2026 年 1 月 9 日 LPG：关注地缘扰动 丙烯：需求平稳，现货小幅探涨 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 【基本面跟踪】 LPG 基本面数据 | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | 期货价格 | PG2602 | 4,199 | -0.62% | 4,203 | 0.10% | | | PG2603 | 4,103 | -0.87% | 4,100 | -0.07% | | | PL2602 | 5,880 | 0.20% | 5,869 | -0.19% | | | PL2603 | 5,963 | 0.15% | 5,951 | -0.20% | | | PL2604 | 6,001 | -0.12% | 6,012 | 0.18% | | 持仓&成交 | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | PG2602 | 52,643 | -15927 | 41,759 | -8012 | | | PG2603 ...

有色金属日报 2026-1-7 五矿期货早报 | 有色金属 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 陈仪方 从业资格号：F03152004 0755-23375125 chenyf3@wkqh.cn 离岸人民币升值，国内权益市场走高，铜价继续升势，昨日伦铜 3M 收涨 1.28%至 13254 美元/吨，沪 铜主力合约收至 104600 元/吨。LME 铜 ...

华联期货表示，美国铜市囤货行为与电解铜减产两种趋势有望加速共振，铜市短缺格局或于2026年从预 期逐步转化为现实，价格上行周期持续延伸。操作上建议中线多单继续持有，短线滚动做多，中期沪铜 2603参考支撑区间93000-94000元/吨。 目前来看，沪铜行情呈现震荡上行走势，盘面表现偏强。对于沪铜后市行情将如何运行，相关机构观点 汇总如下： 五矿期货分析称，美国金融市场流动性边际宽松方向不变，国内政策面温和刺激，加之地缘扰动强化战 略资源重要性，情绪面仍相对有利。产业上看矿端供应维持紧张和美国关税预期继续给予铜价强支撑， 而随着价格走高，下游需求被挤出，库存仍有累积压力，总体预计铜价高位运行、涨势放缓。今日沪铜 主力合约参考：97000-100000元/吨；伦铜3M运行区间参考：12200-12800美元/吨。 1月5日，国内期市有色金属板块大面积飘红。其中，沪铜期货主力合约开盘报99450.00元/吨，今日盘 中高位震荡运行；截至午间收盘，沪铜主力最高触及101200.00元，下方探低99150.00元，涨幅达 2.11%。 国投安信期货指出，伦铜记录位置震荡，市场将首先消化委内瑞拉局势影响，尤其关注贵金属 ...

库存：截止12月25日：内地累库1.28，港口累14.05万吨 【观点】因地缘扰动，甲醇盘面大幅走强，全天成交尚可。港口方面，上周浮仓顺利卸船，卸货较多， 叠加倒流大部分区域关闭，港口大幅累库，伊朗地区因限气大量产能停车，开工率已降低，远月进口缩 量预期显著增强。12月港口仍面临累库压力，但预计次年一季度供需平衡表有望转向去库。内地来看， 当前内蒙古地区转单价格环比走低，主要受高产量与厂库累积影响。供应端，煤炭价格下跌使企业利润 修复，产量预计维持。需求端暂无亮点，价格以窄幅震荡为主。后续关注港口实际到港减少后，库存去 化情况。 【现货方面】现货成交：2170-2190，现货成交：05-30到-33 【供需库存数据】 供应：截止12月25日，全国开工77.99%（+0.36%），非一体化开工70.71%（+0.49%） 需求：MTO开工率85.66%（-0.34%），宝丰、诚志降负 【策略】再次关注MTO05缩（等驱动，海外发运减缓） 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达 ...

