交易咨询业务资格：证监许可【2012】1091号 2025-08-06燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：亚洲低硫燃料油市场结构小幅回升，但受供应充足及现货船货竞争性报价影响，含硫0.5%船 用燃料油现货升水进一步下跌至四个多月新低。贸易商表示，随着西方套利船货陆续抵达新加坡，8月新 加坡区域库存将显著累积；中性 2、基差：新加坡高硫燃料油404.53美元/吨，基差为150元/吨，新加坡低硫燃料油为505.5美元/吨，基差 为157元/吨，现货升水期货；偏多 3、库存：新加坡燃料油7月30日当周库存为2027.9万桶，增加37万桶；偏空 4、盘面：价格在20日线下方，20日线偏下；偏空 5、主力持仓： ...

交易咨询业务资格：证监许可【2012】1091号 2025-08-04燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：亚洲低硫燃料油市场结构持稳运行，但含硫0.5%船用燃料油现货升水连续第五日下跌至三个 多月新低；交易商预计未来几周夏季公用事业需求减弱将加剧高硫燃油基本面压力；中性 2、基差：新加坡高硫燃料油411.41美元/吨，基差为137元/吨，新加坡低硫燃料油为517.5美元/吨，基差 为172元/吨，现货升水期货；偏多 3、库存：新加坡燃料油7月30日当周库存为2027.9万桶，增加37万桶；偏空 4、盘面：价格在20日线附近，20日线偏平；中性 5、主力持仓：高硫主力持仓空单，空翻多，偏多；低硫主力持仓 ...

交易咨询业务资格：证监许可【2012】1091号 2025-08-01燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：市场消息人士称，尽管下游船用燃料油市场仍有支撑，但南亚地区今夏发电需求疲软严重打 击市场情绪。一位新加坡贸易商表示，今年完全没有夏季发电需求，孟加拉国采购极其缓慢，夏季发电需 求的缺失冲击了市场。当前正值中东用油高峰季，沙特却将红海油品转销新加坡；中性 2、基差：新加坡高硫燃料油412.48美元/吨，基差为128元/吨，新加坡低硫燃料油为520.5美元/吨，基差 为165元/吨，现货升水期货；偏多 3、库存：新加坡燃料油7月30日当周库存为2027.9万桶，增加37万桶；偏空 4、盘面：价格在20 ...

