Report Industry Investment Rating - No relevant content found Core Views - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened, the EW spread oscillated at a high level, and the fluctuation of the near - month of FU inside and outside was intensified due to delivery factors. The low - sulfur cracking weakened rapidly, the spread weakened at an accelerated pace, the LU inside - outside spread was compressed to 6 - 7 US dollars/ton, and the MF0.5 basis oscillated [3]. - Fundamentally, Singapore's residue decreased by 871,000 barrels, floating storage was slightly destocked, ARA residue inventory increased significantly, and EIA residue continued to accumulate. The high - sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore is supported, and the EW spread repair is completed. The domestic high - sulfur spread has risen again due to the influence of the delivery warehouse, and the short - term inside - outside spread is repaired. This week, LU accelerated its decline, and the MF0.5 basis of the outer market was weakly operating. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be concerned [4]. Summary by Directory Rotterdam Fuel Oil Swap Data - From September 9 - 15, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by - 3.94, Rotterdam 0.5% VLS FO swap M1 changed by - 2.67, Rotterdam HSFO - Brent M1 changed by - 0.49, Rotterdam 10ppm Gasoil swap M1 changed by 4.90, Rotterdam VLSFO - Gasoil M1 changed by - 7.57, LGO - Brent M1 changed by 0.25, and Rotterdam VLSFO - HSFO M1 changed by 1.27 [1]. Singapore Fuel Oil Swap Data - From September 9 - 15, 2025, the price of Singapore 380cst M1 changed, Singapore 180cst M1 changed, Singapore VLSFO M1 changed, Singapore GO M1 changed, Singapore 380cst - Brent M1 changed, and Singapore VLSFO - Gasoil M1 changed [1]. Singapore Fuel Oil Spot Data - From September 9 - 15, 2025, the FOB 380cst price changed by 7.31, FOB VLSFO price changed by 14.85, 380 basis changed by - 0.85, high - sulfur inside - outside spread and low - sulfur inside - outside spread had relevant data changes [2]. Domestic FU Data - From September 9 - 15, 2025, FU 01 changed by 82, FU 05 changed by 59, FU 09 changed by 37, FU 01 - 05 changed by 23, FU 05 - 09 changed by 22, and FU 09 - 01 changed by - 45 [2]. Domestic LU Data - From September 9 - 15, 2025, LU 01 changed by 90, LU 05 changed by 66, LU 09 changed by 74, LU 01 - 05 changed by 24, LU 05 - 09 changed by - 8, and LU 09 - 01 changed by - 16 [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. 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 soared and then declined. The low - sulfur cracking weakened, the spread oscillated, the LU internal - external spread fluctuated around 10 US dollars, and the MF0.5 basis began to rebound [4]. - 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 the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread was still being repaired, and the domestic high - sulfur spot was still in excess. Be vigilant against over - heating sentiment. The new round of sanctions has 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 began to rebound, and the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be noted [5]. 3. Data Summaries Rotterdam Fuel Oil Swap Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 383.86 | 388.11 | - 0.95 | | Rotterdam 0.5% VLS FO Swap M1 | 452.63 | 456.37 | 0.00 | | Rotterdam HSFO - Brent M1 | - 6.45 | - 6.40 | - 0.26 | | Rotterdam 10ppm Gasoil Swap M1 | 651.89 | 658.54 | 4.38 | | Rotterdam VLSFO - Gasoil M1 | - 199.26 | - 202.17 | - 4.38 | | LGO - Brent M1 | 22.75 | 22.05 | - 0.10 | | Rotterdam VLSFO - HSFO M1 | 68.77 | 68.26 | 0.95 | [2] Singapore Fuel Oil Swap Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 397.90 | 398.02 | - 3.14 | | Singapore 180cst M1 | 410.84 | 412.08 | - 4.08 | | Singapore VLSFO M1 | 487.99 | 482.37 | - 3.40 | | Singapore Gasoil M1 | 86.31 | 85.23 | - 0.71 | | Singapore 