【消息面汇总】 美国财政部发布一般许可证，授权与委内瑞拉国家石油公司2020年发行的8.5%债券相关的特定交易。 12月22日，原油期货行情呈现震荡上行走势，截至发稿主力合约大幅上涨2.39%，报437.6元/桶。 机构观点 南华期货（603093）：美委内瑞拉紧张局势加剧的背景下，油价止跌反弹。特朗普已下令"全面彻底封锁"进出委内瑞拉的受制裁油轮，这加剧了 要求总统尼古拉斯.马杜罗下台的压力。委内瑞拉在11月份出口了约60万桶/日的石油。鉴于最新的事态发展，这些交易量很可能会下降。标普数 据显示，在美国升级驱逐马杜罗之后，前往委内瑞拉的油轮数量有所下降。地缘局势升级将给短期油价带来上行驱动，后续关注美委局势进展。 华联期货：总体看，原油供需仍偏向过剩，但地缘扰动仍未结束，重点关注美国与委内瑞拉局势及俄乌谈判。技术面区间震荡偏弱。操作上期货 中线仍偏空对待，可买入持有看涨期权保护，SC2602合约压力位参考440-450元/桶。 洲际交易所：截至12月16日当周，ICE布伦特原油投机者将净多头头寸减少74,876手，至32,940手。ICE柴油投机者将净多头头寸减少19,818手， 至38,760手。 美国北 ...

长江铅价pb.ccmn.cn短评：美指反弹施压，隔夜伦铅收跌0.05%；铅市结构性收缩支撑成本底线，但需 求端新旧动能切换下淡季承压，供需僵持成交偏淡，今现铅或小跌。 长江锡价sn.ccmn.cn短评：资金轮动激活纳指引擎美股齐涨，隔夜伦锡收涨1.53%；地缘扰动引发供紧 担忧，新兴领域支撑韧性，但现货畏高交投清淡，今现锡或小涨。 长江镍价ni.ccmn.cn短评：美国最新CPI数据不佳提振降息预期市场流动性宽裕，隔夜伦镍收涨1.84%； 镍过剩压力未减，但印尼镍矿审批收紧资金助推，料今镍上涨。 新浪合作大平台期货开户 安全快捷有保障 长江铜价copper.ccmn.cn短评：美11月CPI重回"2时代"助美元反弹，伦铜跌0.13%；国内股指下行拖累市 场情绪，供应虽紧张但现货贴水加深、成交疲软，今现铜或跌。 长江铝价alu.ccmn.cn短评：美股全线飘红提振市场风险偏好，伦铝收涨0.38%；国内下游年底赶工态势 显著，汽车、电子等行业消费具韧性且铝锭社库低位，今现铝或涨。 长江锌价zn.ccmn.cn短评：美通胀数据欠佳且圣诞节前交易员削减持仓，伦锌跌0.44%；供应紧俏、锌 锭社库续降提供支撑，然下游补 ...

转自：新华财经 新华财经北京12月17日电（吴郑思、郭洲洋）国内商品期货市场周三（12月17日）整体走强，多数品种强势走高。截至收盘，中证商品期货价格指数收报 1518.98点，较前一交易日上涨10.71点，涨幅0.71%；中证商品期货指数收报2096.85点，较前一交易日上涨14.02点，涨幅0.67%。 分品种来看，广期所品种集体表现活跃。除铂钯尾盘携手涨停以外，碳酸锂盘中涨近9%、终盘收高7.61%，力压铂钯领涨当日商品市场。另外，多晶硅增仓 涨超4%，并再创上市以来新高。不过，同样走强的还有白银。在海外银价突破65美元、66美元两道关口的提振下，沪银收盘站上15500元／千克。 贵金属中工业属性偏强的品种17日再度集体飙升。其中铂钯主力合约均收于涨停价并创历史新高；白银也大涨超5%，终盘沪银主力合约站上15500元／千克 关口，盘中也再度刷新了历史新高。隔夜公布的11月美国非农就业报告偏弱，市场降息预期进一步增加，贵金属得到一定支撑，但金价驱动有限，而工业需 求较强的铂钯和白银则更受到市场的热捧。铜冠金源期货表示，短期供应紧张为钯价格提供了基本面支撑。铂、钯供给端存在现货压力，铂金属现货租赁利 率持续 ...

