Report Overview - The report provides a comprehensive analysis of various industries including polyolefins, crude oil, chlor-alkali, pure benzene-styrene, methanol, PX-PTA-EG, and urea on September 2, 2025. It presents price changes, supply-demand dynamics, and offers investment strategies for each sector. 1. Polyolefins Industry Investment Rating - Not provided Core View - In September, the polyolefin market shows a "supply decrease and demand increase" characteristic, with inventory reduction and controllable market pressure. It is recommended to hold the expanding position of the LP01 contract [2]. Summary by Catalog - **Price and Spread**: L2601, L2509, PP2601, and PP2509 futures prices declined slightly. The basis of some varieties changed, and the spread between different contracts also showed fluctuations [2]. - **Supply**: PE's early - September device maintenance volume remains high, and the scale gradually decreases after the middle of the month. PP shows a "supply - demand double - increase" situation due to new capacity release and the return of maintenance devices [2]. - **Demand**: The downstream industry's开工 rate increased compared to last month, but new orders have weak support [2]. 2. Crude Oil Industry Investment Rating - Not provided Core View - Overnight oil prices fluctuated strongly. The market is in a game between geopolitical risk support and long - term oversupply expectations. It is recommended to wait and see unilaterally in the short term and look for opportunities to expand spreads after increased volatility [4]. Summary by Catalog - **Price and Spread**: Brent, WTI, and SC crude oil prices rose. The spreads of some refined oil products and cracking spreads also changed [4]. - **Supply - Demand**: OPEC + production cuts, inventory decline, and China's strategic reserve absorption ease short - term pressure, but the expectation of war suppressing demand may lead to a 10% drop in oil prices this year and a large - scale surplus at the end of the year [4]. 3. Chlor - Alkali Industry Investment Rating - Not provided Core View - The caustic soda futures market is strong, and the PVC market is in an oversupply situation and is expected to continue to oscillate weakly [7]. Summary by Catalog - **Price and Spread**: The export profit of caustic soda decreased, and the export profit of PVC increased. The开工 rate and profit of related industries also changed [7]. - **Supply**: The开工 rate of the caustic soda and PVC industries declined [7]. - **Demand**: The开工 rate of some downstream industries of caustic soda increased, while the demand for PVC remained weak [7]. 4. Pure Benzene - Styrene Industry Investment Rating - Not provided Core View - In September, the supply - demand expectation of pure benzene weakens, and the absolute price is under pressure. The short - term driving force of styrene is weak, but there is an expectation of improvement in supply - demand later [15]. Summary by Catalog - **Price and Spread**: The prices of pure benzene and styrene decreased, and the spreads between related products also changed [13][14]. - **Supply**: The planned maintenance of pure benzene devices in September is few, and new devices are expected to be put into production. The short - term supply of styrene remains high [15]. - **Demand**: The downstream of pure benzene has multiple loss - making varieties, and the demand for styrene is currently strong but may be affected by future device maintenance [15]. 5. Methanol Industry Investment Rating - Not provided Core View - The methanol market has a problem of continuous inventory accumulation at ports, and the basis is weak. Attention should be paid to the inventory digestion rhythm [21]. Summary by Catalog - **Price and Spread**: Methanol futures prices rose slightly, and the basis and spread changed [21]. - **Supply**: Domestic and overseas methanol enterprises'开工 rate changed, and imports in September are still large [21]. - **Demand**: Traditional downstream demand is weak, and attention should be paid to the restart of MTO devices at ports [21]. 6. PX - PTA - EG Industry Investment Rating - Not provided Core View - The supply - demand of PX, PTA, and EG is expected to improve, and short - fiber also has a good supply - demand expectation, but the de - stocking amplitude is limited [25]. Summary by Catalog - **Price and Spread**: PX, PTA, and EG prices and spreads changed. PTA's processing margin decreased slightly [25]. - **Supply**: PX's maintenance devices restart, PTA's planned unplanned maintenance increases, and domestic EG's开工 rate is high [25]. - **Demand**: The polyester and terminal loads increased, and the "Golden September and Silver October" expectation still exists [25]. 7. Urea Industry Investment Rating - Not provided Core View - The urea futures market is weak, mainly due to weak demand. The upward pressure on the futures price is large under high - supply conditions [34]. Summary by Catalog - **Price and Spread**: Urea prices in some regions decreased slightly, and the spreads between different regions also changed [34]. - **Supply**: Although there are local maintenance plans, the daily output remains at about 180,000 tons [34]. - **Demand**: Agricultural off - season and industrial on - demand procurement suppress domestic demand, and dealers' fertilizer - stocking willingness is low [34].