380cst - Brent M1 | - 5.01 | - 4.43 | 0.05 | | Singapore VLSFO - Gasoil M1 | - 150.70 | - 148.33 | 1.86 | [2] Singapore Fuel Oil Spot Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | FOB 380cst | 396.25 | 397.89 | - 1.96 | | FOB VLSFO | 489.51 | 485.45 | - 2.60 | | 380 Basis | - 2.00 | - 0.40 | 0.70 | | High - sulfur Internal - external Spread | 4.1 | 6.0 | 3.6 | | Low - sulfur Internal - external Spread | 9.5 | 14.9 | 6.9 | [3] Domestic FU Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | FU 01 | 2842 | 2824 | 12 | | FU 05 | 2799 | 2782 | 9 | | FU 09 | 2827 | 2737 | 2 | | FU 01 - 05 | 43 | 42 | 3 | | FU 05 - 09 | - 28 | 45 | 7 | | FU 09 - 01 | - 15 | - 87 | - 10 | [3] Domestic LU Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | LU 01 | 3488 | 3451 | - 28 | | LU 05 | 3451 | 3398 | - 37 | | LU 09 | 3460 | 3374 | 62 | | LU 01 - 05 | 37 | 53 | 9 | | LU 05 - 09 | - 9 | 24 | - 99 | | LU 09 - 01 | - 28 | - 77 | 90 | [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst fluctuated 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 the delivery warehouse, FU10 rose sharply and then fell. The low - sulfur cracking weakened, the spread fluctuated, the LU internal - external spread fluctuated at $10, and the MF0.5 basis began to rebound [3][4]. - Fundamentally, the residue inventory in Singapore increased, the floating storage decreased, the residue inventory in ARA remained flat, the floating storage inventory increased significantly, and the EIA residue began to accumulate. The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread was still being repaired, and the domestic high - sulfur spot was still in excess. Be vigilant against over - heating sentiment [4]. - The new round of sanctions has a relatively large potential impact on the domestic heavy crude oil supply, which provides a certain support for the Asian fuel oil valuation. This week, LU maintained a volatile trend, and the MF0.5 basis of the external market began to rebound. The opportunity for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter can be concerned [4]. 3. Key Data Summaries Rotterdam Fuel Oil | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | Rotterdam 3.5% HSF O Swap M1 | 394.08 | 389.06 | - 3.68 | | Rotterdam 0.5% VLS FO Swap M1 | 461.01 | 456.37 | - 1.46 | | Rotterdam HSFO - Brent M1 | - 6.05 | - 6.14 | - 0.28 | | Rotterdam 10ppm Gasoil Swap M1 | 667.32 | 654.16 | - 1.73 | | Rotterdam VLSFO - Gasoil M1 | - 206.31 | - 197.79 | 0.27 | | LGO - Brent M1 | 23.15 | 22.15 | - 0.70 | | Rotterdam VLSFO - HSFO M1 | 66.93 | 67.31 | 2.22 | [1] Singapore Fuel Oil Swap | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | Singapore 380cst M1 | 399.93 | 401.16 | 5.62 | | Singapore 180cst M1 | 412.49 | 416.16 | 8.12 | | Singapore VLSFO M1 | 488.53 | 485.77 | - 1.59 | | Singapore Gasoil M1 | 86.39 | 85.94 | - 0.66 | | Singapore 380cst - Brent M1 | - 4.41 | - 4.48 | - 0.19 | | Singapore VLSFO - Gasoil M1 | - 150.76 | - 150.19 | 6.48 | [1] Singapore Fuel Oil Spot | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | FOB 380cst | 397.15 | 399.85 | 7.01 | | FOB VLSFO | 488.41 | 488.05 | - 3.15 | | 380 Basis | - 2.55 | - 1.10 | 0.15 | | High - sulfur Internal - External Spread | 4.5 | 2.4 | - 1.2 | | Low - sulfur Internal - External Spread | 10.6 | 8.0 | - 1.3 | [2] Domestic FU | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | FU 01 | 2831 | 2812 | - 19 | | FU 05 | 2790 | 2773 | - 23 | | FU 09 | 2845 | 2735 | - 25 | | FU 01 - 05 | 41 | 39 | - 4 | | FU 05 - 09 | - 55 | 38 | 48 | | FU 09 - 01 | 14 | - 77 | - 44 | [2] Domestic LU | Type | 2025/08/25 | 2025/08/29 | Change | | ---- | ---- | ---- | ---- | | LU 01 | 3491 | 3479 | - 18 | | LU 05 | 3449 | 3435 | - 24 | | LU 09 | 3403 | 3312 | - 98 | | LU 01 - 05 | 42 | 44 | 6 | | LU 05 - 09 | 46 | 123 | 122 | | LU 09 - 01 | - 88 | - 167 | - 116 | [3]

