Report Industry Investment Rating - High-sulfur fuel oil: Neutral [4] - Low-sulfur fuel oil: Bearish [5] Core Views High-sulfur fuel oil - OPEC+ is expected to increase production by about 550,000 barrels per day. Chevron has regained the license to produce oil in Venezuela, and the crude oil logistics from Venezuela to Asia has decreased. Currently, the high-sulfur supply in Asia is sufficient and inventories are accumulating. The bunker fuel加注 volume in Fujairah has weakened month-on-month. As the deadline for the agreement set by the US on Russia approaches, the high-sulfur price is relatively supported. Attention should be paid to the recent high-sulfur spot procurement and digestion, tariff sanctions, and crude oil quotas [4]. Low-sulfur fuel oil - OPEC+ continues to increase production, and the crude oil price is weakening. In the short term, the low-sulfur fuel oil price is expected to fluctuate. The low-sulfur arrivals in Singapore reached a high in August, and the low-sulfur shipments from Kuwait are stable, with no obvious increase in low-sulfur supply. The low-sulfur market in China has sufficient supply, and demand is mainly driven by rigid needs. The domestic bunker fuel market is at a standstill. In July, CNOOC's low-sulfur quota was exhausted, and the production scheduling expectations of Sinopec and PetroChina are weak. Attention should be paid to the recent adjustment or issuance of low-sulfur quotas [5]. Summary by Category High-sulfur fuel oil - **裂差**: Under the influence of tariff sanctions, as the negotiation deadline between the US and Russia approaches, Russian oil exports are受阻, and the supply risk premium has increased. The high-sulfur crack spread is at a high level and has strengthened compared to last week [4]. - **价差**: The decline in international crude oil prices has dragged down the fuel oil price [4]. - **供应**: The global total shipments are expected to be loose, and the arrivals in Singapore are relatively high [4]. - **需求**: The power generation demand weakened after reaching its peak in August [4]. - **库存**: Inventories at the ports of Singapore and Zhoushan have significantly increased [4]. Low-sulfur fuel oil - **裂差**: Under the influence of tariff sanctions, as the negotiation deadline between the US and Russia approaches, Russian oil exports are受阻, and the supply risk premium has increased. The low-sulfur crack spread fluctuates slightly within the range of $10 - $12 per ton and has rebounded slightly compared to last week [5]. - **价差**: The spot spread of low-sulfur fuel oil is weak and under short-term pressure, and the spread between high and low-sulfur fuels has narrowed [5]. - **供应**: The global low-sulfur supply has not changed much. Dangote Refinery cancelled its maintenance in June, and the increase in Brazilian exports has remained stable. The low-sulfur exports from Al-Zour have recovered with the end of technical problem maintenance, and recent outbound shipments have remained at a high level. In July, CNOOC's low-sulfur quota was exhausted, and the production scheduling expectations of Sinopec and PetroChina are weak [5]. - **需求**: The low-sulfur power generation demand in summer has weakened, the bunker fuel demand remains stable, and downstream buyers take delivery based on rigid needs [5]. - **库存**: The arrivals of low-sulfur fuel oil in China have continued to rise to a historical high [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Last week, international crude oil trended downward, and fuel oil prices mainly oscillated lower. High - sulfur fuel oil closed at 2776 yuan/ton, down 4.80% for the week, and low - sulfur fuel oil closed at 3464 yuan/ton, down 4.97% for the week [5]. - Due to sufficient supply and competitive spot cargo quotes, the spot premium of 0.5% sulfur marine fuel oil fell to a more than four - month low. With Western arbitrage cargoes arriving in Singapore, the regional inventory in Singapore will significantly accumulate in August. More low - sulfur blending components are expected to flow into the Asian market from the markets west of Suez in August [5]. - For high - sulfur fuel oil, although the immediate supply in the Singapore area remains sufficient, stable downstream bunker demand provides some support. However, traders are still worried that the decline in seasonal power generation demand from utilities will suppress the market fundamentals. With many uncertainties, crude oil prices will continue to oscillate, and fuel oil prices are still under pressure. Operationally, trade high - sulfur fuel oil in the 2740 - 2900 range and low - sulfur fuel oil in the 3400 - 3550 range [5]. 3. Summary by Directory 3.1 Week - ly View - International crude oil declined last week, fuel oil prices oscillated lower. High - sulfur fuel oil dropped 4.80% to 2776 yuan/ton, and low - sulfur fuel oil dropped 4.97% to 3464 yuan/ton [5]. - Low - sulfur fuel oil spot premium hit a four - plus - month low. Singapore's inventory will accumulate in August, and more low - sulfur components will flow into Asia [5]. - High - sulfur fuel oil has stable bunker demand but faces pressure from fading power generation demand. Crude oil price uncertainty keeps fuel oil prices under pressure. Suggested trading ranges are given [5]. 3.2 Futures and Spot Prices - **Futures Prices**: The FU main contract's previous value was 2918, the current value is 2823, down 95 or 3.26%. The LU main contract's previous value was 3644, the current value is 3540, down 103 or 2.83% [6]. - **Spot Prices**: Various spot prices of fuel oil and diesel in different regions showed different degrees of decline. For example, the price of Zhoushan high - sulfur fuel oil decreased by 0.61%, and Singapore diesel decreased by 1.87% [7]. 