Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread fluctuated, and the EW spread fluctuated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the internal - external spread of FU01 slightly weakened to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the internal - external spread of LU11 oscillated at $9 [3][4]. - This week, Singapore's on - shore inventory decreased, but the inventory was still not the highest in the same historical period. The floating storage decreased significantly month - on - month. Saudi Arabia's shipments decreased significantly, the arrivals oscillated this week, the shipments from the UAE rebounded month - on - month, and the net exports increased significantly. The on - shore inventory in Fujairah, the Middle East decreased, the floating storage of high - sulfur and low - sulfur increased significantly, the residue inventory in ARA increased, and the residue inventory in the US decreased, showing a large inventory contradiction [4]. - The east - west divergence of high - sulfur fuel oil continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. A two - way regression is expected in the future. This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated. The LU quota was issued, and the internal - external spread oscillated. In the short term, pay attention to the opportunity of the widening of the high - sulfur 380 EW spread. Fundamentally, the supply of high - sulfur fuel oil is expected to increase, and the supply - demand pattern will weaken [4]. Group 3: Data Summary Rotterdam Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 396.94 | 389.64 | 394.21 | 390.27 | 388.24 | -2.03 | | Rotterdam 0.5% VLS FO Swap M1 | 452.82 | 448.06 | 453.27 | 452.69 | 450.47 | -2.22 | | Rotterdam HSFO - Brent M1 | -3.23 | -3.58 | -3.95 | -4.33 | -4.85 | -0.52 | | Rotterdam 10ppm Gasoil Swap M1 | 638.66 | 628.39 | 631.89 | 635.32 | 624.89 | -10.43 | | Rotterdam VLSFO - Gasoil M1 | -185.84 | -180.33 | -178.62 | -182.63 | -174.42 | 8.21 | | LGO - Brent M1 | 22.10 | 21.18 | 20.51 | 21.97 | 19.81 | -2.16 | | Rotterdam VLSFO - HSFO M1 | 55.88 | 58.42 | 59.06 | 62.42 | 62.23 | -0.19 | [1] Singapore Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 401.22 | 394.38 | 391.90 | 390.95 | 390.54 | - | | Singapore 180cst M1 | 411.88 | 405.63 | 403.65 | 403.51 | 401.94 | - | | Singapore VLSFO M1 | 484.51 | 476.53 | 476.59 | 476.79 | 479.27 | - | | Singapore Gasoil M1 | 85.26 | 83.31 | 83.35 | 82.76 | 82.47 | - | | Singapore 380cst - Brent M1 | -3.02 | -3.07 | -3.49 | -4.09 | -4.49 | - | | Singapore VLSFO - Gasoil M1 | -146.41 | -139.96 | -140.20 | -135.63 | -131.01 | - | [1] Singapore Fuel Oil Spot | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 396.64 | 388.41 | 387.09 | 387.36 | 387.68 | 0.32 | | FOB VLSFO | 483.55 | 475.21 | 476.12 | 477.51 | 475.97 | -1.54 | | 380 Basis | -3.95 | -4.05 | -3.95 | -3.40 | -2.90 | 0.50 | | High - sulfur Internal - External Spread | 1.5 | 4.5 | 2.4 | 2.5 | 0.1 | -2.4 | | Low - sulfur Internal - External Spread | 8.8 | 9.4 | 6.8 | 8.2 | 8.7 | 0.5 | [2] Domestic FU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2800 | 2772 | 2750 | 2746 | 2739 | -7 | | FU 05 | 2770 | 2751 | 2736 | 2741 | 2735 | -6 | | FU 09 | 2770 | 2730 | 2700 | 2691 | 2713 | 22 | | FU 01 - 05 | 30 | 21 | 14 | 5 | 4 | -1 | | FU 05 - 09 | 0 | 21 | 36 | 50 | 22 | -28 | | FU 09 - 01 | -30 | -42 | -50 | -55 | -26 | 29 | [2] Domestic LU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3457 | 3430 | 3417 | 3420 | 3426 | 6 | | LU 05 | 3417 | 3394 | 3390 | 3395 | 3391 | -4 | | LU 09 | 3489 | 3442 | 3429 | 3423 | 3477 | 54 | | LU 01 - 05 | 40 | 36 | 27 | 25 | 35 | 10 | | LU 05 - 09 | -72 | -48 | -39 | -28 | -86 | -58 | | LU 09 - 01 | 32 | 12 | 12 | 3 | 51 | 48 | [3]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst rebounded and then weakened, the near-month spread fluctuated, and the EW spread fluctuated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal - external spread weakened slightly to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9. [3][4] - This week, Singapore's onshore inventory decreased, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month. Saudi Arabia's shipments decreased significantly, and the arrivals this week oscillated. UAE's shipments rebounded month - on - month, and net exports increased