1. Report Industry Investment Ratings - **Cautiously Bullish**: PTA, Natural Gas [28][5] - **Cautiously Bearish**: Crude Oil, LPG, Ethylene Glycol, Methanol, Urea, Asphalt [1][3][5] - **Bearish Consolidation**: L, PP [1] - **Bearish Continuation**: PVC, Glass, Soda Ash [1][5] 2. Core Views of the Report - **Crude Oil**: European diesel price hikes drive oil price rebounds, but supply surplus and inventory accumulation limit upside potential, with a downward pressure [1][8]. - **LPG**: High basis and over - valued futures lead to price pressure, with upstream crude oil supply exceeding demand [1][14]. - **L**: Domestic supply is abundant, downstream demand is weak, and cost support is insufficient, with a short - term rebound and long - term bearish outlook [19]. - **PP**: Cost - side weakness, high inventory, and OPEC+ expansion lead to a bearish outlook, with short - term stabilization and long - term bearishness [23]. - **PVC**: Weak fundamentals, high inventory, but low valuation limits further decline, with opportunities for short - selling hedging and low - buying [27]. - **PTA**: Supply pressure eases, demand is relatively good but may weaken, cost support exists, and there is an opportunity to expand processing fees [29]. - **Ethylene Glycol**: Supply pressure is expected to increase, demand may weaken, valuation is low but lacks upward drive, with a low - level oscillation and bearish outlook [32]. - **Methanol**: High inventory suppresses prices, supply pressure is large, demand is average, and the fundamentals remain weak [36]. - **Urea**: Supply pressure increases, demand weakens, inventory is high, and there is a risk of price decline [40]. - **Natural Gas**: Entering the consumption peak season, demand support rises, but supply is sufficient, and the upward space is limited [44]. - **Asphalt**: Follows the oil price, with cost support decreasing, supply surplus, and a bearish outlook [49]. - **Glass**: Supply decline is limited, demand is weak, and the long - term outlook is bearish [54]. - **Soda Ash**: Demand support weakens, supply is abundant, and the bearish trend continues [55]. 3. Summaries According to Related Catalogs Crude Oil - **Market Review**: Overnight international oil prices rebounded, with WTI up 1.35%, Brent up 1.07%, and SC up 0.33% [7]. - **Basic Logic**: Downstream refined oil profits are good, European diesel prices drive the rebound, but supply surplus and geopolitical uncertainties exist [8]. - **Fundamentals**: Angola's January exports will decrease, OPEC forecasts global demand growth, and US commercial crude inventories increase [9]. - **Strategy Recommendation**: Partially close previous short positions, with SC focusing on [450 - 470] [10]. LPG - **Market Review**: On November 18, the PG main contract closed at 4381 yuan/ton, up 0.18% [13]. - **Basic Logic**: Anchored to the cost - side crude oil, high basis and over - valued futures, with supply and demand changes [14]. - **Strategy Recommendation**: Lightly short, with PG focusing on [4350 - 4450] [15]. L - **Market Review**: The L2601 contract closed at 6818 yuan/ton, up 0.4% [17]. - **Basic Logic**: Basis repair, abundant supply, weak demand, and insufficient cost support [19]. - **Strategy Recommendation**: Reduce short positions in the short - term, wait for a rebound to short in the long - term, with L focusing on [6800 - 6950] [19]. PP - **Market Review**: The PP2601 contract closed at 6429 yuan/ton, down 51 yuan/ton [22]. - **Basic Logic**: Cost - side weakness, high inventory, and OPEC+ expansion [23]. - **Strategy Recommendation**: Reduce short positions in the short - term, wait for a rebound to short in the long - term, with PP focusing on [6350 - 6500] [23]. PVC - **Market Review**: The V2601 contract closed at 