Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the high-sulfur cracking spread fluctuated and declined, the near-month calendar spread decreased, and the EW continued to weaken. The 380 8-9 calendar spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal and external spread rebounded slightly, and the domestic delivery inventory was abundant, maintaining a loose pattern. The Singapore 0.5 cracking spread declined slightly, the calendar spread weakened, and the 8-9 spread fluctuated around $4.5. The LU internal and external spread weakened slightly and then fluctuated, with the 09 spread fluctuating around $16. [5][6] - This week, Singapore's onshore inventory increased significantly. Under the pressure of delivery at 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, and the high-sulfur supply and demand was still in the peak season. However, the East-West and internal-external spreads have dropped rapidly. The external low-sulfur valuation is relatively high, and the LU internal and external spread is running at a high level. Attention should be paid to the domestic production situation. [6] - 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 relatively 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. [6] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 7th to July 11th, 2025, the prices of Rotterdam 3.5% HSF Swap M1 increased by $4.12, Rotterdam 0.5% VLSFO Swap M1 increased by $7.99, Rotterdam HSFO-Brent M1 decreased by $0.81, Rotterdam 10ppm Gasoil Swap M1 increased by $19.70, Rotterdam VLSFO-Gas M1 decreased by $11.71, LGO-Brent M1 increased by $0.83, and Rotterdam VLSFO-HSFO M1 increased by $3.87. [3] Singapore Fuel Oil Swap Data - From July 7th to July 11th, 2025, the prices of Singapore 380cst M1 decreased by $13.94, Singapore 180cst M1 decreased by $12.21, Singapore VLSFO M1 decreased by $7.18, Singapore Gasoil M1 decreased by $0.99, Singapore 380cst-Brent M1 decreased by $1.19, and Singapore VLSFO-Gas M1 increased by $0.14. [3] Singapore Fuel Oil Spot Data - From July 7th to July 11th, 2025, the FOB 380cst price decreased by $14.12, the FOB VLSFO price decreased by $7.34, the 380 basis decreased by $0.65, the high-sulfur internal-external spread increased by $2.5, and the low-sulfur internal-external spread decreased by $1.0. [4] Domestic FU Data - From July 7th to July 11th, 2025, the prices of FU 01 decreased by 55, FU 05 decreased by 45, FU 09 decreased by 61, FU 01 - 05 decreased by 10, FU 05 - 09 increased by 16, and FU 09 - 01 decreased by 6. [4] Domestic LU Data - From July 7th to July 11th, 2025, the prices of LU 01 decreased by 47, LU 05 decreased by 40, LU 09 decreased by 47, LU 01 - 05 decreased by 7, LU 05 - 09 increased by 7, and LU 09 - 01 remained unchanged. [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and the EW weakened rapidly. The 380 8 - 9 month spread dropped to $4.25, the basis oscillated at a low level, the FU07 internal - external spread oscillated at - $5, and the 09 oscillated at + $10. There was a large amount of near - month delivery cargo, maintaining a loose pattern [4]. - The low - sulfur crack spread rebounded, the month spread dropped to around $5, the basis weakened slightly and oscillated at $6. The LU internal - external spread remained strong, with the 09 oscillating around $17 [7]. - This week, Singapore's on - shore inventory increased, floating storage oscillated at a high level, low - sulfur floating storage decreased slightly, ARA's on - shore inventory increased slightly but was still at the lowest level in the same period of history, floating storage inventory oscillated, and low - sulfur floating storage increased. Fujairah's on - shore inventory increased significantly, and floating storage decreased slightly [7]. - This week, geopolitical risks were resolved. 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 fundamentals were in an oscillating pattern. Currently, high - sulfur is in the peak power - generation season, the near - month internal - external spread of FU is under pressure, the valuation is low, and the game continues. In the future, pay attention to the shipping situation in the Middle East, while the LU internal - external spread is running at a high level, and pay attention to the domestic production situation [7]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Data - From June 26 to July 2, the price of Rotterdam 3.5% HSF O swap M1 changed by $11.97, Rotterdam 0.5% VLS FO swap M1 changed by $2.45, Rotterdam HSFO - Brent M1 changed by $0.07, Rotterdam 10ppm Gasoil swap M1 changed by $19.63, Rotterdam VLSFO - Gasoil M1 changed by - $17.18, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 changed by - $9.52 [2]. Singapore Fuel Oil Data - **Swap Data**: From June 26 to July 2, the price of Singapore 380cst M1 changed by $10.35, Singapore 180cst M1 changed by $9.17, Singapore VLSFO M1 changed by $9.25, Singapore Gasoil M1 changed by $3.21, Singapore 380cst - Brent M1 changed by - $0.03, and Singapore VLSFO - Gasoil M1 changed by - $14.50 [2][6]. - **Spot Data**: From June 26 to July 2, the FOB 380cst price changed by - $0.39, FOB VLSFO changed by $2.85, the 380 basis changed by - $3.55, the high - sulfur internal - external spread changed by - $0.6, and the low - sulfur internal - external spread remained unchanged [3]. Domestic Fuel Oil Data - **FU Data**: From June 26 to July 2, FU 01 changed by - 6, FU 05 changed by - 8, FU 09 changed by - 19, FU 01 - 05 changed by 2, FU 05 - 09 changed by 11, and FU 09 - 01 changed by - 13 [3]. - **LU Data**: From June 26 to July 2, LU 01 changed by - 7, LU 05 changed by - 3, LU 09 changed by 6, LU 01 - 05 changed by - 4, LU 05 - 09 changed by - 9, and LU 09 - 01 changed by 13 [4].