Report Summary 1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shenggang), the near - month internal - external spread of FU fluctuated greatly, and the 09 contract once returned above par. The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the internal - external spread of LU strengthened slightly to 10 USD [2][3]. - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. In July, Singapore's high - sulfur bunker fueling volume increased by 15% month - on - month and 10% year - on - year. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. US residue inventory increased slightly but remained at the lowest level in the same period in history, ARA ports decreased slightly, and floating storage increased slightly [3]. - The global supply - 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 delivery volume of FU was still relatively large, and subsequent delivery changes should be monitored. The new round of sanctions had a relatively large potential impact on domestic heavy crude oil, providing a certain support for the valuation of Asian fuel oil. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and the internal - external spread of LU oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be considered [3]. 3. Data Summary Rotterdam Fuel Oil | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.33 | 394.08 | 383.86 | 381.95 | 392.11 | 10.16 | | Rotterdam 0.5% VLS FO Swap M1 | 456.25 | 461.01 | 452.63 | 454.66 | 460.06 | 5.40 | | Rotterdam HSFO - Brent M1 | - 5.69 | - 6.05 | - 6.45 | - 6.75 | - 6.20 | 0.55 | | Rotterdam 10ppm Gasoil Swap M1 | 658.70 | 667.32 | 651.89 | 652.68 | 652.68 | 0.00 | | Rotterdam VLSFO - Gasoil M1 | - 202.45 | - 206.31 | - 199.26 | - 198.02 | - 192.62 | 5.40 | | LGO - Brent M1 | 23.04 | 23.15 | 22.75 | 22.05 | 21.45 | - 0.60 | | Rotterdam VLSFO - HSFO M1 | 65.92 | 66.93 | 68.77 | 72.71 | 67.95 | - 4.76 | [2] Singapore Fuel Oil | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 391.89 | 399.93 | 397.90 | 394.03 | 403.51 | 9.48 | | Singapore 180cst M1 | 404.08 | 412.49 | 410.84 | 406.97 | 410.37 | 3.40 | | Singapore VLSFO M1 | 482.52 | 488.53 | 487.99 | 482.43 | 489.46 | 7.03 | | Singapore Gasoil M1 | 86.09 | 86.39 | 86.31 | 85.06 | 85.49 | 0.43 | | Singapore 380cst - Brent M1 | - 5.38 | - 4.41 | - 5.01 | - 4.53 | - 4.41 | 0.12 | | Singapore VLSFO - Gasoil M1 | - 154.55 | - 150.76 | - 150.70 | - 147.01 | - 143.17 | 3.84 | [2][4] Singapore Fuel Oil Spot | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 390.58 | 397.15 | 396.25 | 395.34 | 392.84 | - 2.50 | | FOB VLSFO | 482.56 | 488.41 | 489.51 | 485.57 | 484.90 | - 0.67 | | 380 Basis | - 1.75 | - 2.55 | - 2.00 | 1.50 | - 1.25 | - 2.75 | | High - sulfur Internal - External Spread | 0.8 | 4.5 | 4.1 | 2.1 | 3.6 | 1.5 | | Low - sulfur Internal - External Spread | 10.6 | 10.6 | 9.5 | 9.2 | 9.3 | 0.1 | [2] Domestic FU | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2769 | 2831 | 2842 | 2790 | 2793 | 3 | | FU 05 | 2748 | 2790 | 2799 | 2748 | 2750 | 2 | | FU 09 | 2736 | 2845 | 2827 | 2763 | 2760 | - 3 | | FU 01 - 05 | 21 | 41 | 43 | 42 | 43 | 1 | | FU 05 - 09 | 12 | - 55 | - 28 | - 15 | - 10 | 5 | | FU 09 - 01 | - 33 | 14 | - 15 | - 27 | - 33 | - 6 | [2] Domestic LU | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3462 | 3491 | 3488 | 3444 | 3461 | 17 | | LU 05 | 3384 | 3449 | 3451 | 3408 | 3411 | 3 | | LU 09 | 3468 | 3403 | 3460 | 3418 | 3410 | - 8 | | LU 01 - 05 | 78 | 42 | 37 | 36 | 50 | 14 | | LU 05 - 09 | - 84 | 46 | - 9 | - 10 | 1 | 11 | | LU 09 - 01 | 6 | - 88 | - 28 | - 26 | - 51 | - 25 | [2]