1. Report Industry Investment Ratings - Crude oil: Not clearly indicated by stars, but the analysis implies a short - term neutral with a potential short - selling opportunity later [2] - Fuel oil: ☆☆☆, representing a more distinct bullish trend with a relatively appropriate investment opportunity [1] - Low - sulfur fuel oil: ☆☆, indicating a clear bullish trend and the market is in the process of development [1] - Asphalt: ☆☆☆, suggesting a more distinct bullish trend and a relatively appropriate investment opportunity [1] - Liquefied petroleum gas (LPG): ☆☆☆, showing a more distinct bullish trend and a relatively appropriate investment opportunity [1] 2. Core Viewpoints - The overall energy market shows different trends. Crude oil may turn to a volatile trend before the geopolitical risk further intensifies. Fuel oil and low - sulfur fuel oil have a relatively positive fundamental situation. Asphalt has strong resistance to decline and potential demand. LPG has a short - term repair market but faces long - term overseas production increase pressure [2][3][4][5] 3. Summary by Related Catalogs Crude Oil - Overnight international oil prices rose, with the SC10 contract rising 0.42% during the day. Last week, US EIA crude oil inventories decreased by 2.392 million barrels more than expected, and gasoline and refined oil inventories also decreased, indicating demand resilience at the end of the summer peak. Brent near $70/barrel has priced in the bullish impact of supply risks related to the deadlock in Russia - Ukraine peace talks. Before the geopolitical risk further intensifies, crude oil may turn to a volatile trend. Pay attention to the opportunity to short - sell crude oil again after the support of peak - season factors fades [2] Fuel Oil & Low - Sulfur Fuel Oil - Oil prices continued to correct, and fuel - related futures also declined under pressure. As of the end of July, Singapore's marine fuel sales decreased by 1.7% year - on - year, and China's bonded marine fuel bunkering demand decreased by 1% year - on - year. At the same time, the enthusiasm of domestic refineries to produce marine fuel was also low, with supply decreasing by 19% year - on - year as of July. The on - land fuel oil inventories in Singapore and Fujairah decreased month - on - month, and the inventory pressure was relieved. The overall fundamentals are more positive than before. Due to the geopolitical conflicts in Russia and Iran, high - sulfur resources are supported by geopolitical premiums, and the decline is relatively restrained, and the FU crack spread is still supported [3] Asphalt - Today, crude oil led the decline in oil product futures, but asphalt futures prices rose inversely, and the crack spread once exceeded 350. After experiencing the unexpectedly high production in September and the sharp decline in oil prices, asphalt's resistance to decline in oil products continued. In August, the shipment volume of sample refineries increased by 88,000 year - on - year, breaking the growth bottleneck from June to July. Leading indicators such as the issuance volume of special bonds for new toll roads and the cumulative domestic sales volume of road rollers increased significantly year - on - year, indicating that there is still potential demand for asphalt. The latest data shows that both factory inventories and social inventories have decreased significantly. The low inventory supports the spot and futures prices of asphalt. The BU2510 contract has reached over 3,500 yuan/ton, and the crack spread has rebounded significantly [4] LPG - The international market rebounded under the support of import demand. Currently, the domestic arrival volume continues to rise, and due to the large proportion of low - price goods in the early stage, the sales pressure is limited. Pay attention to the pressure on the domestic chemical industry after the increase in import costs. With the stabilization of crude oil, the naphtha - propane price difference remains at an advantageous level, and the high chemical demand can be maintained in the short term. The short - term bearish pressure on the spot has been released, and the market maintains a repair trend without further pressure from crude oil. In the long term, there is still pressure from overseas production increase, which relatively suppresses the far - month contracts, and the market shows a pattern of strong near - term and weak far - term [5]