Report Overview - The report is a fuel oil morning report released by the Energy and Chemicals Team of the Research Center on July 2, 2025 [1][2] Market Data Rotterdam Market - From June 25 to July 1, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from 414.85 to 405.07, a change of -0.79; Rotterdam 0.5% VLS FO swap M1 decreased from 468.83 to 460.85, a change of -12.96 [3] Singapore Market - In the Singapore market, from June 25 to July 1, 2025, the price of Singapore 380cst M1 decreased from 420.87 to 413.43, a change of -4.53; Singapore 180cst M1 decreased from 428.68 to 421.09, a change of -4.65 [3][12] Domestic Market - For domestic FU, from June 25 to July 1, 2025, FU 01 increased by 5, FU 05 increased by 8, and FU 09 decreased by 11 [4] - For domestic LU, from June 25 to July 1, 2025, LU 01 decreased by -5, LU 05 decreased by -11, and LU 09 increased by 9 [5] Core Views - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and EW weakened rapidly. The 380 8 - 9 month spread dropped to $4.25, the basis fluctuated at a low level, and the FU07 internal - external spread fluctuated at -$5, while the 09 spread fluctuated at +$10. There was a large amount of near - month delivery goods, maintaining a loose pattern [5] - The Singapore 0.5 crack spread rebounded, the month spread dropped to around $5, the basis weakened slightly, and fluctuated at $6. The LU internal - external spread remained strong, with the 09 spread fluctuating around $17 [5][6] - This week, Singapore's on - shore inventory increased, floating storage fluctuated at a high level, low - sulfur floating storage decreased slightly, ARA's on - shore inventory increased slightly, but the inventory was still at the lowest level in the same period of history, floating storage inventory fluctuated, and low - sulfur floating storage increased. Fujairah's on - shore inventory increased significantly, and floating storage decreased slightly [6] - This week, geopolitical risks were resolved. 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 fundamentals were in a fluctuating pattern. Recently, high - sulfur is still in the peak power - generation season, the near - month FU internal - external spread is under pressure, the valuation is low, and the game continues. In the future, pay attention to the shipping situation in the Middle East. The LU internal - external spread is running at a high level, and pay attention to the domestic production situation [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the high - sulfur cracking spread fluctuated and declined, the near - month spread decreased, and the EW weakened rapidly. The 380 8 - 9 month spread dropped to $4.25, the basis fluctuated at a low level, the FU07 internal - external spread oscillated around - $5, and the 09 spread oscillated around + $10. With a large amount of near - month delivery goods, the market maintained a loose pattern [5]. - The low - sulfur cracking spread rebounded, the month spread dropped to around $5, the basis weakened slightly and oscillated at $6. The LU internal - external spread remained strong, with the 09 spread oscillating around $17 [7]. - This week, Singapore's on - shore inventory increased, floating storage oscillated at a high level, low - sulfur floating storage decreased slightly. ARA's on - shore inventory increased slightly, but the inventory was still at the lowest level in the same period of history, floating storage inventory oscillated, and low - sulfur floating storage increased. Fujairah's on - shore inventory increased significantly, and floating storage decreased slightly [7]. - This week, geopolitical risks were resolved. Recently, fuel oil exports from Iran and Iraq remained at a high level, and Egypt's net imports reached a new high. The high - sulfur fundamentals were in an oscillating pattern. Currently, high - sulfur is in the peak power - generation season, the near - month FU internal - external spread