Report Information - Report Title: Fuel Oil Morning Report [3] - Report Date: July 28, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] Report Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the high-sulfur crack spread fluctuated, the near-month spread declined and returned to the historical low for the same period, the EW continued to weaken and rebounded on Friday. The 380 September - October spread weakened to around $2, and the 380 basis continued to weaken to -$7.25/ton. The FU09 domestic - foreign spread rebounded and then fluctuated. [6] - The Singapore 0.5 crack spread fluctuated downward, the September - October spread weakened to around $2.75, the LU domestic - foreign spread weakened, and the 09 domestic - foreign spread dropped to $0.7. [7] - This week, Singapore's on - shore inventory increased slightly, the floating storage decreased, the near - month spread was under pressure. Saudi Arabia's shipments increased month - on - month, and its imports also increased. The UAE's shipments decreased significantly month - on - month. Egypt's net imports decreased slightly month - on - month but remained at a seasonal high. [7] - The high - sulfur supply and demand is still in the peak season, the 380 crack spread fluctuated after a decline, and currently, the EW arbitrage window is theoretically open. The domestic - foreign spread repaired and then fluctuated. [7] - This week, the hi - 5 spread fluctuated after a slight decline. The domestic LU domestic - foreign spread decline was realized, and the FU - LU domestic - foreign valuation was partially realized. Attention should be paid to whether there is support for the 380 near - month contract. [7] Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/07/21 | 2025/07/22 | 2025/07/23 | 2025/07/24 | 2025/07/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 422.21 | 418.59 | 422.47 | 427.93 | 418.40 | -9.53 | | Rotterdam 0.5% VLS FO Swap M1 | 469.91 | 464.51 | 462.79 | 468.25 | 464.12 | -4.13 | | Rotterdam HSFO - Brent M1 | -1.66 | -1.61 | -0.90 | -1.25 | -2.01 | -0.76 | | Rotterdam 10ppm Gasoil Swap M1 | 695.90 | 683.83 | 680.79 | 678.48 | 684.86 | 6.38 | | Rotterdam VLSFO - Gasoil M1 | -225.99 | -219.32 | -218.00 | -210.23 | -220.74 | -10.51 | | LGO - Brent M1 | 25.76 | 24.83 | 24.64 | 23.87 | 25.32 | 1.45 | | Rotterdam VLSFO - HSFO M1 | 47.70 | 45.92 | 40.32 | 40.32 | 45.72 | 5.40 | [4] Singapore Fuel Oil Swap Data | Type | 2025/07/21 | 2025/07/22 | 2025/07/23 | 2025/07/24 | 2025/07/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 411.16 | 408.54 | 405.10 | 406.59 | 410.89 | 4.30 | | Singapore 180cst M1 | 425.21 | 423.78 | 423.10 | 419.28 | 423.97 | 4.69 | | Singapore VLSFO M1 | 493.65 | 494.54 | 492.19 | 493.11 | 495.32 | 2.21 | | Singapore Gasoil M1 | 90.15 | 90.87 | 89.54 | 90.17 | 90.17 | 0.00 | | Singapore 380cst - Brent M1 | -3.42 | -3.46 | -3.88 | -4.19 | -3.97 | 0.22 | | Singapore VLSFO - Gasoil M1 | -173.46 | -177.90 | -170.41 | -174.15 | -171.94 | 2.21 | [4] Singapore Fuel Oil Spot Data | Type | 2025/07/21 | 2025/07/22 | 2025/07/23 | 2025/07/24 | 2025/07/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 404.97 | 401.08 | 398.16 | 400.30 | 403.34 | 3.04 | | FOB VLSFO | 497.55 | 498.63 | 496.58 | 496.85 | 499.89 | 3.04 | | 380 Basis | -6.11 | -6.05 | -6.25 | -7.25 | -6.25 | 1.00 | | High - Sulfur Domestic - Foreign Spread | -4.2 | -2.1 | -4.9 | -4.5 | -3.9 | 0.6 | | Low - Sulfur Domestic - Foreign Spread | 12.2 | 12.8 | 10.9 | 11.5 | 9.8 | -1.7 | [5] Domestic FU Data | Type | 2025/07/21 | 2025/07/22 | 2025/07/23 | 2025/07/24 | 2025/07/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2886 | 2894 | 2876 | 2886 | 2921 | 35 | | FU 05 | 2828 | 2845 | 2833 | 2848 | 2872 | 24 | | FU 09 | 2924 | 2924 | 2879 | 2879 | 2915 | 36 | | FU 01 - 05 | 58 | 49 | 43 | 38 | 49 | 11 | | FU 05 - 09 | -96 | -79 | -46 | -31 | -43 | -12 | | FU 09 - 01 | 38 | 30 | 3 | -7 | -6 | 1 | [5] Domestic LU Data | Type | 2025/07/21 | 2025/07/22 | 2025/07/23 | 2025/07/24 | 2025/07/25 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3550 | 3525 | 3515 | 3546 | 3549 | 3 | | LU 05 | 3500 | 3470 | 3472 | 3466 | 3489 | 23 | | LU 09 | 3603 | 3584 | 3569 | 3591 | 3611 | 20 | | LU 01 - 05 | 50 | 55 | 43 | 80 | 60 | -20 | | LU 05 - 09 | -103 | -114 | -97 | -125 | -122 | 3 | | LU 09 - 01 | 53 | 59 | 54 | 45 | 62 | 17 | [6]

1、基本面：亚洲低硫燃料油炼油利润率连续第二日小幅回升，而含硫0.5%船用燃料油近月价差在短期供 应充足背景下，持续徘徊于三个多月来最窄的贴水水平；新加坡380CST高硫燃料油现货贴水从7月21日的 6.58美元/吨收窄至6美元/吨，得益于托克集团对8月下半月装船货报出坚挺买盘；中性 2、基差：新加坡高硫燃料油为398.99美元/吨，基差为60元/吨，新加坡低硫燃料油为504.5美元/吨，基差 为106元/吨，现货升水期货；偏多 3、库存：新加坡燃料油7月23日当周库存为1990.9万桶，减少45万桶；偏多 4、盘面：价格在20日线下方，20日线偏下；偏空 5、主力持仓：高硫主力持仓空单，空减，偏空；低硫主力持仓空单，空减，偏空 6、预期：亚洲高硫燃料油市场仍面临供应充足和发电需求季节性减弱的双重压力，而短期上游原油继续 震荡预计燃油跟随运行。FU2509：2880-2920区间运行，LU2510：3550-3600区间运行 交易咨询业务资格：证监许可【2012】1091号 2025-07-25燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式： ...

