Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking was volatile. The 380 near - end ran strongly, the monthly spread strengthened again, and the basis was volatile. The low - sulfur cracking was volatile, the near - end monthly spread declined, and the basis was volatile. This week, there was a significant inventory build - up on land in Singapore, a slight inventory build - up at ARA ports, and a drawdown of residual oil in the US. Recently, the low - sulfur valuation has been realized, and there is room for repair in cracking and inter - monthly spreads after supply recovery. The high - sulfur cracking ran strongly, with profits higher than the historical average. This year, in China, affected by consumption tax deductions and tariff adjustments, the feedstock demand of fuel oil refineries has significantly declined. In terms of marine fuel, the global high - sulfur marine fuel from January to March increased by 2% year - on - year, and Singapore was basically flat. The total marine fuel was weaker year - on - year. Subsequently, the impact of tariffs on global trade activities should be monitored. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. The high - sulfur near - end is strong. Opportunities for the decline of high - sulfur cracking in the medium and long term should be monitored [5][6] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From May 20th to May 26th, 2025, for Rotterdam's 3.5% HSFO swap M1, the price changed from 407.23 to 401.31, a decrease of 4.33; for Rotterdam's 0.5% VLSFO swap M1, it changed from 446.09 to 447.03, a decrease of 2.24; for Rotterdam's HSFO - Brent M1, it changed from - 0.27 to - 0.94, a decrease of 0.50; for Rotterdam's 10ppm Gasoil swap M1, it changed from 588.04 to 585.92, a decrease of 2.40; for Rotterdam's VLSFO - GO M1, it changed from - 141.95 to - 138.89, an increase of 0.16; for LGO - Brent M1, it changed from 15.90 to 16.20, a decrease of 0.30; for Rotterdam's VLSFO - HSFO M1, it changed from 38.86 to 45.72, an increase of 2.09 [3] Singapore Fuel Oil Swap and Spot Data - Swap data: From May 20th to May 26th, 2025, for Singapore's 380cst M1, the price changed from 431.93 to 424.98, a decrease of 1.56; for Singapore's 180cst M1, it changed from 438.43 to 431.23, a decrease of 1.68; for Singapore's VLSFO M1, it changed from 485.73 to 484.07, an increase of 4.57; for Singapore's GO M1, it changed from 79.88 to 79.00, an increase of 0.77; for Singapore's 380cst - Brent M1, it changed from 3.21 to 2.50, a decrease of 1.24; for Singapore's VLSFO - GO M1, it changed from - 105.38 to - 100.53, a decrease of 1.13 [3] - Spot data: From May 20th to May 26th, 2025, for Singapore's FOB 380cst, the price changed from 434.71 to 430.07, an increase of 1.27; for FOB VLSFO, it changed from 498.93 to 493.11, an increase of 3.07; the 380 basis changed from - 0.25 to 7.15, an increase of 5.65; the high - sulfur internal - external spread changed from 9.6 to 8.8, a decrease of 0.6; the low - sulfur internal - external spread changed from 12.2 to 13.1, a decrease of 1.2 [4] Domestic Fuel Oil Futures Data - FU data: From May 20th to May 26th, 2025, for FU 01, the price changed from 2722 to 2681, a decrease of 11; for FU 05, it changed from 2662 to 2627, a decrease of 11; for FU 09, it changed from 2874 to 2836, an increase of 3; FU 01 - 05 remained unchanged at 54; FU 05 - 09 changed from - 212 to - 209, a decrease of 14; FU 09 - 01 changed from 152 to 155, an increase of 14 [4] - LU data: From May 20th to May 26th, 2025, for LU 01, the price changed from 3390 to 3360, an increase of 2; for LU 05, it changed from 3314 to 3285, a decrease of 6; for LU 09, it changed from 3445 to 3431, an increase of 26; LU 01 - 05 changed from 76 to 75, an increase of 8; LU 05 - 09 changed from - 131 to - 146, a decrease of 32; LU 09 - 01 changed from 55 to 71, an increase of 24 [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated. The 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur crack spread fluctuated, the near - end of the monthly spread declined, and the basis fluctuated. Singapore's on - land inventory increased significantly, ARA ports had a slight inventory build - up, and the US residual oil inventory decreased. Recently, the low - sulfur valuation was realized, and there is room for repair in the crack spread and monthly spread after the supply recovers. The high - sulfur crack spread ran strongly, with profits higher than the historical average. Affected by consumption tax deductions and tariff adjustments in China this year, the refinery feedstock demand for fuel oil has dropped significantly. In the bunker fuel sector, the global high - sulfur bunker fuel from January to March increased by 2% year - on - year, Singapore remained basically flat, and the total bunker fuel was weaker year - on - year. Attention should be paid to the impact of tariffs on global trade activities. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases continue. The near - end of high - sulfur is strong, and attention should be paid to the opportunity of a medium - to - long - term decline in the high - sulfur crack spread [3][4]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 407.04 | 407.23 | 409.58 | 403.67 | 405.64 | 1.97 | | Rotterdam 0.5% VLS FO Swap M1 | 446.85 | 446.09 | 447.99 | 444.44 | 449.27 | 4.83 | | Rotterdam HSFO - Brent M1 | - 0.62 | - 0.27 | - 0.02 | - 0.04 | - 0.44 | - 0.40 | | Rotterdam 10ppm Gasoil Swap M1 | 593.82 | 588.04 | 589.31 | 583.79 | 588.32 | 4.53 | | Rotterdam VLSFO - Gasoil M1 | - 146.97 | - 141.95 | - 141.32 | - 139.35 | - 139.05 | 0.30 | | LGO - Brent M1 | 16.37 | 15.90 | 16.50 | 16.30 | 16.50 | 0.20 | | Rotterdam VLSFO - HSFO M1 | 39.81 | 38.86 | 38.41 | 40.77 | 43.63 | 2.86 | [1] Singapore Fuel Oil Swap Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 428.78 | 431.93 | 441.46 | 428.49 | 426.54 | - 1.95 | | Singapore 180cst M1 | 436.10 | 438.43 | 447.56 | 434.99 | 432.91 | - 2.08 | | Singapore VLSFO M1 | 487.21 | 485.73 | 489.98 | 482.50 | 479.50 | - 3.00 | | Singapore Gasoil M1 | 79.83 | 79.88 | 80.60 | 78.60 | 78.23 | - 0.37 | | Singapore 380cst - Brent M1 | 3.27 | 3.21 | 3.91 | 3.69 | 3.74 | 0.05 | | Singapore VLSFO - Gasoil M1 | - 103.53 | - 105.38 | - 106.46 | - 99.14 | - 99.40 | - 0.26 | [1][9] Singapore Fuel Oil Spot Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 431.06 | 434.71 | 443.64 | 429.70 | 428.80 | - 0.90 | | FOB VLSFO | 499.38 | 498.93 | 502.27 | 493.36 | 490.04 | - 3.32 | | 380 Basis | - 0.45 | - 0.25 | 0.30 | - 0.18 | 1.50 | 1.68 | | High - sulfur Domestic - Foreign Spread | 9.7 | 9.6 | 11.1 | 10.2 | 9.4 | - 0.8 | | Low - sulfur Domestic - Foreign Spread | 14.5 | 12.2 | 14.7 | 13.5 | 14.3 | 0.8 | [2] Domestic FU Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2705 | 2722 | 2748 | 2695 | 2692 | - 3 | | FU 05 | 2649 | 2662 | 2669 | 2634 | 2638 | 4 | | FU 09 | 2847 | 2874 | 2910 | 2841 | 2833 | - 8 | | FU 01 - 05 | 56 | 60 | 79 | 61 | 54 | - 7 | | FU 05 - 09 | - 198 | - 212 | - 241 | - 207 | - 195 | 12 | | FU 09 - 01 | 142 | 152 | 162 | 146 | 141 | - 5 | [2] Domestic LU Data | Type | 2025/05/19 | 2025/05/20 | 2025/05/21 | 2025/05/22 | 2025/05/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3378 | 3390 | 3393 | 3350 | 3358 | 8 | | LU 05 | 3313 | 3314 | 3307 | 3330 | 3291 | - 39 | | LU 09 | 3437 | 3445 | 3456 | 3412 | 3405 | - 7 | | LU 01 - 05 | 65 | 76 | 86 | 20 | 67 | 47 | | LU 05 - 09 | - 124 | - 131 | - 149 | - 82 | - 114 | - 32 | | LU 09 - 01 | 59 | 55 | 63 | 62 | 47 | - 15 | [3]

| | | | | 燃料油早报 | | 研究中心能化团队 2025/05/23 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/16 | 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 | | 2025/05/20 | 407.23 | 446.09 | -0.27 | 588.04 | -141.95 | 15.90 | 38.86 | | ...