is under pressure, the valuation is low, and the game continues. In the future, pay attention to the shipping situation in the Middle East. The LU internal - external spread is running at a high level, and pay attention to the domestic production situation [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Product | 2025/06/24 | 2025/06/30 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 413.51 | 405.86 | - 6.13 | | Rotterdam 0.5% VLS FO Swap M1 | 466.22 | 473.81 | - 0.73 | | Rotterdam HSFO - Brent M1 | - 1.97 | - 2.53 | - 0.27 | | Rotterdam 10ppm Gasoil Swap M1 | 642.12 | 645.87 | 1.65 | | Rotterdam VLSFO - Gasoil M1 | - 175.90 | - 172.06 | - 2.38 | | LGO - Brent M1 | 21.22 | 21.11 | 0.36 | | Rotterdam VLSFO - HSFO M1 | 52.71 | 67.95 | 5.40 | [3] Singapore Fuel Oil Swap Data | Product | 2025/06/24 | 2025/06/30 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 427.90 | 417.96 | 2.05 | | Singapore 180cst M1 | 436.97 | 425.74 | 2.21 | | Singapore VLSFO M1 | 501.16 | 500.47 | 1.98 | | Singapore Gasoil M1 | 85.76 | 86.17 | - 0.80 | | Singapore 380cst - Brent M1 | - 0.54 | - 1.21 | 0.44 | | Singapore VLSFO - Gasoil M1 | - 133.46 | - 137.19 | 7.90 | [3] Singapore Fuel Oil Spot Data | Product | 2025/06/24 | 2025/06/30 | Change | | --- | --- | --- | --- | | FOB 380cst | 431.62 | 418.52 | 1.75 | | FOB VLSFO | 508.57 | 505.08 | 1.06 | | 380 Basis | 2.75 | 0.85 | - 0.15 | | High - sulfur Internal - External Spread | 9.8 | 9.6 | - 1.6 | | Low - sulfur Internal - External Spread | 21.1 | 14.6 | - 2.4 | [4] Domestic FU Data | Product | 2025/06/24 | 2025/06/30 | Change | | --- | --- | --- | --- | | FU 01 | 2895 | 2854 | - 10 | | FU 05 | 2850 | 2801 | - 10 | | FU 09 | 3065 | 2990 | - 12 | | FU 01 - 05 | 45 | 53 | 0 | | FU 05 - 09 | - 215 | - 189 | 2 | | FU 09 - 01 | 170 | 136 | - 2 | [4] Domestic LU Data | Product | 2025/06/24 | 2025/06/30 | Change | | --- | --- | --- | --- | | LU 01 | 3500 | 3507 | - 21 | | LU 05 | 3421 | 3444 | 10 | | LU 09 | 3629 | 3581 | - 19 | | LU 01 - 05 | 79 | 63 | - 31 | | LU 05 - 09 | - 208 | - 137 | 29 | | LU 09 - 01 | 129 | 74 | 2 | [5]

| 『安期货 | | --- | | NGAN FUTURES | | 燃料油早报 | | | --- | --- | | | 研究中心能化团队 2025/06/16 | | 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 | | 2025/06/09 | 402.51 | 452.99 | -2.76 | 609.35 | -156.36 | 16.75 | 50.48 | | 2025/06/10 | 407.23 | 457.96 | -2.96 | 616.60 | -158.64 | 17.90 | 50.73 | | 2025/06/11 | 409.51 | 461.45 | -2 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - This week, the high - sulfur crack spread declined, the 380 - month spread declined, and the basis strengthened. The low - sulfur crack spread weakened in a volatile manner, the near - end month spread weakened slightly, and the basis weakened. Singapore's on - land inventory continued to accumulate, ARA port inventory continued to accumulate, and US residual oil inventory decreased slightly. After the supply recovers, there is room for the crack spread and the inter - month spread to decline. The high - sulfur crack spread has started to loosen, and the overseas market game remains strong. Affected by consumption tax deductions and tariff adjustments in China this year, the refinery feedstock demand for fuel oil has declined 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, Egypt's purchases have continued, and high - sulfur fuel oil is still in the peak season. Attention should be paid to the opportunity of the medium - term decline in the high - sulfur crack spread. With high domestic production scheduling, a high - short strategy for LU at home and abroad is maintained [3][8] 3. Summary by Directory Rotterdam Fuel Oil Data - From June 3, 2025, to June 9, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 6.60, Rotterdam 0.5% VLS FO swap M1 increased by 4.06, Rotterdam HSFO - Brent M1 increased by 0.31, Rotterdam 10ppm Gasoil swap M1 increased by 6.05, Rotterdam VLSFO - Gasoil M1 decreased by 1.99, LGO - Brent M1 increased by 0.20, and