交易咨询业务资格：证监许可【2012】1091号 2025-07-24燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：亚洲低硫燃料油炼油利润率连续第二日小幅回升，而含硫0.5%船用燃料油近月价差在短期供 应充足背景下，持续徘徊于三个多月来最窄的贴水水平；新加坡380CST高硫燃料油现货贴水从7月21日的 6.58美元/吨收窄至6美元/吨，得益于托克集团对8月下半月装船货报出坚挺买盘；中性 2、基差：新加坡高硫燃料油为401.14美元/吨，基差为83元/吨，新加坡低硫燃料油为505.5美元/吨，基差 为146元/吨，现货升水期货；偏多 3、库存：新加坡燃料油7月16日当周库存为2035.9万桶，减少45万桶；偏多 ...

燃料油日报 | 2025-07-22 埃及进口需求旺盛，关注高硫油市场的支撑 市场分析 上期所燃料油期货主力合约日盘收涨1.53%，报2924元/吨；INE低硫燃料油期货主力合约日盘收涨0.19%，报3602 元/吨。 近期原油价格走势震荡偏强，FU、LU单边价格受到成本端支撑，但中期平衡表转松的预期限制了价格的上行空间。 就高硫燃料油市场而言，近期市场结构持续调整，现货贴水、月差、裂解价差连续走低，尤其裂解价差已经从高 位显著回落，现货端供应相对充裕，库存水平偏高。但与此同时，下游发电终端需求旺季为市场提供一定支撑， 尤其是埃及采购力度偏强。参考船期数据，埃及7月份高硫燃料油进口量预计达到99万吨，环比增加99万吨，同比 去年增加49万吨。往前看，我们认为高硫燃料油结构性利好因素并未完全消退，如果裂解价差调整充分，吸引炼 厂端需求大幅回升，可以关注市场结构再度走强的机会。 低硫燃料油方面，近期市场结构持稳运行，海外柴油表现偏强对市场形成一定支撑，但巴西船货到港有所增加， 科威特出口也开始恢复，供应有边际回升的迹象。中期来看，低硫燃料油剩余产能较为充裕，且航运业碳中和趋 势将导致低硫燃料油市场份额被逐步替代， ...

交易咨询业务资格：证监许可【2012】1091号 2025-07-22燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：低硫燃料油现货溢价跌至三个月低点，市场结构小幅下滑，高硫燃油现货基准价差徘徊在近 五年低点水平，在下游船加油市场，短期内消化充足货物的压力可能仍是高硫燃料油交付溢价的潜在阻力， 而大部分需求主要集中在买家的定期合约提货量上；中性 2、基差：新加坡高硫燃料油为403.49美元/吨，基差为60元/吨，新加坡低硫燃料油为508.5美元/吨，基差 为136元/吨，现货升水期货；偏多 3、库存：新加坡燃料油7月16日当周库存为2035.9万桶，减少45万桶；偏多 4、盘面：价格在20日线下方，20日线偏下； ...

交易咨询业务资格：证监许可【2012】1091号 2025-07-21燃料油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 多空关注 3 基本面数据 4 5 价差数据 库存数据 燃料油： 1、基本面：原油利好支撑，但下游需求偏弱运行，市场心态持续观望，调油商多维稳待市，市场交投淡 稳。供船市场来看，航运市场运行平淡，终端采购积极性偏弱，多维持谨慎心态，供船市场多稳价刚需成 交为主；中性 2、基差：新加坡高硫燃料油为395.68美元/吨，基差为17元/吨，新加坡低硫燃料油为503.5美元/吨，基差 为70元/吨，现货偏平水期货；中性 3、库存：新加坡燃料油7月16日当周库存为2035.9万桶，减少45万桶；偏多 4、盘面：价格在20日线下方，20日线偏下；偏空 5、主力持仓：高硫主力持仓空单，空 ...