significantly. The onshore inventory in Fujairah, the Middle East, decreased, the floating storage of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory decreased, showing a large inventory contradiction. [4] - The east - west divergence of high - sulfur fuel oil continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. A two - way regression is expected in the future. This week, LU remained weak. The basis of the external MF0.5 weakened again and then oscillated. After the LU quota was issued, the internal - external spread oscillated. [4] - In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the supply of high - sulfur fuel oil is expected to increase, and the supply - demand pattern will weaken. [4] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From August 11 to August 15, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by $3.94, the price of Rotterdam 0.5% VLS FO swap M1 decreased by $0.58, the Rotterdam HSFO - Brent M1 decreased by $0.38, the Rotterdam 10ppm Gasoil swap M1 increased by $3.43, the Rotterdam VLSFO - Gasoil M1 decreased by $4.01, the LGO - Brent M1 increased by $1.46, and the Rotterdam VLSFO - HSFO M1 increased by $3.36. [1] Singapore Fuel Oil Swap Data - From August 11 to August 15, 2025, the price of Singapore 380cst M1 decreased by $0.95, the price of Singapore 180cst M1 decreased by $0.14, the price of Singapore VLSFO M1 increased by $0.20, the price of Singapore Gasoil M1 decreased by $0.59, the Singapore 380cst - Brent M1 decreased by $0.60, and the Singapore VLSFO - Gasoil M1 increased by $4.57. [1][9] Singapore Fuel Oil Spot Data - From August 11 to August 15, 2025, the FOB 380cst price increased by $0.27, the FOB VLSFO price increased by $1.39, the 380 basis increased by $0.55, the high - sulfur internal - external spread increased by $0.1, and the low - sulfur internal - external spread increased by $1.4. [2] Domestic FU Data - From August 11 to August 15, 2025, the price of FU 01 decreased by 4, the price of FU 05 increased by 5, the price of FU 09 decreased by 9, the FU 01 - 05 spread decreased by 9, the FU 05 - 09 spread increased by 14, and the FU 09 - 01 spread decreased by 5. [2] Domestic LU Data - From August 11 to August 15, 2025, the price of LU 01 increased by 3, the price of LU 05 increased by 5, the price of LU 09 decreased by 6, the LU 01 - 05 spread decreased by 2, the LU 05 - 09 spread increased by 11, and the LU 09 - 01 spread decreased by 9. [3]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil rebounded, the near-month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the internal - external spread of FU01 slightly strengthened to $2.5. The cracking spread of Singapore 0.5% low - sulfur fuel oil continued to weaken, the 9 - 10 spread slightly rebounded to $3.75/ton, and the internal - external spread of LU11 oscillated around $8. [3][4] - This week, Singapore's on - land inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased on a month - on - month basis. Saudi Arabia's shipments were at a historical high in the same period, and the arrivals rebounded this week. UAE's shipments rebounded significantly on a month - on - month basis, and net exports increased significantly. The divergence between the East and the West in high - sulfur fuel oil continued, and the current price difference has triggered logistics changes. In the heavy - oil pattern, the cracking spread of Singapore 380cst is the weakest, and the premium of heavy crude oil is the strongest. It is expected that there will be a two - way regression in the future. [4] - This week, LU's weakening was realized, the spot price of the external MF0.5 slightly weakened, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. Attention should be paid to the opportunity of the widening of the 380 EW spread of high - sulfur fuel oil, and short - term short positions in LU should be exited. [4] Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 407.16 | 401.51 | 401.32 | 396.94 | 391.10 | -5.84 | | Rotterdam 0.5% VLS FO Swap M1 | 456.69 | 455.43 | 454.60 | 452.82 | 450.16 | -2.66 | | Rotterdam HSFO - Brent M1 | -2.04 | -2.75 | -2.85 | -3.23 | -3.55 | -0.32 | | Rotterdam 10ppm Gasoil Swap M1 | 644.25 | 648.45 | 644.43 | 638.66 | 627.98 | -10.68 | | Rotterdam VLSFO - GO M1 | -187.56 | -193.02 | -189.83 | -185.84 | -177.82 | 8.02 | | LGO - Brent