09, LU 01 - 05, LU 05 - 09, and LU 09 - 01 changed by 100, 99, 112, 1, - 13, and 12 respectively from March 26 to April 1 [1].