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Oscillation [2] - Low - sulfur fuel oil: Oscillation [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core Viewpoints of the Report - After continuous decline, crude oil prices showed signs of stabilization and rebound, driving the slight rise of FU and LU prices. Short - term attention should be paid to the progress of talks between Russia, the US, and Ukraine, and the change in the US attitude towards sanctions on Russia will affect market sentiment and bring additional price fluctuations. Without unexpected macro and geopolitical events, there is still downward pressure on the oil market in the medium term [1] - In terms of the fundamentals of fuel oil itself, the fundamentals and market structure of high - sulfur oil are still weak, with limited short - term pressure. However, as summer ends, local demand in the Middle East will decline, and with the OPEC production increase trend, Middle East fuel oil shipments may still have room for growth, and the high - sulfur fuel oil market is expected to further loosen. If the crack spread is fully adjusted to attract a significant improvement in refinery demand, the market structure is expected to stabilize and strengthen again [1] - For low - sulfur fuel oil, the current market pressure is limited, but there is no overall shortage expectation. Domestic production remains at a low level, but overseas supply has recovered, and the overseas market has shown a marginal weakening trend recently. In the medium - term perspective, since the remaining production capacity of low - sulfur fuel oil is relatively abundant, once the crack profit is appropriate, it will attract supply release. Moreover, the carbon - neutral trend in the shipping industry will gradually replace the market share of low - sulfur fuel oil, and there is significant resistance above the market [1] Group 3: Market Analysis Summary - The main contract of Shanghai Futures Exchange fuel oil futures closed up 1.15% at 2732 yuan/ton in the daytime session, and the main contract of INE low - sulfur fuel oil futures closed up 1.19% at 3483 yuan/ton [1] - Crude oil price rebounds drive the rise of FU and LU. Short - term uncertainty comes from Russia - US - Ukraine talks and US sanctions on Russia. Medium - term oil market has downward pressure without unexpected events [1] - High - sulfur fuel oil has weak fundamentals and market structure, short - term pressure is limited. Future supply may increase, but crack spread adjustment may improve the situation [1] - Low - sulfur fuel oil has limited current pressure and no shortage expectation. Overseas supply recovers, and there is resistance above the market in the medium term due to capacity and market - share replacement [1] Group 4: Strategy Summary - High - sulfur fuel oil strategy: Oscillation [2] - Low - sulfur fuel oil strategy: Oscillation [2] - No strategies for cross - variety, cross - period, spot - futures, and options [2] Group 5: Chart Information - There are multiple charts showing prices, spreads, and trading volumes of Singapore fuel oil spot, swaps, and Chinese fuel oil futures (both high - sulfur and low - sulfur) [3][8][12][13][16][17][26][28] - Data sources for these charts are from Flush, Steel Union, and Huatai Futures Research Institute [5][6][7][10][11][15][19][22][23][24][25][28][30][31][32]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Chlor - alkali Industry - **Caustic Soda**: The caustic soda futures market strengthened, but the supply is expected to increase with more devices resuming and fewer maintenance plans. The rebound height is limited, and the 01 contract is expected to fluctuate between 2500 - 2700. It is recommended to wait and see [2]. - **PVC**: The supply of PVC is under pressure due to new capacity releases, while the downstream demand shows no sign of improvement. The industry is in the off - season, and it is recommended to take a bearish view [2]. Crude Oil Industry - The overnight oil price rebounded, driven by short - term supply - demand factors such as a large drop in US EIA inventory and strong terminal demand. However, there is still short - term supply pressure due to the increase in Cushing inventory and OPEC + production. It is recommended to wait and see on the long - short side, and consider expanding the 10 - 11/12 month spread on the inter - month side [5]. Methanol Industry - The methanol market has high port inventory due to large imports. The demand is differentiated, with traditional sectors weak and MTO profit improving. The 09 contract has significant inventory accumulation, while the 01 contract is supported by seasonal factors and Iranian gas - limit expectations [9][11][12]. Pure Benzene - Styrene Industry - **Pure Benzene**: The short - term price has some support due to expected improvement in supply - demand and lower port arrivals in August, but the medium - term supply is sufficient, and the rebound drive is limited. - **Styrene**: The short - term supply is