M1 | 22.56 | 22.94 | 22.30 | 22.10 | 21.18 | -0.92 | | Rotterdam VLSFO - HSF M1 | 49.53 | 53.92 | 53.28 | 55.88 | 59.06 | 3.18 | [1] Singapore Fuel Oil Swap Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 409.81 | 407.04 | 397.66 | 401.22 | 392.60 | -8.62 | | Singapore 180cst M1 | 419.56 | 416.29 | 407.16 | 411.88 | 404.10 | -7.78 | | Singapore VLSFO M1 | 488.48 | 484.34 | 481.62 | 484.51 | 476.91 | -7.60 | | Singapore GO M1 | 84.71 | 84.89 | 83.94 | 85.26 | 82.98 | -2.28 | | Singapore 380cst - Brent M1 | -1.83 | -1.67 | -2.87 | -3.02 | -3.31 | -0.29 | | Singapore VLSFO - GO M1 | -138.37 | -143.85 | -139.54 | -146.41 | -137.14 | 9.27 | [1][6] Singapore Fuel Oil Spot Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 402.93 | 403.56 | 391.73 | 396.64 | 388.41 | -8.23 | | FOB VLSFO | 488.15 | 487.97 | 481.67 | 483.55 | 475.21 | -8.34 | | 380 Basis | -5.35 | -4.75 | -4.80 | -3.95 | -4.05 | -0.10 | | High - Sulfur Internal - External Spread | 2.6 | 2.5 | 2.6 | 1.5 | 4.5 | 3.0 | | Low - Sulfur Internal - External Spread | 9.9 | 8.2 | 8.8 | 8.8 | 9.4 | 0.6 | [2] Domestic FU Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2838 | 2797 | 2781 | 2800 | 2772 | -28 | | FU 05 | 2799 | 2757 | 2747 | 2770 | 2751 | -19 | | FU 09 | 2826 | 2766 | 2760 | 2770 | 2730 | -40 | | FU 01 - 05 | 39 | 40 | 34 | 30 | 21 | -9 | | FU 05 - 09 | -27 | -9 | -13 | 0 | 21 | 21 | | FU 09 - 01 | -12 | -31 | -21 | -30 | -42 | -12 | [2] Domestic LU Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3463 | 3418 | 3418 | 3457 | 3430 | -27 | | LU 05 | 3416 | 3382 | 3392 | 3417 | 3394 | -23 | | LU 09 | 3510 | 3432 | 3450 | 3489 | 3442 | -47 | | LU 01 - 05 | 47 | 36 | 26 | 40 | 36 | -4 | | LU 05 - 09 | -94 | -50 | -58 | -72 | -48 | 24 | | LU 09 - 01 | 47 | 14 | 32 | 32 | 12 | -20 | [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 month spread rebounded to $5.5 per ton, the basis oscillated at a low level (-$5), and the internal - external spread of FU01 strengthened slightly to $2.5. The 0.5 cracking spread of Singapore oscillated and continued to weaken, the 9 - 10 month spread rebounded slightly to $3.75 per ton, and the internal - external spread of LU11 oscillated around $8. [5][6] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month. Saudi Arabia's shipments were at a historical high in the same period, arrivals rebounded this week, and the UAE's shipments rebounded significantly month - on - month, with a significant increase in net exports. [6] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered logistics changes. In the heavy - quality pattern, the cracking spread of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. A two - way regression is expected in the future. [6] - This week, LU's weakening was realized, the spot price of the external MF0.5 decreased slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. Pay attention to the opportunity of the widening of the 380 EW spread of high - sulfur fuel oil, and exit the short - allocation of LU in the short term. [6] 3. Summary of Related Data Rotterdam Fuel Oil Data | Product | Change | | --- | --- | | Rotterdam 3.5% HSF O swap M1 | -$0.57 | | Rotterdam 0.5% VLS FO swap M1 | -$0.20 | | Rotterdam HSFO - Brent M1 | -$0.15 | | Rotterdam 10ppm Gasoil swap M1 | -$4.36 | | Rotterdam VLSFO - Gasoil M1 | +$4.16 | | LGO - Brent M1 | -$0.64 | | Rotterdam VLSFO - HSFO M1 | +$0.37 | [3] Singapore Fuel Oil Data | Product | Change | | --- | --- | | Singapore 380cst M1 | -$6.18 | | Singapore 180cst M1 | -$2.44 | | Singapore VLSFO M1 | +$0.21 | | Singapore Gasoil M1 | -$0.01 | | Singapore 380cst - Brent M1 | -$1.24 | | Singapore VLSFO - Gasoil M1 | +$0.29 | [3][8] Singapore Fuel Oil Spot Data | Product | Change | | --- | --- | | FOB 380cst | -$11.83 | | FOB VLSFO | -$6.30 | | 380cst Basis | -$0.05 | | High - sulfur Internal - External Spread | +$0.1 | | Low - sulfur Internal - External Spread | +$0.6 | [4] Domestic FU Data | Product | Change | | --- | --- | | FU 01 | -16 | | FU 05 | -10 | | FU 09 | -6 | | FU 01 - 05 | -6 | | FU 05 - 09 | -4 | | FU 09 - 01 | +10 | [4] Domestic LU Data | Product | Change | | --- | --- | | LU 01 | 0 | | LU 05 | +10 | | LU 09 | +18 | | LU 01 - 05 | -10 | | LU 05 - 09 | -8 | | LU 09 - 01 | +18 | [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. The cracking spread of Singapore 0.5% low - sulfur