Report Information - Report Date: August 28, 2025 [2] - Report Team: Research Center Energy and Chemicals Team [2] Industry Investment Rating - Not provided Core Views - This week, the high-sulfur cracking of Singapore 380cst weakened, and the near-month spread weakened. The low-sulfur cracking weakened, and the spread fluctuated. The high-sulfur global supply and demand weakened, but the EW spread was still being repaired. The new round of sanctions had a large potential impact on domestic heavy crude oil and provided some support for Asian fuel oil valuations. The LU remained weak this week, and short-term opportunities for the expansion of high-sulfur 380 EW could still be monitored. [6] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 21 to August 27, 2025, prices of various fuel oil products in Rotterdam, such as 3.5% HSF O swap M1, 0.5% VLS FO swap M1, etc., showed different degrees of change. For example, the 3.5% HSF O swap M1 increased by 1.71, and the 0.5% VLS FO swap M1 increased by 5.01. [3] Singapore Fuel Oil Swap Data - During the same period, prices of Singapore fuel oil products, including 380cst M1, 180cst M1, etc., also changed. For instance, the 380cst M1 increased slightly, and the Singapore VLSFO M1 increased to 490.00 on August 27 from 479.93 on August 21. [3] Singapore Fuel Oil Spot Data - From August 21 to August 27, 2025, prices of Singapore fuel oil spot products, like FOB 380cst and FOB VLSFO, changed. The FOB 380cst decreased by 0.91, and the FOB VLSFO decreased by 3.94. The 380 basis increased by 3.50. [4] Domestic FU Data - Domestic FU contract prices (FU 01, FU 05, FU 09) changed, with the FU 01 decreasing by 52, the FU 05 decreasing by 51, and the FU 09 decreasing by 64 from August 21 to August 27, 2025. [4] Domestic LU Data - Domestic LU contract prices (LU 01, LU 05, LU 09) also changed. The LU 01 decreased by 44, the LU 05 decreased by 43, and the LU 09 decreased by 42 during the same period. [5] Inventory and Supply Information - Singapore's land-based residue inventory continued to decline, floating storage inventory decreased significantly, and low-sulfur floating storage increased. In July, Singapore's high-sulfur bunker fueling volume increased by 15% month-on-month and 10% year-on-year. Middle East's Fujairah land-based inventory decreased significantly, and floating storage decreased significantly. Saudi Arabia's shipments decreased week-on-week, and UAE's shipments fluctuated. US residue inventory increased slightly but was at the lowest level in the same period in history. ARA ports decreased slightly, and floating storage increased slightly. [6]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shengang), the near - month internal and external spread of FU fluctuated greatly, and the 09 contract once returned above par. The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the LU internal and external spread strengthened slightly to 10 USD. [5][6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. Singapore's high - sulfur bunkering volume in July increased by 15% month - on - month and 10% year - on - year. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. US residue inventory increased slightly but was at the lowest level in the same period in history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread was still recovering, and the delivery volume of FU was still relatively large. Attention should be paid to subsequent delivery changes. The new round of sanctions had a large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and LU internal and external prices oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be focused on. [6] Group 3: Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From August 19 to August 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 4.01, Rotterdam 0.5% VLS FO swap M1 increased by 6.04, Rotterdam HSFO - Brent M1 decreased by 0.41, Rotterdam 10ppm Gasoil swap M1 increased by 8.62, Rotterdam VLSFO - Gasoil M1 decreased by 2.58, LGO - Brent M1 increased by 0.11, and Rotterdam VLSFO - HSFO M1 increased by 2.03. [3] Singapore Fuel Oil Data - From August 19 to August 25, 2025, the price of Singapore 380cst M1 increased by 9.69, Singapore 180cst M1 increased by 11.54, Singapore VLSFO M1 increased by 8.51, Singapore Gasoil M1 increased by 1.10, Singapore 