4586 yuan/ton, up 5 yuan/ton [26]. - **Basic Logic**: Weak fundamentals, high inventory, but low valuation limits decline [27]. - **Strategy Recommendation**: Hedge short - selling for industries, look for low - buying opportunities, with V focusing on [4400 - 4650] [27]. PTA - **Market Review**: TA05 closed at 4762 yuan/ton, up 8 yuan/ton [28]. - **Basic Logic**: Supply pressure eases, demand is relatively good but may weaken, cost support exists [29]. - **Strategy Recommendation**: Look for opportunities to expand processing fees, with TA focusing on [4640 - 4710] [30]. Ethylene Glycol - **Market Review**: EG01 closed at 4013 yuan/ton, up 35 yuan/ton [31]. - **Basic Logic**: Supply pressure is expected to increase, demand may weaken, and valuation is low but lacks upward drive [32]. - **Strategy Recommendation**: Look for opportunities to short on rebounds, with EG focusing on [3850 - 3920] [33]. Methanol - **Market Review**: Not specifically mentioned in a unified market review section. - **Basic Logic**: High inventory suppresses prices, supply pressure is large, demand is average, and cost support is weak [36]. - **Strategy Recommendation**: Short positions should be held cautiously, and pay attention to MA1 - 5 reverse arbitrage [3]. Urea - **Market Review**: UR01 closed at 1652 yuan/ton, down 6 yuan/ton [39]. - **Basic Logic**: Supply pressure increases, demand weakens, and inventory is high [40]. - **Strategy Recommendation**: Be cautious of price drops, look for opportunities to short on rebounds, with UR focusing on [1640 - 1670] [41]. Natural Gas - **Market Review**: On November 17, the NG main contract closed at 4.593 US dollars/million British thermal units, down 3.75% [43]. - **Basic Logic**: Entering the consumption peak season, demand support rises, but supply is sufficient [44]. - **Strategy Recommendation**: Pay attention to [4.200 - 4.511], with limited upward space [45]. Asphalt - **Market Review**: On November 18, the BU main contract closed at 3032 yuan/ton, unchanged [48]. - **Basic Logic**: Follows the oil price, cost support decreases, supply and demand decline, and inventory decreases [49]. - **Strategy Recommendation**: Hold short positions, with BU focusing on [3000 - 3100] [50]. Glass - **Market Review**: The FG2601 contract closed at 1053 yuan/ton, down 16 yuan/ton [53]. - **Basic Logic**: Supply decline is limited, demand is weak due to the real - estate market [54]. - **Strategy Recommendation**: Short on rebounds, with FG focusing on [1000 - 1050] [54]. Soda Ash - **Market Review**: Not specifically mentioned in a unified market review section. - **Basic Logic**: Demand support weakens, supply is abundant in the long - term [5]. - **Strategy Recommendation**: Short on rebounds in the long - term, exit long - alkali and short - glass spreads [5].

Report Industry Investment Rating - The investment view on asphalt is weak and volatile [3]. Core Viewpoint - Crude oil prices have dropped from short - term highs, and asphalt has continued to decline due to poor fundamentals. The supply and demand of asphalt in China have both declined this week. The overall inventory is in a destocking pattern, and the cost is influenced by the fluctuation of crude oil prices. The overall trend of asphalt continues to follow the fluctuation of crude oil [3]. Summary by Directory 1. Main Views and Strategy Overview - **Supply**: In November, the production plan of domestic asphalt refineries decreased. The planned output of domestic asphalt refineries in November 2025 was 1.312 million tons, a month - on - month decrease of 292,000 tons (18.2%) and a year - on - year decrease of 91,000 tons. This week, both supply and demand of domestic asphalt declined. The decline in supply was mainly due to the active