Rotterdam VLSFO - HSFO M1 decreased by 2.54 [1] Singapore Fuel Oil Data - From June 3, 2025, to June 9, 2025, the price of Singapore 380cst M1 increased by 10.49, Singapore 180cst M1 increased by 11.09, Singapore VLSFO M1 increased by 6.89, Singapore Gasoil M1 increased by 1.85, Singapore 380cst - Brent M1 decreased by 0.11, and Singapore VLSFO - Gasoil M1 decreased by 6.80 [1] Singapore Fuel Oil Spot Data - From June 3, 2025, to June 9, 2025, the FOB price of 380cst increased by 2.79, the FOB price of VLSFO increased by 0.30, the 380 basis remained unchanged, the high - sulfur domestic - foreign price difference decreased by 2.3, and the low - sulfur domestic - foreign price difference decreased by 0.3 [2] Domestic FU Data - From June 3, 2025, to June 9, 2025, the price of FU 01 increased by 20, FU 05 increased by 11, FU 09 increased by 16, FU 01 - 05 declined, FU 05 - 09 decreased by 5, and FU 09 - 01 decreased by 4 [2] Domestic LU Data - From June 3, 2025, to June 9, 2025, the price of LU 01 increased by 26, LU 05 increased by 5, LU 09 decreased by 1, LU 01 - 05 increased by 21, LU 05 - 09 increased by 6, and LU 09 - 01 decreased by 27 [3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - This week, the high - sulfur crack spread declined slightly, the 380 near - end ran strongly, the monthly spread oscillated at a high level, and the basis strengthened again. The low - sulfur crack spread oscillated, the near - end monthly spread oscillated, and the basis weakened [3][4]. - This week, inventories continued to accumulate on land in Singapore, slightly increased at ARA ports, decreased for US residual oil, and significantly decreased at Fujairah. After the low - sulfur valuation was realized recently, there is room for downward correction in the crack spread and the monthly spread after supply recovers. The high - sulfur crack spread is running 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. In terms of marine fuel, the global high - sulfur marine fuel from January to March increased by 2% year - on - year, basically unchanged in Singapore, and the total marine fuel was weak year - on - year. Pay attention to the impact of tariffs on global trade activities in the future. Recently, the net import of Saudi residual oil has rebounded, and Egypt's purchases continue. The high - sulfur near - end remains strong. Pay attention to the opportunity of the high - sulfur crack spread to decline in the medium and long term [3][4]. 3) Summary by Relevant Catalogs Rotterdam Fuel Oil - From May 28 to June 4, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 6.04, Rotterdam 0.5% VLS FO swap M1 decreased by 7.05, Rotterdam HSFO - Brent M1 increased by 0.19, Rotterdam 10ppm Gasoil swap M1 decreased by 9.43, Rotterdam VLSFO - GO M1 increased by 2.38, LGO - Brent M1 decreased by 0.43, and Rotterdam VLSFO - HSFO M1 decreased by 1.01 [1]. Singapore Fuel Oil - From May 28 to June 4, 2025, the price of Singapore 380cst M1 increased by 6.98, Singapore 180cst M1 increased by 6.83, Singapore VLSFO M1 increased by 7.07, Singapore GO M1 increased by 1.09, Singapore 380cst - Brent M1 increased by 0.26, and Singapore VLSFO - GO M1 decreased by 0.99 [1]. Singapore Fuel Oil Spot - From May 28 to June 4, 2025, the FOB price of 380cst increased by 11.43, the FOB price of VLSFO increased by 7.14, the 380 basis increased by 4.10, the high - sulfur domestic - foreign price difference increased by 0.9, and the low - sulfur domestic - foreign price difference decreased by 1.6 [2]. Domestic FU - From May 28 to June 4, 2025, the price of FU 01 increased by 5, FU 05 increased by 10, FU 09 increased by 13, FU 01 - 05 decreased by 5, FU 05 - 09 decreased by 3, and FU 09 - 01 increased by 8 [2]. Domestic LU - From May 28 to June 4, 2025, the price of LU 01 increased by 48, LU 05 increased by 24, LU 09 increased by 46, LU 01 - 05 increased by 24, LU 05 - 09 decreased by 22, and LU 09 - 01 decreased by 2 [3].

