1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - This week, the 380 cracking continued to strengthen, the 380 near - month spread fluctuated, and the 380 basis weakened. The low - sulfur cracking rebounded, the spread against diesel strengthened, the Singapore low - sulfur monthly spread strengthened, and the basis fluctuated around +2. [3] - On the fundamental side, on - land stocks in Singapore continued to accumulate, ARA stocks increased slightly, and EIA stocks increased. In floating storage, high - sulfur stocks in Singapore increased significantly. [3] - Low - sulfur prices fluctuated. The high - sulfur floating storage in Fujairah decreased slightly, the low - sulfur floating storage decreased, the overall high - sulfur floating storage in the Middle East continued to decline, and the low - sulfur floating storage declined; European floating storage increased, the high - sulfur floating storage in the US fluctuated, the low - sulfur floating storage fluctuated, and the floating storage with unknown sulfur content increased. [9] - Saudi shipments decreased, UAE shipments increased month - on - month, and Russian shipments decreased month - on - month. In 2025, attention should be paid to the impact of sanctions on Iran on global heavy - oil valuations. In Asia, attention should be paid to whether Russian supply will return to the benchmark. The far - month 380 faces downward space. Recently, with the decline of Middle East floating storage and the significant increase of on - land stocks in Singapore, the 380 near - month continues to face pressure. [9] - In the low - sulfur market, the Singapore basis rebounded slightly recently, and the spread against diesel began to strengthen. [9] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From April 10 - 11, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 384.75 to 388.25, a change of 2.16; Rotterdam 0.5% VLS FO swap M1 increased from 421.90 to 423.18, a change of 2.79; Rotterdam HSFO - Brent M1 changed from - 2.00 to - 1.66, a change of - 0.87; Rotterdam 10ppm Gasoil swap M1 decreased from 575.33 to 572.50, a change of - 11.80; Rotterdam VLSFO - Gasoil M1 changed from - 153.43 to - 149.32, a change of - 9.01; LGO - Brent M1 changed from 16.23 to 14.50, a change of - 0.33; Rotterdam VLSFO - HSFO M1 changed from 37.15 to 34.93, a change of - 0.63. [1] - From April 14 - 16, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed from 398.72 to 397.83; Rotterdam 0.5% VLS FO swap M1 changed from 431.42 to 430.85; Rotterdam HSFO - Brent M1 changed from - 1.29 to - 2.30; Rotterdam 10ppm Gasoil swap M1 changed from 586.30 to 595.85; Rotterdam VLSFO - Gasoil M1 changed from - 154.88 to - 165.00; LGO - Brent M1 changed from 16.23 to 16.43; Rotterdam VLSFO - HSFO M1 changed from 32.70 to 33.02. [8] Singapore Fuel Oil Data Swap Data - From April 10 - 16, 2025, the price of Singapore 380cst M1 changed from 397.57 to 413.13, a change of - 4.81; Singapore 180cst M1 changed from 408.79 to 425.63, a change of - 4.31; Singapore VLSFO M1 changed from 460.19 to 462.42, a change of - 5.20; Singapore Gasoil M1 changed from 78.51 to 80.00, a change of - 0.06; Singapore 380cst - Brent M1 changed from - 0.90 to 0.96, a change of - 0.57; Singapore VLSFO - Gasoil M1 changed from - 120.78 to - 131.40, a change of - 6.58. [1] Spot Data - From April 10 - 16, 2025, the FOB price of Singapore 380cst changed from 392.53 to 416.99, a change of - 0.21; FOB VLSFO changed from 466.60 to 470.33, a change of - 1.74; the 380 basis changed from - 3.50 to - 0.55, a change of 0.25; the high - sulfur domestic - foreign spread changed from 10.3 to 7.3, a change of - 0.1; the low - sulfur domestic - foreign spread changed from 4.7 to 4.1, a change of 0.6. [2] Domestic Fuel Oil Data FU Data - From April 10 - 16, 2025, the price of FU 01 changed from 2683 to 2637, a change of - 17; FU 05 changed from 2976 to 3016, a change of - 77; FU 09 changed from 2794 to 2758, a change of - 33; FU 01 - 05 changed from - 293 to - 379, a change of 60; FU 05 - 09 changed from 182 to 258, a change of - 44; FU 09 - 01 changed from 111 to 121, a change of - 16. [2] LU Data - From April 10 - 16, 2025, the price of LU 01 changed from 3338 to 3262, a change of - 57; LU 05 changed from 3409 to 3350, a change of - 99; LU 09 changed from 3362 to 3274, a change of - 63; LU 01 - 05 changed from - 71 to - 88, a change of 42; LU 05 - 09 changed from 47 to 76, a change of - 36; LU 09 - 01 changed from 24 to 12, a change of - 6. [3]

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