reduction of production capacity by some refineries and the suspension of production in some others [3]. - **Demand**: Affected by the capital situation and cold air in the north, the markets in Shandong and North China were sluggish. The demand in the north gradually stopped, and the downstream demand in the south increased and decreased intermittently. The overall demand declined. This week's total shipment volume was 445,000 tons, a week - on - week decrease of 5.1%. It is expected that the industry's shipment volume will further decline next week [3]. - **Inventory**: This week, the factory and warehouse inventories in various regions of China showed a mixed trend of increase and decrease, and the overall inventory continued to be destocked. The destocking performance in East China was particularly prominent [3]. - **Cost**: At the beginning of this week, international oil prices rose slightly for three consecutive days due to multiple positive factors. In the later part of the week, oil prices fell for two consecutive days due to concerns about interest rate cuts, rising risk - aversion sentiment, and other factors. Overall, the oil price at the end of this week dropped compared with last week, and the average price this week also decreased compared with last week [3]. - **Investment View and Trading Strategy**: The investment view is weak and volatile. The trading strategy for unilateral trading is weak and volatile, and there is no arbitrage strategy [3]. 2. Price - The document provides the mainstream market prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China) from 2025/01 to 2025/11 [5]. 3. Spread, Basis, and Delivery Profit - **Spread**: The document shows the asphalt crack spread (BU - (SC*6.35)) and the spread between asphalt and coker feedstock from 2021 to 2025 [15]. - **Basis**: It presents the basis of asphalt in main regions (South China, East China, Shandong) from 2024/01 to 2025/10 [16]. 4. Supply - **Production Plan Expectation**: It shows the monthly production plan and actual production of asphalt in China from 2025 - 01 to 2025 - 10, as well as the production in North China, South China, Shandong, and East China in different years [19][23][26]. - **Capacity Utilization**: It provides the capacity utilization rates of heavy - traffic asphalt in China, Shandong, East China, North China, and South China from 2021 to 2025 [31][33][35][37]. - **Maintenance Loss**: It shows the weekly and monthly maintenance loss of asphalt production in China from 2018 to 2025 [42]. 5. Cost and Profit - **Production Gross Margin**: It shows the production gross margin of asphalt in Shandong from 2021 to 2025 [45][46]. - **Diluted Asphalt**: It provides the price, premium/discount, port inventory in China and Shandong of diluted asphalt from 2022 to 2025 [49][50]. 6. Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [54][57]. - **Social Inventory**: It presents the social inventory in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [60]. 7. Demand - **Shipment Volume**: It shows the shipment volume of asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [63]. - **Downstream开工率**: It provides the开工率 of road - modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 to 2025 [66][67][69]. - **Modified Asphalt开工率**: It shows the开工率 of modified asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [72].