Group 1: Report Industry Investment Rating - Not mentioned Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking margin declined slightly, the 380 - cst near - end ran strongly, the monthly spread oscillated at a high level, and the basis strengthened again. The low - sulfur cracking margin oscillated, the near - end monthly spread oscillated, and the basis weakened. Recently, the low - sulfur valuation has been realized, and there is room for the cracking margin and the monthly spread to decline after the supply recovers. The high - sulfur cracking margin runs strongly, with profits higher than the historical average. This year, affected by consumption tax deduction and tariff adjustment in China, the refinery feed demand for fuel oil has dropped significantly. In the shipping fuel sector, the global high - sulfur shipping fuel from January to March increased by 2% year - on - year, and that in Singapore was basically flat, while the total shipping fuel was weaker year - on - year. Recently, the net import of Saudi Arabian residue has rebounded, and Egypt's purchases continue, so the high - sulfur near - end remains strong. Pay attention to the medium - and long - term opportunity for the high - sulfur cracking margin to decline [3][4] Group 3: Key Data Summaries Rotterdam Fuel Oil | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | 3.5% HSF O Swap M1 | 398.15 | 397.26 | -0.89 | | 0.5% VLS FO Swap M1 | 442.03 | 449.90 | 7.87 | | HSFO - Brent M1 | -0.39 | -2.56 | -2.17 | | 10ppm Gasoil Swap M1 | 581.80 | 599.32 | 17.52 | | VLSFO - Gasoil M1 | -139.77 | -149.42 | -9.65 | | LGO - Brent M1 | 16.18 | 16.85 | 0.67 | | VLSFO - HSFO M1 | 43.88 | 52.64 | 8.76 | [1] Singapore Fuel Oil | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | 380cst M1 | 416.86 | 404.63 | -12.23 | | 180cst M1 | 423.87 | 411.53 | -12.34 | | VLSFO M1 | 481.97 | 475.64 | -6.33 | | Gasoil M1 | 78.88 | 79.52 | 0.64 | | 380cst - Brent M1 | 1.49 | -0.48 | -1.97 | | VLSFO - Gasoil M1 | -101.74 | -112.81 | -11.07 | [1] Singapore Fuel Oil Spot | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | FOB 380cst | 420.21 | 422.45 | 2.24 | | FOB VLSFO | 488.92 | 486.45 | -2.47 | | 380 Basis | 5.50 | 5.50 | 0 | | High - sulfur Domestic - Foreign Spread | 10.1 | 4.9 | -5.2 | | Low - sulfur Domestic - Foreign Spread | 11.9 | 16.7 | 4.8 | [2] Domestic FU | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | FU 01 | 2676 | 2705 | 29 | | FU 05 | 2611 | 2642 | 31 | | FU 09 | 2819 | 2828 | 9 | | FU 01 - 05 | 65 | 63 | -2 | | FU 05 - 09 | -208 | -186 | 22 | | FU 09 - 01 | 143 | 123 | -20 | [2] Domestic LU | Product | 2025/05/27 | 2025/06/03 | Change | | --- | --- | --- | --- | | LU 01 | 3344 | 3333 | -11 | | LU 05 | 3282 | 3286 | 4 | | LU 09 | 3415 | 3425 | 10 | | LU 01 - 05 | 62 | 47 | -15 | | LU 05 - 09 | -133 | -139 | -6 | | LU 09 - 01 | 71 | 92 | 21 | [3]

| | | | | 燃料油早报 | | 研究中心能化团队 2025/06/03 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/26 | 401.31 | 447.03 | -0.94 | 585.92 | -138.89 | 16.20 | 45.72 | | 2025/05/27 | 398.15 | 442.03 | -0.39 | 581.80 | -139.77 | 16.18 | 43.88 | | 2025/05/28 | 410.97 | 449.14 | 0.26 | 592.74 | -143.60 | 16.78 | 38.17 | | ...

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]