380cst - Brent M1 increased by 0.42, and Singapore VLSFO - Gasoil M1 increased by 0.37. [3] - For Singapore fuel oil spot, from August 19 to August 25, 2025, FOB 380cst increased by 6.57, FOB VLSFO increased by 5.85, 380 basis decreased by 0.80, high - sulfur internal and external spread increased by 3.7, and low - sulfur internal and external spread remained unchanged. [4] Domestic FU Data - From August 19 to August 25, 2025, FU 01 increased by 62, FU 05 increased by 42, FU 09 increased by 109, FU 01 - 05 increased by 20, FU 05 - 09 decreased by 67, and FU 09 - 01 increased by 47. [4] Domestic LU Data - From August 19 to August 25, 2025, LU 01 increased by 29, LU 05 increased by 65, LU 09 decreased by 65, LU 01 - 05 decreased by 36, LU 05 - 09 increased by 130, and LU 09 - 01 decreased by 94. [5]

Report Overview - The report is a Fuel Oil Morning Report from the Energy and Chemicals Team of the Research Center, dated July 25, 2025 [3] Report Core View - This week, the high - sulfur crack spread oscillated downward, the near - month spread declined, and EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then oscillated, 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 oscillated around $4.5. The LU internal - external spread weakened slightly and then oscillated, with the 09 spread oscillating around $16. Singapore's on - land inventory increased significantly this week, the near - month was under pressure due to delivery, and Saudi 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, and the high - sulfur supply - demand was still in the peak season, but 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 domestic production. 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, and short - term valuation regression opportunities for FU - LU could be considered [6][7] Data Summary Rotterdam Fuel Oil Swap Data | Product | Change (July 18 - July 24) | |--|--| | Rotterdam 3.5% HSF O Swap M1 | +5.46 | | Rotterdam 0.5% VLS FO Swap M1 | +5.46 | | Rotterdam HSFO - Brent M1 | - 0.35 | | Rotterdam 10ppm Gasoil Swap M1 | - 2.31 | | Rotterdam VLSFO - Gasoil M1 | +7.77 | | LGO - Brent M1 | - 0.77 | | Rotterdam VLSFO - HSFO M1 | 0.00 | [4] Singapore Fuel Oil Swap Data | Product | Change (July 18 - July 24) | |--|--| | Singapore 380cst M1 | +1.49 | | Singapore 180cst M1 | - 3.82 | | Singapore VLSFO M1 | +0.92 | | Singapore Gasoil M1 | +0.63 | | Singapore 380cst - Brent M1 | - 0.31 | | Singapore VLSFO - Gasoil M1 | - 3.74 | [4] Singapore Fuel Oil Spot Data | Product | Change (July 18 - July 24) | |--|--| | FOB 380cst | +2.14 | | FOB VLSFO | +0.27 | | 380 Basis | - 1.00 | | High - Sulfur Internal - External Spread | +0.4 | | Low - Sulfur Internal - External Spread | +0.6 | [5] Domestic FU Data | Product | Change (July 18 - July 24) | |--|--| | FU 01 | +10 | | FU 05 | +15 | | FU 09 | 0 | | FU 01 - 05 | - 5 | | FU 05 - 09 | +15 | | FU 09 - 01 | - 10 | [5] Domestic LU Data | Product | Change (July 18 - July 24) | |--|--| | LU 01 | +31 | | LU 05 | - 6 | | LU 09 | +22 | | LU 01 - 05 | +37 | | LU 05 - 09 | - 28 | | LU 09 - 01 | - 9 | [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, and the FU09 internal - external spread rebounded slightly. The domestic market had a large amount of deliverable goods, maintaining a loose pattern [6]. - 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 spread fluctuating around $16 [6]. - This week, Singapore's on - land inventory increased significantly. The near - month was under pressure due to delivery pressure on the window, and Saudi 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, and the high - sulfur supply - demand was still in the peak season. However, the East - West and internal - external spreads had fallen rapidly. The external low - sulfur valuation was relatively high, and the LU internal - external spread was running 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, and the LU