high, but the demand has improved with the increase in downstream 3S load and export expectations. The price has support at the low level, but the rebound space is limited [16]. Urea Industry - The urea price fluctuated, mainly driven by export sentiment and inventory pressure. The fundamentals have limited changes, with increased daily production and weak agricultural demand. The market is expected to be volatile [19]. Polyester Industry Chain - **PX**: The supply is expected to increase as some domestic PX plants restart. The short - term price has support, and it is recommended to trade it in the range of 6600 - 6900 and expand the PX - SC spread [50]. - **PTA**: The short - term supply - demand has improved, but the medium - term is under pressure. It is recommended to trade it in the range of 4600 - 4800 and do reverse arbitrage on TA1 - 5 [50]. - **Ethylene Glycol**: The supply and demand are neutral to positive in the short - term, and it is expected to be volatile and strong. It is recommended to trade the EG01 contract in the range of 4350 - 4550 [50]. - **Short - fiber**: The price has some support due to the approaching peak season, but the rebound drive is limited. It is recommended to pay attention to the pressure above 6500 for the PF10 contract [50]. - **Bottle Chip**: The processing fee has support, and the absolute price follows the cost. It is recommended to go long on the processing fee at low levels [50]. Polyolefin Industry - The PP/PE market shows a pattern of both supply and demand increasing, with inventory depletion. The supply pressure is easing, and demand is showing signs of recovery. It is recommended to hold the LP 01 contract as the market fluctuates in the short - term [54]. 3. Summary According to Related Catalogs Chlor - alkali Industry - **Price and Spread**: The prices of caustic soda and PVC showed different trends. The export profit of caustic soda decreased, while the PVC export profit increased [2]. - **Supply**: The caustic soda industry's operating rate decreased slightly, while the PVC total operating rate increased [2]. - **Demand**: The downstream operating rates of caustic soda and PVC showed some improvement [2]. - **Inventory**: The inventory of caustic soda and PVC showed different trends, with an increase in some and a decrease in others [2]. Crude Oil Industry - **Price and Spread**: Brent, WTI, and SC prices changed, and the spreads between different contracts and varieties also changed [5]. - **Supply - Demand**: The US EIA inventory decreased significantly, but Cushing inventory increased, and OPEC + production increased [5]. Methanol Industry - **Price and Spread**: The methanol futures and spot prices increased, and the spreads between different contracts and regions also changed [9]. - **Inventory**: The methanol enterprise, port, and social inventories all increased [10]. - **Operating Rate**: The upstream domestic operating rate decreased slightly, while the overseas operating rate increased slightly. The downstream MTO operating rate increased [11]. Pure Benzene - Styrene Industry - **Price and Spread**: The prices of pure benzene, styrene, and their raw materials changed, and the spreads between different varieties also changed [16]. - **Inventory**: The pure benzene inventory in Jiangsu ports decreased slightly, while the styrene inventory increased [16]. - **Operating Rate**: The operating rates of pure benzene, styrene, and their downstream products showed different trends [16]. Urea Industry - **Price and Spread**: The urea futures and spot prices changed, and the spreads between different contracts and varieties also changed [19]. - **Supply - Demand**: The domestic urea daily production decreased slightly, and the inventory in some areas changed [19]. - **Position and Volume**: The long and short positions of the top 20 increased, and the trading volume increased significantly [19]. Polyester Industry Chain - **Price and Spread**: The prices of raw materials such as crude oil, PX, and downstream polyester products changed, and the spreads between different varieties also changed [50]. - **Operating Rate**: The operating rates of PX, PTA, and downstream polyester products showed different trends [50]. - **Inventory**: The MEG port inventory decreased, and the PTA inventory situation was also mentioned [50]. Polyolefin Industry - **Price and Spread**: The prices of LLDPE and PP futures and spot changed, and the spreads between different contracts and regions also changed [54]. - **Operating Rate**: The operating rates of PE and PP plants and their downstream industries showed different trends [54]. - **Inventory**: The PE and PP enterprise and social inventories showed different trends [54].