Report Overview - Report Title: Fuel Oil and Low-Sulfur Fuel Oil Weekly Report [1] - Report Date: July 20, 2025 [1] - Analyst: Liang Kefang [1] Industry Investment Rating - Not provided in the report Core Views - This week, fuel oil prices rebounded overall, and the strength comparison between high-sulfur and low-sulfur fuel oil changed. For high-sulfur fuel oil, global refinery operations reached a seasonal high, and exports from the Middle East and Russia increased significantly. Despite the relatively strong price trend compared to low-sulfur fuel oil this week and being in the peak demand season for marine and power generation, it is difficult for high-sulfur fuel oil to have continuous upward movement due to the obvious supply recovery. For low-sulfur fuel oil, the supply recovery trend is also obvious. The maintenance of Japanese refineries is gradually ending, exports from Brazil are gradually recovering, and exports from Kuwait are also increasing, which may lead to a weakening of spot prices in the Asia-Pacific region in the future. In the domestic market, major refineries are likely to ensure gasoline and diesel production in the next two months, so they will not significantly increase low-sulfur fuel oil production, and the domestic LU price still has fundamental support in the short term [4]. - Valuation: FU: 2850 - 3000, LU: 3500 - 3700 [4]. - Strategy: 1) Unilateral: Follow the upward trend of crude oil and fluctuate strongly. 2) Inter - term: The back structure of FU and LU continues, but the increase in near - term supply will suppress the monthly spread at a low level. 3) Inter - variety: The FU crack spread has fallen to the historical average; the LU - FU spread will remain high in the short term [4]. Summary by Directory Supply - Refinery Operations: The report presents data on the capacity utilization rates of Chinese refineries (crude oil: atmospheric and vacuum distillation units), including independent refineries and major refineries, from 2016 - 2025 [6]. - Global Refinery Maintenance: Data on the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025 are provided [9][11][13][14]. - Domestic Refinery Fuel Oil Production and Commercial Volume: Data on the monthly production of fuel oil in China from 2018 - 2025, the monthly production of low - sulfur fuel oil in Chinese refineries from 2021 - 2025, and the monthly domestic commercial volume of fuel oil from 2021 - 2025 are shown [19]. Demand - Domestic and Overseas Fuel Oil Demand Data: Data on the monthly actual consumption of marine fuel oil in China from 2020 - 2025, the monthly sales volume of fuel oil for ship supply in Singapore from 2018 - 2025, and the monthly apparent consumption of fuel oil in China from 2018 - 2025 are presented [22]. Inventory - Global Fuel Oil Spot Inventory: Data on the spot inventory of fuel oil in Singapore, European ARA, Fujairah, and the United States from 2018 - 2025 are provided [26][28][29]. Price and Spread - Asia - Pacific Regional Spot FOB Prices: Data on the FOB prices of 3.5% and 0.5% fuel oil in Fujeirah, Singapore, and the Mediterranean from 2018 - 2025 are presented [34][35][37]. - European Regional Spot FOB Prices: Data on the FOB prices of 3.5% and 1% fuel oil in Northwest Europe and the Mediterranean from 2018 - 2025 are provided [40][41][44]. - Paper and Derivative Prices: Data on the prices of high - sulfur and low - sulfur swaps in Northwest Europe and Singapore, as well as the prices of fuel oil futures contracts such as FU and LU from 2021 - 2025 are presented [47][50][53]. - Fuel Oil Spot Spread: Data on the price spreads between high - sulfur and low - sulfur fuel oil in Singapore, as well as the viscosity spread in Singapore from 2018 - 2025 are provided [57][59]. - Global Fuel Oil Crack Spread: Data on the crack spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe from 2019 - 2025 are presented [62][64][65]. - Global Fuel Oil Paper Monthly Spread: Data on the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe from 2023 - 2025 are provided [69][70]. Import and Export - Domestic Fuel Oil Import and Export Data: Data on the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025 are presented [75][77][78]. - Global High - Sulfur Fuel Oil Import and Export Data: Data on the weekly import and export volume changes of global high - sulfur fuel oil in different regions are provided [80]. - Global Low - Sulfur Fuel Oil Import and Export Data: Data on the weekly import and export volume changes of global low - sulfur fuel oil in different regions are provided [82]. Futures Market Indicators and Internal - External Spreads - Futures and Spot Market Internal - External Spreads: Data on the internal - external spreads of 380 and 0.5% fuel oil in the spot and futures markets from 2021 - 2025 are presented [85][89][90]. - FU and LU Position and Volume Changes: Data on the position and volume changes of FU and LU futures contracts from 2020 - 2025 are presented [95][97][100]. - FU and LU Warehouse Receipt Quantity Changes: Data on the warehouse receipt quantity changes of FU and LU from 2020 - 2025 are presented [106][107][108].