valuation was relatively high. Attention could be paid to the short - term valuation regression opportunity of FU - LU, with the risk being the continuous weakening of the external 380cst [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 414.59 | 419.29 | 422.21 | 418.59 | 422.47 | 3.88 | | Rotterdam 0.5% VLS FO Swap M1 | 466.28 | 471.87 | 469.91 | 464.51 | 462.79 | - 1.72 | | Rotterdam HSFO - Brent M1 | - 2.80 | - 2.56 | - 1.66 | - 1.61 | - 0.90 | 0.71 | | Rotterdam 10ppm Gasoil Swap M1 | 681.38 | 694.41 | 695.90 | 683.83 | 680.79 | - 3.04 | | Rotterdam VLSFO - Gasoil M1 | - 215.10 | - 222.54 | - 225.99 | - 219.32 | - 218.00 | 1.32 | | LGO - Brent M1 | 23.77 | 25.55 | 25.76 | 24.83 | 24.64 | - 0.19 | | Rotterdam VLSFO - HSFO M1 | 51.69 | 52.58 | 47.70 | 45.92 | 40.32 | - 5.60 | [4] Singapore Fuel Oil Swap Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 404.37 | 411.39 | 411.16 | 408.54 | 405.92 | - 2.62 | | Singapore 180cst M1 | 417.12 | 423.64 | 425.21 | 423.78 | 418.17 | - 5.61 | | Singapore VLSFO M1 | 492.44 | 497.30 | 493.65 | 494.54 | 491.81 | - 2.73 | | Singapore GO M1 | 88.46 | 91.55 | 90.15 | 90.87 | 90.38 | - 0.49 | | Singapore 380cst - Brent M1 | - 3.68 | - 3.80 | - 3.42 | - 3.46 | - 3.88 | - 0.42 | | Singapore VLSFO - Gasoil M1 | - 162.16 | - 180.17 | - 173.46 | - 177.90 | - 177.00 | 0.90 | [4] Singapore Fuel Oil Spot Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 397.47 | 404.58 | 404.97 | 401.08 | 398.16 | - 2.92 | | FOB VLSFO | 497.73 | 501.52 | 497.55 | 498.63 | 496.58 | - 2.05 | | 380 Basis | - 6.22 | - 6.64 | - 6.11 | - 6.05 | - 6.25 | - 0.20 | | High - sulfur Internal - external Spread | - 6.2 | - 6.0 | - - 4.2 | - 2.1 | - 4.9 | - 2.8 | | Low - sulfur Internal - external Spread | 13.0 | 13.4 | 12.2 | 12.8 | 10.9 | - 1.9 | [5] Domestic FU Data | Contract | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2849 | 2887 | 2886 | 2894 | 2876 | - 18 | | FU 05 | 2794 | 2821 | 2828 | 2845 | 2833 | - 12 | | FU 09 | 2863 | 2912 | 2924 | 2924 | 2879 | - 45 | | FU 01 - 05 | 55 | 66 | 58 | 49 | 43 | - 6 | | FU 05 - 09 | - 69 | - 91 | - 96 | - 79 | - 46 | 33 | | FU 09 - 01 | 14 | 25 | 38 | 30 | 3 | - 27 | [5] Domestic LU Data | Contract | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3508 | 3570 | 3550 | 3525 | 3515 | - 10 | | LU 05 | 3446 | 3500 | 3500 | 3470 | 3472 | 2 | | LU 09 | 3580 | 3634 | 3603 | 3584 | 3569 | - 15 | | LU 01 - 05 | 62 | 70 | 50 | 55 | 43 | - 12 | | LU 05 - 09 | - 134 | - 134 | - 103 | - 114 | - 97 | 17 | | LU 09 - 01 | 72 | 64 | 53 | 59 | 54 | - 5 | [6]

Report Industry Investment Rating - Not provided Core Viewpoints - 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 and external spread rebounded slightly, and the domestic delivery volume was large, maintaining a loose pattern. The Singapore 0.5 crack spread declined slightly, the month spread weakened, and it fluctuated around $4.5 for the 8-9 month. The LU internal and external spread weakened slightly and then fluctuated, with the 09 around $16. [6][7] - This week, Singapore's onshore 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, and the high-sulfur supply and demand were still in the peak season. However, the East-West and internal-external spreads have quickly declined. The external low-sulfur valuation is high, and the LU internal and external spread is running 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 and external spread rebounded slightly, and the LU valuation is high. Attention can be paid to the short-term valuation regression opportunity of FU-LU, with the risk being the continuous weakening of the external 380cst. [7] Summary by Related Content Rotterdam Fuel Oil Swap Data - From July 15 to July 21, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from $412.56 to $422.21, a change of $2.92; the price of Rotterdam 0.5% VLS FO swap M1 decreased from $466.16 to $469.91, a change of -$1.96; the Rotterdam