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]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) 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 - external spread rebounded slightly, and the domestic delivery inventory was abundant, maintaining a loose pattern. [4] - 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 around $16. [4] - This week, Singapore's on - land inventory increased significantly. Under delivery pressure, 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 - demand is in the peak season, the East - West and internal - external spreads have dropped rapidly. The external low - sulfur valuation is high, and the LU internal - external spread is at a high level. Attention should be paid to domestic production. [5] - 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 is high. The short - term valuation regression opportunity of FU - LU can be considered, with the risk of continuous weakening of the external 380cst. [5] 3) Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 10 to July 16, 2025, the price of Rotterdam 3.5% HSFO swap M1 changed by -$0.32, Rotterdam 0.5% VLSFO swap M1 changed by -$1.21, Rotterdam HSFO - Brent M1 changed by $0.52, Rotterdam 10ppm Gasoil swap M1 changed by -$12.35, Rotterdam VLSFO - GO M1 changed by $11.14, LGO - Brent M1 changed by -$1.45, and Rotterdam VLSFO - HSFO M1 changed by -$0.89. [2] Singapore Fuel Oil Swap Data - From July 10 to July 16, 2025, the price of Singapore 380cst M1 changed by $1.24, Singapore 180cst M1 changed by $2.67, Singapore VLSFO M1 changed by -$1.74, Singapore GO M1 changed by $0.31, Singapore 380cst - Brent M1 changed by $0.69, and Singapore VLSFO - GO M1 changed by -$4.04. [2] Singapore Fuel Oil Spot Data - From July 10 to July 16, 2025, the FOB price of 380cst changed by $4.91, FOB VLSFO changed by -$5.18, the 380 basis changed by $1.55, the high - sulfur internal - external spread changed by $1.2, and the low - sulfur internal - external spread changed by -$2.6. [3] Domestic FU Data - From July 10 to July 16, 2025, FU 01 changed by 26, FU 05 changed by 16, FU 09 changed by 40, FU 01 - 05 changed by 10, FU 05 - 09 changed by - 24, and FU 09 - 01 changed by 14. [3] Domestic LU Data - From July 10 to July 16, 2025, LU 01 changed by 17, LU 05 changed by 16, LU 09 changed by - 9, LU 01 - 05 changed by 1, LU 05 - 09 changed by 25, and LU 09 - 01 changed by - 26. [4]

Report Information - Report Title: Fuel Oil Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: July 16, 2025 [1] Core Viewpoints - This week, the high-sulfur crack spread oscillated 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 oscillated, 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 the 8-9 month spread oscillated around $4.5. The LU internal and external spread weakened slightly and then oscillated, with the 09 around $16. [4][5] - This week, Singapore's onshore inventory increased significantly, the window was under delivery pressure, the near month was under pressure, and Saudi Arabia's shipments increased month-on-month. Recently, the exports of fuel oil from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, and the high-sulfur supply and 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 and external spread was running at a high level. Attention should be paid to the domestic production situation. [5] - 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 was high. Attention could be paid to the short-term valuation regression opportunity of FU-LU, with the risk of continuous weakening of the external 380cst. [5] Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 427.74 | 416.69 | 420.81 | 410.97 | 412.56 | 1.59 | | Rotterdam 0.5% VLS FO Swap M1 | 476.00 | 467.49 | 475.48 | 469.20 | 466.16 | -3.04 | | Rotterdam HSFO-Brent M1 | -1.75 | -2.05 | -2.86 | -3.55 | -3.12 | 0.43 | | Rotterdam 10ppm Gasoil Swap M1 | 675.03 | 662.16 | 681.86 | 673.49 | 674.99 | 1.50 | | Rotterdam VLSFO-Gasoil M1 | -199.03 | -194.67 | -206.38 | -204.29 | -208.83 | -4.54 | | LGO-Brent M1 | 22.33 | 22.20 | 23.03 | 23.04 | 23.87 | 0.83 | | Rotterdam VLSFO-HSFO M1 | 48.26 | 50.80 | 54.67 | 58.23 | 53.60 | -4.63 | [2] Singapore Fuel Oil Swap Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 426.95 | 426.30 | 412.36 | 411.55 | 404.43 | -7.12 | | Singapore 180cst M1 | 434.39 | 434.01 | 421.80 | 421.36 | 414.93 | -6.43 | | Singapore VLSFO M1 | 507.25 | 504.61 | 497.43 | 507.96 | 496.15 | -11.81 | | Singapore Gasoil M1 | 90.06 | 88.88 | 87.89 | 90.87 | 87.86 | -3.01 | | Singapore 380cst-Brent M1 | -2.03 | -1.67 | -2.86 | -4.96 | -4.13 | 0.83 | | Singapore VLSFO-Gasoil M1 | -159.19 | -153.10 | -152.96 | -164.48 | -154.01 | 10.47 | [2] Singapore Fuel Oil Spot Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 420.79 | 418.55 | 404.43 | 402.60 | 395.38 | -7.22 | | FOB VLSFO | 516.44 | 512.29 | 504.95 | 514.89 | 501.64 | -13.25 | | 380 Basis | -5.30 | -5.40 | -6.05 | -7.05 | -6.98 | 0.07 | | High-Sulfur Internal-External Spread | -10.3 | -10.1 | -7.6 | -5.9 | -7.0 | -1.1 | | Low-Sulfur Internal-External Spread | 16.6 | 17.4 | 16.4 | 16.5 | 16.1 | -0.4 | [3] Domestic FU Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2902 | 2910 | 2855 | 2883 | 2828 | -55 | | FU 05 | 2837 | 2848 | 2803 | 2825 | 2788 | -37 | | FU 09 | 2982 | 2972 | 2911 | 2922 | 2840 | -82 | | FU 01-05 | 65 | 62 | 52 | 58 | 40 | -18 | | FU 05-09 | -145 | -124 | -108 | -97 | -52 | 45 | | FU 09-01 | 80 | 62 | 56 | 39 | 12 | -27 | [3] Domestic LU Data | Type | 2025/07/09 | 2025/07/10 | 2025/07/11 | 2025/07/14 | 2025/07/15 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3568 | 3567 | 3520 | 3583 | 3529 | -54 | | LU 05 | 3472 | 3491 | 3451 | 3502 | 3451 | -51 | | LU 09 | 3692 | 3687 | 3640 | 3694 | 3639 | -55 | | LU 01-05 | 96 | 76 | 69 | 81 | 78 | -3 | | LU 05-09 | -220 | -196 | -189 | -192 | -188 | 4 | | LU 09-01 | 124 | 120 | 120 | 111 | 110 | -1 | [4]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the high-sulfur cracking spread fluctuated and declined, the near-month calendar spread decreased, and the EW continued to weaken. The 380 8-9 calendar spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal and external spread rebounded slightly, and the domestic delivery inventory was abundant, maintaining a loose pattern. The Singapore 0.5 cracking spread declined slightly, the calendar spread weakened, and the 8-9 spread fluctuated around $4.5. The LU internal and external spread weakened slightly and then fluctuated, with the 09 spread fluctuating around $16. [5][6] - This week, Singapore's onshore inventory increased significantly. Under the pressure of delivery at 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, and the high-sulfur supply and demand was still in the peak season. However, the East-West and internal-external spreads have dropped rapidly. The external low-sulfur valuation is relatively high, and the LU internal and external spread is running at a high level. Attention should be paid to the domestic production situation. [6] - 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 relatively 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. [6] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 7th to July 11th, 2025, the prices of Rotterdam 3.5% HSF Swap M1 increased by $4.12, Rotterdam 0.5% VLSFO Swap M1 increased by $7.99, Rotterdam HSFO-Brent M1 decreased by $0.81, Rotterdam 10ppm Gasoil Swap M1 increased by $19.70, Rotterdam VLSFO-Gas M1 decreased by $11.71, LGO-Brent M1 increased by $0.83, and Rotterdam VLSFO-HSFO M1 increased by $3.87. [3] Singapore Fuel Oil Swap Data - From July 7th to July 11th, 2025, the prices of Singapore 380cst M1 decreased by $13.94, Singapore 180cst M1 decreased by $12.21, Singapore VLSFO M1 decreased by $7.18, Singapore Gasoil M1 decreased by $0.99, Singapore 380cst-Brent M1 decreased by $1.19, and Singapore VLSFO-Gas M1 increased by $0.14. [3] Singapore Fuel Oil Spot Data - From July 7th to July 11th, 2025, the FOB 380cst price decreased by $14.12, the FOB VLSFO price decreased by $7.34, the 380 basis decreased by $0.65, the high-sulfur internal-external spread increased by $2.5, and the low-sulfur internal-external spread decreased by $1.0. [4] Domestic FU Data - From July 7th to July 11th, 2025, the prices of FU 01 decreased by 55, FU 05 decreased by 45, FU 09 decreased by 61, FU 01 - 05 decreased by 10, FU 05 - 09 increased by 16, and FU 09 - 01 decreased by 6. [4] Domestic LU Data - From July 7th to July 11th, 2025, the prices of LU 01 decreased by 47, LU 05 decreased by 40, LU 09 decreased by 47, LU 01 - 05 decreased by 7, LU 05 - 09 increased by 7, and LU 09 - 01 remained unchanged. [5]

| 2025/07/09 | 426.95 | 434.39 | 507.25 | 90.06 | -2.03 | -159.19 | | --- | --- | --- | --- | --- | --- | --- | | 2025/07/10 | 426.30 | 434.01 | 504.61 | 88.88 | -1.67 | -153.10 | | 变化 | -0.65 | -0.38 | -2.64 | -1.18 | 0.36 | 6.09 | | | | 燃料油早报 研究中心能化团队 2025/07/11 | 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 | | 2025/0 ...