1. Report Industry Investment Rating - High-sulfur fuel oil: Oscillating [3] - Low-sulfur fuel oil: Oscillating [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3] 2. Core Views - The night session of the main contract of the Shanghai Futures Exchange's fuel oil futures closed up 0.07% at 2,703 yuan per ton, and the night session of the main contract of INE low-sulfur fuel oil futures closed up 0.03% at 3,443 yuan per ton [1] - Crude oil prices have shown a volatile downward trend recently, and the cost-side guidance for FU and LU is bearish. The medium-term balance sheet of the oil market is expected to have an oversupply situation, but in the short term, attention should be paid to the progress of talks between Russia, the US, and Ukraine. The change in the US attitude towards sanctions on Russia will affect market sentiment and bring additional price fluctuations [1] - The current fundamentals and market structure of fuel oil are still weak. The supply at the spot end is relatively abundant, the inventory level is high, and there are few bright spots on the demand side except for the peak-season effect of power plants. The market lacks upward driving force [1] - The shipping volume of high-sulfur fuel oil in the Middle East has been increasing month by month, reaching a high of 3.51 million tons in July. According to current shipping schedule data, the shipping volume in August has declined, currently estimated at 2.65 million tons (with upward revision potential in the second half of the month). In the future, as summer ends, local demand in the Middle East will decline, and coupled with the OPEC production increase trend, the high-sulfur fuel oil market is expected to further loosen. However, if the crack spread is adjusted sufficiently to attract a significant improvement in refinery demand, the market structure is expected to stabilize and strengthen again [1] - The current market pressure of low-sulfur fuel oil is limited, but there is no overall shortage expectation. Domestic production has been at a low level, but overseas supply has rebounded, and the external market has shown a marginal weakening trend recently. From a medium-term perspective, since the remaining production capacity of low-sulfur fuel oil is relatively abundant, once the crack profit is appropriate, it will attract supply release. Moreover, the carbon-neutral trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil, and there is significant resistance above the market [2] 3. Summary by Relevant Catalogs Market Analysis - The night session of the main contract of the Shanghai Futures Exchange's fuel oil futures closed up 0.07% at 2,703 yuan per ton, and the night session of the main contract of INE low-sulfur fuel oil futures closed up 0.03% at 3,443 yuan per ton [1] - Crude oil prices have shown a volatile downward trend recently, and the cost-side guidance for FU and LU is bearish. The medium-term balance sheet of the oil market is expected to have an oversupply situation, but in the short term, attention should be paid to the progress of talks between Russia, the US, and Ukraine. The change in the US attitude towards sanctions on Russia will affect market sentiment and bring additional price fluctuations [1] - The current fundamentals and market structure of fuel oil are still weak. The supply at the spot end is relatively abundant, the inventory level is high, and there are few bright spots on the demand side except for the peak-season effect of power plants. The market lacks upward driving force [1] - The shipping volume of high-sulfur fuel oil in the Middle East has been increasing month by month, reaching a high of 3.51 million tons in July. According to current shipping schedule data, the shipping volume in August has declined, currently estimated at 2.65 million tons (with upward revision potential in the second half of the month). In the future, as summer ends, local demand in the Middle East will decline, and coupled with the OPEC production increase trend, the high-sulfur fuel oil market is expected to further loosen. However, if the crack spread is adjusted sufficiently to attract a significant improvement in refinery demand, the market structure is expected to stabilize and strengthen again [1] - The current market pressure of low-sulfur fuel oil is limited, but there is no overall shortage expectation. Domestic production has been at a low level, but overseas supply has rebounded, and the external market has shown a marginal weakening trend recently. From a medium-term perspective, since the remaining production