| | | | | 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 | | ...

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - This week, the high - sulfur crack spread strengthened, the 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur crack spread oscillated at a high level, the near - end monthly spread strengthened, and the basis continued to strengthen. Singapore's on - land inventory continued to decline, ARA ports' inventory decreased, and US residual oil inventory increased significantly. Singapore's high - sulfur floating storage decreased, with overall inventory decline, while the Middle East floating storage oscillated at a high level, and Saudi Arabia's exports were neutral year - on - year. Fujairah's floating storage oscillated, and European floating storage decreased. Recently, low - sulfur prices strengthened, and attention should be paid to the realization of subsequent supply increments and the change in the low - sulfur export volume of Dangote Refinery. The high - sulfur crack spread ran strongly, with profits higher than the historical average. This year, affected by consumption tax deductions and tariff adjustments in China, the feedstock demand of fuel oil refineries has dropped significantly. The bunker fuel market is expected to be weaker year - on - year due to tariff impacts, but has recently picked up due to rush transportation. Future power generation and procurement demand should be monitored, as well as the opportunity for the high - sulfur crack spread to decline in the medium term [3][4] 3. Data Summaries by Category Rotterdam Fuel Oil Swap Data - From May 14 to May 20, 2025, for the 3.5% HSF O swap M1 in Rotterdam, the price changed from 406.15 to 407.23, an increase of 0.19. The 0.5% VLS FO swap M1 changed from 451.49 to 446.09, a decrease of 0.76. The HSFO - Brent M1 changed from - 1.58 to - 0.27, an increase of 0.35. The 10ppm Gasoil swap M1 decreased from 606.04 to 588.04, a decrease of 5.78. The VLSFO - Gasoil M1 increased from - 154.55 to - 141.95, an increase of 5.02. The LGO - Brent M1 decreased from 17.57 to 15.90, a decrease of 0.47. The VLSFO - HSFO M1 decreased from 45.34 to 38.86, a decrease of 0.95 [1] Singapore Fuel Oil Swap Data - During the same period, for Singapore's 380cst M1, the price increased from 433.27 to 431.93, an increase of 3.15. The 180cst M1 increased from 442.48 to 438.43, an increase of 2.33. The VLSFO M1 decreased from 498.06 to 485.73, a decrease of 1.48. The Gasoil M1 increased slightly from 81.58 to 79.88, an increase of 0.05. The 380cst - Brent M1 decreased from 2.53 to 3.21, a decrease of 0.06. The VLSFO - Gasoil M1 decreased from - 105.63 to - 105.38, a decrease of 1.85 [1] Singapore Fuel Oil Spot Data - From May 14 to May 20, 2025, the FOB 380cst price in Singapore increased from 432.78 to 434.71, an increase of 3.65. The FOB VLSFO decreased from 511.73 to 498.93, a decrease of 0.45. The 380 - basis increased from - 1.45 to - 0.25, an increase of 0.20. The high - sulfur domestic - foreign price difference decreased from 7.9 to 9.6, a decrease of 0.1. The low - sulfur domestic - foreign price difference decreased from 17.0 to 12.2, a decrease of 2.3 [2] Domestic FU Data - For domestic FU, from May 14 to May 20, 2025, FU 01 increased from 2755 to 2722, an increase of 17. FU 05 increased from 2697 to 2662, an increase of 13. FU 09 increased from 2893 to 2874, an increase of 27. The FU 01 - 05 spread increased from 58 to 60, an increase of 4. The FU 05 - 09 spread decreased from - 196 to - 212, a decrease of 14. The FU 09 - 01 spread increased from 138 to 152, an increase of 10 [2] Domestic LU Data - For domestic LU, during the same