fuel oil continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [5][6] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month. Saudi Arabia's shipments were at a historical high for the same period, and arrivals rebounded this week. UAE's shipments rebounded significantly month - on - month, and net exports increased substantially. [6] - The divergence between the East and West of high - sulfur fuel oil continued. The current price difference has triggered logistics changes. In the heavy - oil pattern, the cracking spread of Singapore 380cst is the weakest, and the premium of heavy crude oil is the strongest. It is expected to converge in both directions later. [6] - This week, LU's weakness was realized, the spot price of the external MF0.5 decreased slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. Pay attention to the opportunity of the high - sulfur 380 EW spread to widen, and short - term short positions in LU should exit. [6] Group 3: Data Summaries Rotterdam Fuel Oil Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | 3.5% HSF O Swap M1 | -$1.52 | | 0.5% VLS FO Swap M1 | +$0.76 | | HSFO - Brent M1 | -$0.29 | | 10ppm Gasoil Swap M1 | +$6.27 | | VLSFO - G M1 | -$5.51 | | LGO - Brent M1 | $0.00 | | VLSFO - HSFO M1 | +$2.28 | [3] Singapore Fuel Oil Data Swap Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | 380cst M1 | -$3.06 | | 180cst M1 | -$1.55 | | VLSFO M1 | -$1.64 | | GO M1 | +$1.06 | | 380cst - Brent M1 | -$0.17 | | VLSFO - GO M1 | -$9.49 | [3] Spot Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | FOB 380cst | - | | FOB VLSFO | - | | 380 Basis | - | | High - sulfur Internal - External Spread | -$0.1 | | Low - sulfur Internal - External Spread | -$1.7 | [4] Domestic FU Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | FU 01 | -41 | | FU 05 | -42 | | FU 09 | -60 | | FU 01 - 05 | +1 | | FU 05 - 09 | +18 | | FU 09 - 01 | -19 | [4] Domestic LU Data | Type | Change from 2025/08/04 - 2025/08/08 | | ---- | ---- | | LU 01 | -45 | | LU 05 | -34 | | LU 09 | -78 | | LU 01 - 05 | -11 | | LU 05 - 09 | +44 | | LU 09 - 01 | -33 | [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 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 Summary 1. Report Industry Investment Rating No information 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 it fluctuated around $4.5 for the 8 - 9 month spread. The LU internal - external spread weakened slightly and then fluctuated, with the 09 around $16. [4][5] - This week, Singapore's on - land inventory increased significantly, the near - month contract was under pressure due to delivery, 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 - demand is still in the peak season, but the East - West and internal - external spreads have dropped rapidly. The external low - sulfur valuation is high, and the LU internal - external spread is running at a high level. Pay attention 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, the LU valuation is high, and the short - term valuation regression opportunity of FU - LU can be considered. The risk lies in the continuous weakening of the external 380cst. [5] 3. Summary by Relevant Tables Rotterdam Fuel Oil Swap Prices - The prices of Rotterdam 3.5% HSF O swap M1, 0.5% VLSFO swap M1, etc. showed different changes from July 8 to July 14, 2025. For example, the Rotterdam 3.5% HSF O swap M1 decreased by $10.28. [2] Singapore Fuel Oil Swap Prices - The prices of Singapore 380cst M1, 180cst M1, VLSFO M1, etc. also changed during the same period. For instance, the Singapore 380cst M1 decreased by $10.33 from July 8 - 14. [2] Singapore Fuel Oil Spot Prices - From July 8 to July 14, 2025, the FOB 380cst price decreased by $1.83, while the FOB VLSFO price increased by $9.94. The 380 basis weakened, the high - sulfur internal - external spread increased by $1.7, and the low - sulfur internal - external spread increased by $0.1. [3] Domestic FU Futures Prices - The prices of FU 01, FU 05, and FU 09 contracts changed from July 8 to July 14, 2025. For example, FU 01 increased by 28 points, and the spreads between different contracts also changed. [3] Domestic LU Futures Prices - The prices of LU 01, LU 05, and LU 09 contracts changed during the same period. LU 01 increased by 63 points, and the spreads between different contracts also had corresponding changes. [4]