capacity of low-sulfur fuel oil is relatively abundant, once the crack profit is appropriate, it will attract supply release. Moreover, the carbon-neutral trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil, and there is significant resistance above the market [2] Strategy - High-sulfur fuel oil: Oscillating [3] - Low-sulfur fuel oil: Oscillating [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil rebounded and then weakened, the near-month spread oscillated, and the EW spread oscillated. The 9-10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal and external spread slightly weakened to -$0.8. The 0.5 cracking spread in Singapore oscillated and weakened, the 9-10 spread weakened to $2.75/ton, and the LU11 internal and external spread oscillated at $9. [4][5] - This week, inventories on land in Singapore decreased, but they were still not the highest in the same period of history. Floating storage decreased significantly on a month-on-month basis. Saudi Arabia's shipments decreased significantly, and arrivals this week oscillated. Shipments from the UAE rebounded on a month-on-month basis, and net exports increased significantly. Land inventories in Fujairah in the Middle East decreased, while floating storage inventories of high-sulfur and low-sulfur fuel oil increased significantly. ARA residue inventories increased, and residue inventories in the United States decreased, resulting in a large inventory contradiction. [5] - The divergence between the East and West of high-sulfur fuel oil continued. In the heavy crude oil pattern, the cracking spread of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. It is expected to return in both directions in the future. This week, LU remained weak. The basis of the external MF0.5 weakened again and then oscillated. LU quotas were issued, and the internal and external spreads oscillated. In the short term, pay attention to the opportunity for the high-sulfur 380 EW spread to widen. Fundamentally, the supply of high-sulfur fuel oil is expected to increase, and the supply-demand pattern will weaken. [5] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 14th to August 20th, 2025, the prices of Rotterdam 10ppm Gasoil swap M1, Rotterdam 3.5% HSFO swap M1, Rotterdam 0.5% VLSFO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 10ppm Gasoil swap M1 changed from $631.89 to $646.80, with a change of $9.12. [2] Singapore Fuel Oil Data - In the Singapore market, from August 14th to August 20th, 2025, the prices of Singapore 380cst, Singapore 180cst, Singapore VLSFO, etc. also fluctuated. For example, the price of Singapore 380cst changed from $391.90 to $389.37, with a change of -$2.93. The basis and internal and external spreads of Singapore fuel oil also changed. [2][3] Domestic Fuel Oil Data - In the domestic market, from August 14th to August 20th, 2025, the prices of FU (such as FU 01, FU 05, FU 09) and LU (such as LU 01, LU 05, LU 09) futures contracts and their spreads changed. For example, the price of FU 01 changed from 2750 to 2719, with a change of -6. [3][4]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst 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. [2] - The 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [2] - 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, the arrival volume rebounded this week, and the shipments from the UAE rebounded significantly month - on - month, with a large increase in net exports. [3] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered changes in logistics. In the heavy - quality pattern, the cracking 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. [3] - The weakening of LU this week was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. [3] - Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [3] 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam Fuel Oil**: From August 8th to 14th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 3.36, Rotterdam 0.5% VLS FO swap M1 changed by 5.58, Rotterdam HSFO - Brent M1 changed by - 0.67, etc. [1] - **Singapore Fuel Oil Swap**: During the same period, the price of Singapore 380cst M1 changed, and other related swap prices also had corresponding changes. For example, Singapore 380cst M1 price changed from 407.04 on August 8th to 394.13 on August 14th. [1] - **Singapore Fuel Oil Spot**: From August 8th to 14th, the FOB 380cst price changed by - 1.32, FOB VLSFO changed by 0.91, etc. [2] - **Domestic FU**: The prices of FU 01, FU 05, and FU 09 all decreased from August 8th to 14th, with changes of - 22, - 15, and - 30 