period, LU 01 increased from 3451 to 3390, an increase of 12. LU 05 increased from 3401 to 3314, an increase of 1. LU 09 increased from 3521 to 3445, an increase of 8. The LU 01 - 05 spread increased from 50 to 76, an increase of 11. The LU 05 - 09 spread decreased from - 120 to - 131, a decrease of 7. The LU 09 - 01 spread decreased from 70 to 55, a decrease of 4 [3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the high - sulfur cracking spread strengthened, the 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur cracking spread oscillated at a high level, the near - end monthly spread strengthened, and the basis continued to strengthen [4]. - This week, Singapore's on - land inventory continued to decline, ARA ports' inventory decreased, and the US residual oil inventory increased significantly. Singapore's high - sulfur floating storage inventory decreased, with overall inventory decline. The Middle East floating storage inventory oscillated at a high level, and Saudi Arabia's exports were neutral year - on - year. Fujairah's floating storage inventory oscillated, and European floating storage inventory decreased [4]. - Recently, the low - sulfur market has strengthened. Attention should be paid to the subsequent fulfillment of supply increments and the change in the low - sulfur export volume of Dangote Refinery. The high - sulfur cracking spread is running strongly, with profits higher than the historical average. This year, in China, affected by consumption tax deductions and tariff adjustments, the refinery feed demand for fuel oil has dropped significantly. The bunker fuel demand is expected to be weaker year - on - year due to tariff impacts. In the short term, the bunker fuel market has become prosperous due to rush shipments. Subsequently, attention should be paid to the power generation demand and procurement demand, as well as the opportunity for the high - sulfur cracking spread to decline in the medium term [5]. 3) Summary by Catalog Rotterdam Fuel Oil Swap Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 408.43 | 406.15 | 399.03 | 402.97 | 407.04 | 4.07 | | Rotterdam 0.5% VLS FO Swap M1 | 452.25 | 451.49 | 442.66 | 447.36 | 446.85 | - 0.51 | | Rotterdam HSFO - Brent M1 | - 1.39 | - 1.58 | - 0.90 | - 1.01 | - 0.62 | 0.39 | | Rotterdam 10ppm Gasoil Swap M1 | 602.56 | 606.04 | 598.55 | 595.17 | 593.82 | - 1.35 | | Rotterdam VLSFO - Gasoil M1 | - 150.31 | - 154.55 | - 155.89 | - 147.81 | - 146.97 | 0.84 | | LGO - Brent M1 | 16.66 | 17.57 | 18.05 | 16.77 | 16.37 | - 0.40 | | Rotterdam VLSFO - HSFO M1 | 43.82 | 45.34 | 43.63 | 44.39 | 39.81 | - 4.58 | [2] Singapore Fuel Oil Swap Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 427.25 | 433.27 | 424.56 | 428.16 | 428.78 | | Singapore 180cst M1 | 437.53 | 442.48 | 433.13 | 436.13 | 436.10 | | Singapore VLSFO M1 | 485.06 | 498.06 | 486.28 | 486.45 | 487.21 | | Singapore Gasoil M1 | 79.84 | 81.58 | 79.90 | 79.79 | 79.83 | | Singapore 380cst - Brent M1 | 2.93 | 2.53 | 3.23 | 3.71 | 3.27 | | Singapore VLSFO - Gasoil M1 | - 105.76 | - 105.63 | - 104.98 | - 104.00 | - 103.53 | [2] Singapore Fuel Oil Spot Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 428.64 | 432.78 | 425.82 | 432.24 | 431.06 | - 1.18 | | FOB VLSFO | 495.51 | 511.73 | 502.70 | 499.95 | 499.38 | - 0.57 | | 380 Basis | 1.00 | - 1.45 | - 0.45 | 0.25 | - 0.45 | - 0.70 | | High - Sulfur Domestic - Foreign Spread | 8.2 | 7.9 | 9.8 | 8.6 | 9.7 | 1.1 | | Low - Sulfur Domestic - Foreign Spread | 16.3 | 17.0 | 17.5 | 14.7 | 14.5 | - 0.2 | [3] Domestic FU Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2709 | 2755 | 2686 | 2685 | 2705 | 20 | | FU 05 | 2665 | 2697 | 2644 | 2639 | 