3.3 Fundamental Data - **Consumption Data**: Graphs show the consumption of fuel oil in Singapore, China, and the coking profit of Shandong fuel oil from 2021 - 2025 [8][9][10]. 3.4 Inventory Data - **Singapore Fuel Oil Inventory**: Data shows the inventory and its changes from May 21 to August 6. For example, on May 21, the inventory was 2563.9 million barrels with an increase of 73 million barrels, and on August 6, it was 2074.9 million barrels with an increase of 47 million barrels [12]. 3.5 Spread Data - The graph shows the high - low sulfur futures spread [16].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The fuel oil market is expected to operate weakly overall. The FU2509 is expected to trade in the range of 2760 - 2800, and the LU2510 in the range of 3440 - 3490. The market is influenced by various factors, including geopolitical risks on the supply - side, uncertain demand, and weak upstream crude oil prices [3]. 3. Summary by Relevant Catalogs 3.1 Daily Prompt - The Asian low - sulfur fuel oil market structure is stable, but the spot spread of 0.5% sulfur marine fuel has turned to a discount for the first time in four months. The spot discount of Singapore 380CST high - sulfur fuel oil narrowed to $4.75/ton on August 7 [3]. - The basis of Singapore high - sulfur fuel oil is $406.63/ton with a basis of 182 yuan/ton, and for low - sulfur fuel oil it is $501.5/ton with a basis of 163 yuan/ton, showing that the spot price is higher than the futures price [3]. - The Singapore fuel oil inventory in the week of August 6 was 20.749 billion barrels, an increase of 470,000 barrels [3]. - The price is below the 20 - day line, and the 20 - day line is downward - sloping [3]. - High - sulfur main positions are short, with an increase in short positions, while low - sulfur main positions are long, with an increase in long positions [3]. - The closing price of crude oil continued to decline, and the fuel oil market is expected to operate weakly due to lack of terminal demand [3]. 3.2 Recent Multi - Short Analysis - **Likely Positive Factors**: There may be an intensification of sanctions against Russia [4]. - **Likely Negative Factors**: The optimism on the demand side remains to be verified, and the upstream crude oil price is weak [4]. 3.3 Fundamental Data - **Price and Basis**: Singapore high - sulfur fuel oil is $406.63/ton with a basis of 182 yuan/ton, and low - sulfur fuel oil is $501.5/ton with a basis of 163 yuan/ton [3]. - **Inventory**: Singapore fuel oil inventory in the week of August 6 was 20.749 billion barrels, an increase of 470,000 barrels [3]. 3.4 Spread Data No information provided. 3.5 Inventory Data - Singapore fuel oil inventory has fluctuated in recent months. In the week of August 6, it was 20.749 billion barrels, an increase of 470,000 barrels compared to the previous period [3][8].

Group 1: Report Investment Rating - There is no information about the industry investment rating in the provided content, so this part is skipped. Group 2: Core Viewpoints - The oil price is oscillating, and there are limited short - term market contradictions in the fuel oil market [1]. - The main contract of the Shanghai Futures Exchange fuel oil futures closed up 0.6% at 2,835 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 0.31% at 3,550 yuan/ton [2]. - After continuous corrections, the crude oil price has stabilized and is currently in an oscillating state, with limited short - term directional guidance for FU and LU prices, while the medium - term expectation of a looser balance sheet potentially suppresses the energy sector [2]. - In the high - sulfur fuel oil market, the market structure continues to adjust, with crack spreads and monthly spreads oscillating weakly. The spot supply is relatively abundant, and the demand side lacks growth momentum. Although the power generation demand is boosted by the peak season, it lacks drivers beyond seasonality. In the short term, there is limited driving force, but considering the long - term trends, there is still structural support. If the crack spreads are fully adjusted and attract a significant increase in refinery demand, there may be an opportunity for the market structure to strengthen again [2]. - For low - sulfur fuel oil, the current market pressure is limited. However, as the overseas diesel shortage eases, the support for the low - sulfur fuel oil market may weaken, and the supply of components is expected to increase. In the medium term, due to the relatively abundant remaining production capacity, once the crack profit is appropriate, supply will be released. Moreover, the carbon - neutral trend in the shipping industry will gradually replace the market share of low - sulfur fuel oil, and the market outlook is not optimistic [2]. Group 3: Strategy Summary - High - sulfur fuel oil: The outlook is oscillating [3]. - Low - sulfur fuel oil: The outlook is oscillating [3]. - Cross - variety: Positions in shorting the FU crack spread (FU - Brent or FU - SC) established earlier can be appropriately stopped for profit [3]. - Cross - period: FU reverse spread positions established earlier can be gradually stopped for profit [3]. - Spot - futures: No strategy [3]. - Options: No strategy [3].

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 ...