respectively. [2] - **Domestic LU**: The prices of LU 01, LU 05, and LU 09 also had certain changes, with LU 01 and LU 09 changing by - 13, and LU 05 changing by - 4. [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst 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 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread 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 month - on - month. Saudi Arabia's shipments were at a historical high in the same period, arrivals rebounded this week, UAE's shipments rebounded significantly month - on - month, and net exports increased significantly. [4] - 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 of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. It is expected to return in both directions later. [4] - This week, the weakening of LU was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Pay attention to the subsequent release of LU quotas. Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [4] 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data - From August 6th to 12th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from $411.10 to $394.34, a decrease of $6.98; the price of Rotterdam 0.5% VLS FO swap M1 decreased from $464.89 to $451.49, a decrease of $3.11. [1] Singapore Fuel Oil Swap Data - From August 6th to 12th, 2025, the price of Singapore 380cst M1 decreased from $413.20 to $395.15, a decrease of $2.51; the price of Singapore VLSFO M1 decreased from $494.45 to $478.30, a decrease of $3.32. [1][6] Singapore Fuel Oil Spot Data - From August 6th to 12th, 2025, the FOB price of 380cst increased from $406.83 to $396.64, an increase of $4.91; the FOB price of VLSFO increased from $495.11 to $483.55, an increase of $1.88. [2] Domestic FU Data - From August 6th to 12th, 2025, the price of FU 01 increased from 2859 to 2800, an increase of 19; the price of FU 05 increased from 2818 to 2770, an increase of 23. [2] Domestic LU Data - From August 6th to 12th, 2025, the price of LU 01 increased from 3496 to 3457, an increase of 39; the price of LU 05 increased from 3437 to 3417, an increase of 25. [3]

Report Industry Investment Rating - High-sulfur fuel oil: Oscillation [2] - Low-sulfur fuel oil: Oscillation [2] Core Viewpoints - The main contract of SHFE fuel oil futures closed up 0.25% at 2,826 yuan/ton, while the main contract of INE low-sulfur fuel oil futures closed down 0.25% at 3,526 yuan/ton [1] - After the recent correction, crude oil prices have shown a weak oscillatory trend, providing limited short-term directional guidance for FU and LU prices. The medium-term expectation of a looser balance sheet potentially suppresses the energy sector [1] - In the high-sulfur fuel oil market, after consecutive adjustments to the market structure, short-term contradictions are relatively limited. Currently, spot supply is relatively abundant, while demand lacks growth momentum. Although power generation demand is boosted by the peak season, it lacks drivers beyond seasonality. According to Platts data, Fujairah's fuel oil inventory reached 9.656 million barrels this week, a 21.67% increase from the previous week. Looking ahead, in the long-term trend of crude oil lightening and refinery unit upgrades, structural support remains. If the crack spread adjusts sufficiently to attract a significant rebound in refinery demand, opportunities for the market structure to strengthen again can be monitored [1] - In the low-sulfur fuel oil market, current market pressure is limited, and supply growth remains constrained. Domestic production remains low, and the tight supply situation in the bonded area has not been fully alleviated. Medium-term prospects are not optimistic as the ample remaining low-sulfur fuel oil production capacity will attract supply release once crack spreads are favorable, and the carbon neutrality trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil [1] Strategy Summary - High-sulfur: Close out previous short positions on FU crack spreads (FU-Brent or FU-SC) [2] - Low-sulfur: No specific strategy mentioned [2] - Cross-variety: Close out previous short positions on FU crack spreads (FU-Brent or FU-SC) [2] - Inter-period: Close out previous FU reverse calendar spread positions [2] - Spot-futures: No strategy [2] - Options: No strategy [2] Chart Information - Multiple charts are provided, including those showing Singapore high-sulfur 380 fuel oil spot prices, Singapore low-sulfur fuel oil spot prices, Singapore high-sulfur fuel oil swap near-month contracts, Singapore low-sulfur fuel oil swap near-month contracts, Singapore