2649 | 10 | | FU 09 | 2839 | 2893 | 2818 | 2824 | 2847 | 23 | | FU 01 - 05 | 44 | 58 | 42 | 46 | 56 | 10 | | FU 05 - 09 | - 174 | - 196 | - 174 | - 185 | - 198 | - 13 | | FU 09 - 01 | 130 | 138 | 132 | 139 | 142 | 3 | [3] Domestic LU Data | Variety | 2025/05/13 | 2025/05/14 | 2025/05/15 | 2025/05/16 | 2025/05/19 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3375 | 3451 | 3377 | 3367 | 3378 | 11 | | LU 05 | 3260 | 3401 | 3320 | 3313 | 3313 | 0 | | LU 09 | 3436 | 3521 | 3456 | 3438 | 3437 | - 1 | | LU 01 - 05 | 115 | 50 | 57 | 54 | 65 | 11 | | LU 05 - 09 | - 176 | - 120 | - 136 | - 125 | - 124 | 1 | | LU 09 - 01 | 61 | 70 | 79 | 71 | 59 | - 12 | [4]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week, the high-sulfur crack strengthened, the 380 near end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low-sulfur crack oscillated at a high level, the near end of the monthly spread strengthened, and the basis continued to strengthen. This week, Singapore's onshore inventory continued to decline, ARA ports' inventory decreased, and the US residual oil inventory increased significantly. The floating storage of high-sulfur fuel oil in Singapore decreased, resulting in an overall inventory decline. The floating storage in the Middle East oscillated at a high level, and Saudi Arabia's exports were neutral year-on-year. The floating storage in Fujairah fluctuated, and the floating storage in Europe decreased. Recently, the low-sulfur fuel oil has strengthened. Attention should be paid to the subsequent realization of supply increments and the change in the low-sulfur exports of the Dangote refinery. The high-sulfur crack is running strongly, with profits higher than the historical average. This year, affected by the consumption tax deduction and tariff adjustment in China, the feedstock demand of fuel oil refineries has dropped significantly. The marine fuel demand is expected to be weaker year-on-year due to tariff impacts. In the short term, the marine fuel market has become prosperous due to rush shipments. In the future, attention should be paid to the procurement demand for power generation and the opportunity for the high-sulfur crack to decline in the medium term [3][4] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Prices - From May 12 - 16, 2025, the prices of Rotterdam 3.5% HSF O swap M1 increased by 3.94, Rotterdam 0.5% VLS FO swap M1 increased by 4.70, Rotterdam HSFO - Brent M1 decreased by 0.11, Rotterdam 10ppm Gasoil swap M1 decreased by 3.38, Rotterdam VLSFO - Gasoil M1 increased by 8.08, LGO - Brent M1 decreased by 1.28, and Rotterdam VLSFO - HSFO M1 increased by 0.76 [1] Singapore Fuel Oil Swap Prices - From May 12 - 16, 2025, the prices of Singapore 380cst M1 increased by 3.60, Singapore 180cst M1 increased by 3.00, Singapore VLSFO M1 increased by 0.17, Singapore Gasoil M1 decreased by 0.11, Singapore 380cst - Brent M1 increased by 0.48, and Singapore VLSFO - Gasoil M1 increased by 0.98 [1][8] Singapore Fuel Oil Spot Prices - From May 12 - 16, 2025, the FOB 380cst price increased by 6.42, the FOB VLSFO price decreased by 2.75, the 380 basis increased by 0.70, the high - sulfur domestic - foreign price difference decreased by 1.2, and the low - sulfur domestic - foreign price difference decreased by 2.8 [2] Domestic FU Prices - From May 12 - 16, 2025, the price of FU 01 decreased by 1, FU 05 decreased by 5, FU 09 increased by 6, FU 01 - 05 increased by 4, FU 05 - 09 decreased by 11, and FU 09 - 01 increased by 7 [2] Domestic LU Prices - From May 12 - 16, 2025, the price of LU 01 decreased by 10, LU 05 decreased by 7, LU 09 decreased by 18, LU 01 - 05 decreased by 3, LU 05 - 09 increased by 11, and LU 09 - 01 decreased by 8 [3]

