| | | | | 燃料油早报 | | 研究中心能化团队 2025/05/22 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/15 | 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 | 44.39 | | 2025/05/19 | 407.04 | 446.85 | -0.62 | 593.82 | -146.97 | 16.37 | 39.81 | | ...

| 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 ...

| | Un Art DD ITL | Un Arre Des ITI. | | --- | --- | --- | | 司完完期华 | SOURCE POINT | SOURCE POINT | | 燃料油早报 | | --- | | 研究中心能化团队 2025/05/20 | | --- | | 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 | | 2025/05/13 | 408.43 | 452.25 | -1.39 | 602.56 | -150.31 | 16.66 | 43.82 | | 2025/05/14 | 406.15 | 451.49 | -1.58 | 606.04 ...

| | | | | 燃料油早报 | | 研究中心能化团队 2025/05/19 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/12 | 402.21 | 442.91 | -1.29 | 591.43 | -148.52 | 16.89 | 40.70 | | 2025/05/13 | 408.43 | 452.25 | -1.39 | 602.56 | -150.31 | 16.66 | 43.82 | | 2025/05/14 | 406.15 | 451.49 | -1.58 | 606.04 | -154.55 | 17.57 | 45.34 | | ...

研究中心能化团队 2025/05/15 | | | 燃料油早报 | 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 | | 2025/05/08 | 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 | -148.52 | 16.89 | 40.70 | | 2025/05/13 ...

| | | | 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]