HSFO-Brent M1 increased from -$3.12 to -$1.66, a change of $0.90; etc. [4] Singapore Fuel Oil Swap Data - From July 15 to July 21, 2025, the price of Singapore 380cst M1 decreased from $404.43 to $411.16, a change of -$0.23; the price of Singapore 180cst M1 increased from $414.93 to $425.21, a change of $1.57; the Singapore VLSFO M1 decreased from $496.15 to $493.65, a change of -$3.65; etc. [4] Singapore Fuel Oil Spot Data - From July 15 to July 21, 2025, the FOB 380cst price increased from $395.38 to $404.97, a change of $0.39; the FOB VLSFO price decreased from $501.64 to $497.55, a change of -$3.97; the 380 basis increased from -$6.98 to -$6.11, a change of $0.53; etc. [5] Domestic FU Data - From July 15 to July 21, 2025, the price of FU 01 decreased from 2828 to 2886, a change of -1; the price of FU 05 increased from 2788 to 2828, a change of 7; the price of FU 09 increased from 2840 to 2924, a change of 12; etc. [5] Domestic LU Data - From July 15 to July 21, 2025, the price of LU 01 decreased from 3529 to 3550, a change of -20; the price of LU 05 remained unchanged at 3500; the price of LU 09 decreased from 3639 to 3603, a change of -31; etc. [6]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread fluctuated downward, the near - month spread declined, and the EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 domestic - foreign spread rebounded slightly, the domestic delivery volume was large, and the supply remained loose. The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread fluctuated around $4.5. The LU domestic - foreign spread weakened slightly and then fluctuated, with LU09 fluctuating around $16. [4][5] - This week, Singapore's on - land inventory increased significantly. Due to delivery pressure on the window, the near - month contract was under pressure, and 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 are in the peak season, the East - West and domestic - foreign spreads have dropped rapidly. The foreign low - sulfur valuation is high, and the LU domestic - foreign spread is running at a high level. Attention should be paid to the domestic production situation. [5] - Singapore's Hi - 5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU domestic - foreign spread rebounded slightly, and the LU valuation is high. Attention can be paid to the short - term valuation regression opportunity of FU - LU, with the risk being the continuous weakening of the foreign 380cst. [5] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From July 11 to July 17, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by $4.57, Rotterdam 0.5% VLS FO swap M1 changed by $3.93, Rotterdam HSFO - Brent M1 changed by - $0.25, Rotterdam 10ppm Gasoil swap M1 changed by $18.74, Rotterdam VLSFO - Gasoil M1 changed by - $14.81, LGO - Brent M1 changed by $1.35, and Rotterdam VLSFO - HSFO M1 changed by - $0.64. [2] Singapore Fuel Oil Swap Data - From July 11 to July 17, 2025, the price of Singapore 380cst M1 changed by - $1.30, Singapore 180cst M1 changed by - $0.48, Singapore VLSFO M1 changed by - $1.97, Singapore GO M1 changed by $0.29, Singapore 380cst - Brent M1 changed by $0.07, and Singapore VLSFO - Gasoil M1 changed by - $4.11. [2] Singapore Fuel Oil Spot Data - From July 11 to July 17, 2025, the FOB 380cst price changed by - $2.82, FOB VLSFO changed by $1.27, the 380 basis changed by - $0.79, the high - sulfur domestic - foreign spread changed by - $0.4, and the low - sulfur domestic - foreign spread changed by - $0.5. [3] Domestic FU Data - From July 11 to July 17, 2025, FU 01 changed by - 5, FU 05 changed by - 10, FU 09 changed by - 17, FU 01 - 05 changed by 5, FU 05 - 09 changed by 7, and FU 09 - 01 changed by - 12. [3] Domestic LU Data - From July 11 to July 17, 2025, LU 01 changed by - 38, LU 05 changed by - 21, LU 09 changed by - 50, LU 01 - 05 changed by - 17, LU 05 - 09 changed by 29, and LU 09 - 01 changed by - 12. [4]