Group 1: Report Core View - This week, the high-sulfur crack fluctuated, the 380 near-end ran strongly, and the basis fluctuated. The low-sulfur crack continued to strengthen, the monthly spread strengthened, and the basis fluctuated. Singapore's onshore inventory decreased significantly, ARA's decreased slightly, and the US residual oil inventory increased significantly. Singapore's high-sulfur floating storage increased significantly, with overall inventory accumulation, while the Middle East's floating storage decreased, and Saudi Arabia's exports increased significantly. Fujairah's floating storage and Europe's floating storage increased. Recently, the low-sulfur market has strengthened marginally, and attention should be paid to the subsequent realization of supply increments. The high-sulfur market fluctuates at a high level, with profits higher than the historical average. This year, affected by consumption tax deductions and tariff adjustments in China, the refinery feed demand for fuel oil has declined significantly, and the bunker fuel demand is expected to be weaker year-on-year due to tariff impacts. In the future, attention should be paid to the power generation demand and procurement demand, as well as the medium-term short allocation opportunity for the high-sulfur crack [6][7] Group 2: Rotterdam Fuel Oil Swap Data - From May 8 to May 14, 2025, the prices of Rotterdam 3.5% HSF O swap M1 changed from 385.77 to 406.15, a decrease of 2.28; Rotterdam 0.5% VLS FO swap M1 changed from 431.14 to 451.49, a decrease of 0.76; Rotterdam HSFO-Brent M1 changed from -1.51 to -1.58, a decrease of 0.19; Rotterdam 10ppm Gasoil swap M1 changed from 571.02 to 606.04, an increase of 3.48; Rotterdam VLSFO-G M1 changed from -139.88 to -154.55, a decrease of 4.24; LGO-Brent M1 changed from 16.22 to 17.57, an increase of 0.91; Rotterdam VLSFO-HSFO M1 changed from 45.37 to 45.34, an increase of 1.52 [4] Group 3: Singapore Fuel Oil Swap Data - From May 8 to May 14, 2025, the prices of Singapore 380cst M1 changed from 402.45 to 433.27; Singapore 180cst M1 changed from 412.95 to 442.48; Singapore VLSFO M1 changed from 467.39 to 498.06; Singapore GO M1 changed from 76.00 to 81.58; Singapore 380cst-Brent M1 changed from 2.28 to 2.53; Singapore VLSFO-GO M1 changed from -95.01 to -105.63 [4] Group 4: Singapore Fuel Oil Spot Data - From May 8 to May 14, 2025, the FOB 380cst price changed from 402.67 to 432.78, an increase of 4.14; the FOB VLSFO price changed from 481.67 to 511.73, an increase of 16.22; the 380 basis changed from -1.30 to -1.45, a decrease of 2.45; the high-sulfur domestic and foreign price difference changed from 7.6 to 7.9, a decrease of 0.3; the low-sulfur domestic and foreign price difference changed from 11.9 to 17.0, an increase of 0.7 [5] Group 5: Domestic FU Data - From May 8 to May 14, 2025, the prices of FU 01 changed from 2584 to 2755, an increase of 46; FU 05 changed from 2566 to 2697, an increase of 32; FU 09 changed from 2707 to 2893, an increase of 54; FU 01 - 05 changed from 18 to 58, an increase of 14; FU 05 - 09 changed from -141 to -196, a decrease of 22; FU 09 - 01 changed from 123 to 138, an increase of 8 [5] Group 6: Domestic LU Data - From May 8 to May 14, 2025, the prices of LU 01 changed from 3237 to 3451, an increase of 76; LU 05 changed from 3219 to 3401, an increase of 141; LU 09 changed from 3298 to 3521, an increase of 85; LU 01 - 05 changed from 18 to 50, a decrease of 65; LU 05 - 09 changed from -79 to -120, an increase of 56; LU 09 - 01 changed from 61 to 70, an increase of 9 [6]

| | | | 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]