high-sulfur fuel oil near-month spreads, Singapore low-sulfur fuel oil near-month spreads, fuel oil FU futures main contract closing prices, fuel oil FU futures index closing prices, fuel oil FU futures near-month contract closing prices, fuel oil FU near-month contract spreads, fuel oil FU futures main contract trading volume and open interest, fuel oil FU futures total trading volume and open interest, low-sulfur fuel oil LU futures main contract closing prices, low-sulfur fuel oil LU futures index closing prices, low-sulfur fuel oil LU futures near-month contract prices, low-sulfur fuel oil LU futures near-month spreads, low-sulfur fuel oil LU futures main contract trading volume and open interest, and low-sulfur fuel oil LU futures total trading volume and open interest [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil declined, the near - month spread was weak and at a historical low, and the EW spread rebounded on Friday. The 9 - 10 spread rebounded slightly to $3.75/ton, the basis fluctuated at a low level, and the FU01 internal - external spread was 0. The 0.5 cracking spread of Singapore fuel oil fluctuated downward, the 9 - 10 spread rebounded slightly to $3.25/ton, the LU11 internal - external spread fluctuated around $10, and the 09 internal - external spread continued to weaken. Singapore's on - land and floating storage inventories increased this week, pressuring the near - month spread. Saudi Arabia's shipments were at a historical high, with high net exports, while UAE's shipments decreased significantly month - on - month. Egypt's net imports decreased slightly month - on - month but remained at a seasonal high. The east - west divergence of high - sulfur fuel oil continued, and the current price difference triggered logistics changes. In the heavy - quality pattern, the 380cst cracking spread was the weakest, and the heavy - quality crude oil premium was the strongest, with a predicted two - way regression in the future. This week, LU weakened as expected, the external MF0.5 followed gasoline and diesel to weaken slightly, the basis fluctuated, and the LU internal - external spread weakened. The Singapore hi - 5 spread declined slightly, with no clear direction recently [3][4] 3. Summary by Relevant Catalog Rotterdam Fuel Oil - From August 1st to 7th, 2025, the prices of Rotterdam 3.5% HSF O swap M1 decreased from 414.34 to 404.69, a change of - 6.41; Rotterdam 0.5% VLSFO swap M1 decreased from 469.52 to 455.81, a change of - 9.08; Rotterdam HSFO - Brent M1 increased from - 3.46 to - 2.15, a change of 0.63; Rotterdam 10ppm Gasoil swap M1 decreased from 652.93 to 644.50, a change of - 10.11; Rotterdam VLSFO - Gasoil M1 increased from - 183.41 to - 188.69, a change of 1.03; LGO - Brent M1 decreased from 20.50 to 22.56, a change of - 0.85; Rotterdam VLSFO - HSFO M1 decreased from 55.18 to 51.12, a change of - 2.67 [1] Singapore Fuel Oil - For Singapore fuel oil swaps, from August 1st to 7th, 2025, Singapore 380cst M1 decreased from 420.12 to 406.75, a change of - 6.45; Singapore 180cst M1 decreased from 431.52 to 418.46, a change of - 4.74; Singapore VLSFO M1 decreased from 501.95 to 484.37, a change of - 10.08; Singapore Gasoil M1 decreased from 89.91 to 85.03, a change of - 0.80; Singapore 380cst - Brent M1 increased from - 4.72 to - 1.82, a change of 0.91; Singapore VLSFO - Gasoil M1 decreased from - 163.38 to - 144.85, a change of - 4.16 [1][6] Singapore Fuel Oil Spot - From August 1st to 7th, 2025, FOB 380cst decreased from 412.35 to 402.93, a change of - 3.90; FOB VLSFO decreased from 504.71 to 488.15, a change of - 6.96; 380 - basis decreased from - 5.95 to - 5.35, a change of - 0.30; high - sulfur internal - external spread increased from 0.0 to 2.6, a change of 1.3; low - sulfur internal - external spread increased from 9.4 to 9.9, a change of 1.4 [2] Domestic FU - From August 1st to 7th, 2025, FU 01 decreased from 2946 to 2838, a change of - 21; FU 05 decreased from 2906 to 2799, a change of - 19; FU 09 decreased from 2916 to 2826, a change of - 9; FU 01 - 05 decreased from 40 to 39, a change of - 2; FU 05 - 09 decreased from - 10 to - 27, a change of - 10; FU 09 - 01 increased from - 30 to - 12, a change of 12 [2] Domestic LU - From August 1st to 7th, 2025, LU 01 decreased from 3607 to 3463, a change of - 33; LU 05 decreased from 3553 to 3416, a change of - 21; LU 09 decreased from 3625 to 3510, a change of - 35; LU 01 - 05 decreased from 54 to 47, a change of - 12; LU 05 - 09 increased from - 72 to - 94, a change of 14; LU 09 - 01 decreased from 18 to 47, a change of - 2 [3]