Report Overview - Report Title: Fuel Oil Industry Weekly Report - Report Date: October 31, 2025 - Research Analyst: Xu Liang Z0002220 - Reviewer: Tang Yun Z0002422 1. Investment Rating - The report does not mention the industry investment rating. 2. Core View - High-sulfur fuel oil fluctuates with crude oil, but its volatility increases due to high inventories and the impact of arbitrage cargoes [3][4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Information - Geopolitical disturbances and the lack of significant increase in OPEC supply have led to a strong and volatile crude oil price, supporting the cost center of high-sulfur fuel oil [3]. - The stable marine demand for high-sulfur fuel oil supports the fundamentals, while the supply of non-sanctioned resources is tight [3]. - The fuel oil inventory in Fujairah increased by 25.92% week-on-week to 8.86 million barrels, reaching a new high for the year, indicating oversupply [3]. - The stable inflow of low-sulfur components from the Middle East and West Africa into Asia, combined with the continuous output of high-sulfur resources from Russia, suppresses the market structure [3]. 3.2 Low-Sulfur Fuel Oil Price and Spread Data | Location | 2025 - 10 - 31 | 2025 - 10 - 30 | 2025 - 10 - 24 | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | --- | | Singapore Low-Sulfur Fuel Oil M + 2 (USD/ton) | 454.24 | 451.08 | 448.21 | 3.16 | 6.03 | | Rotterdam Low-Sulfur Fuel Oil M + 2 (USD/ton) | 418.56 | 417.47 | 419.27 | 1.09 | -0.71 | | US Gulf of Mexico Low-Sulfur Fuel Oil M + 2 (USD/barrel) | 68.71 | 68.43 | 69.07 | 0.28 | 0.13 | | China LU Futures M + 3 (CNY/ton) | 3306 | 3272 | 3250 | 34 | 56 | | LU Futures M + 3 - Singapore Low-Sulfur Fuel Oil M + 2 (USD/ton) | 10.4709 | 5.1815 | 6.7305 | 5.2894 | 3.7404 | | Singapore - Rotterdam Low-Sulfur Fuel Oil M + 1 (USD/ton) | 33.87 | 31.7 | 24.56 | 2.17 | 9.31 | | Singapore Low-Sulfur Fuel Oil vs Brent M + 2 Crack | 7.38 | 7.17 | 6.05 | 0.21 | 1.33 | | Rotterdam Low-Sulfur Fuel Oil vs Brent M + 2 Crack | 1.71 | 1.88 | 1.56 | -0.17 | 0.15 | | US Gulf of Mexico Low-Sulfur Fuel Oil vs Brent M + 2 Crack | 4.57 | 4.42 | 4.3 | 0.15 | 0.27 | | Singapore Low-Sulfur Fuel Oil Monthly Spread | -0.65 | -0.81 | -3.05 | 0.16 | 2.4 | | Rotterdam Low-Sulfur Monthly Spread | 1.16 | 1.1 | -0.32 | 0.06 | 1.48 | | US Gulf of Mexico Low-Sulfur Monthly Spread | 2.4765 | 1.778 | -0.6985 | 0.6985 | 3.175 | | LuM + 3 - M + 4 Monthly Spread (USD) | 2.9522 | 3.3718 | -1.6847 | -0.4196 | 4.6369 | | Singapore High-Low Sulfur Spread M + 2 | 69.96 | 69.23 | 63.28 | 0.73 | 6.68 | [5] 3.3 High-Sulfur Fuel Oil Price and Spread Data | Location | 2025 - 10 - 31 | 2025 - 10 - 30 | 2025 - 10 - 24 | Change | Weekly Change | | --- | --- | --- | --- | --- | --- | | Singapore High-Sulfur Fuel Oil M + 1 (USD/ton) | 381.05 | 378.35 | 392.35 | 2.7 | -11.3 | | Rotterdam High-Sulfur Fuel Oil M + 1 (USD/ton) | 394.95 | 392.6 | 397.1 | 2.35 | -2.15 | | US Gulf of Mexico High-Sulfur Fuel Oil M + 1 (USD/barrel) | 59 | 58.56 | 59.44 | 0.44 | -0.44 | | China FU Futures M + 1 Price (CNY/ton) | 2959 | 2968 | 2916 | -9 | 43 | | Singapore High-Sulfur Fuel Oil Monthly Spread | -3.22 | -3.5 | -1.62 | 0.28 | -1.6 | | Rotterdam High-Sulfur Fuel Oil Monthly Spread | 8.47 | 8.5 | 9.38 | -0.03 | -0.91 | | US Gulf of Mexico High-Sulfur Fuel Oil Monthly Spread | 6.604 | 5.9055 | 6.2865 | 0.6985 | 0.3175 | [24] 3.4 Other Spread Data - FU Monthly Spread (USD/ton): 26.4127 (2025 - 10 - 31), 25.3161 (2025 - 10 - 30), 13.6135 (2025 - 10 - 24), 1.0966 (Daily Change), 12.7992 (Weekly Change) - Singapore High-Low Sulfur Spread M + 1: 72.54 (2025 - 10 - 31), 71.92 (2025 - 10 - 30), 53.48 (2025 - 10 - 24), 0.62 (Daily Change), 19.06 (Weekly Change) - Rotterdam High-Low Sulfur Spread M + 1: 24.45 (2025 - 10 - 31), 25.97 (2025 - 10 - 30), 29.27 (2025 - 10 - 24), -1.52 (Daily Change), -4.82 (Weekly Change) - US Gulf of Mexico High-Low Sulfur Spread M + 1: 64.135 (2025 - 10 - 31), 64.4525 (2025 - 10 - 30), 64.4525 (2025 - 10 - 24), -0.3175 (Daily Change), -0.3175 (Weekly Change) - China High-Sulfur M + 2 - Singapore High-Sulfur M + 1: 8.0261 (2025 - 10 - 31), 13.6029 (2025 - 10 - 30), 9.2148 (2025 - 10 - 24), -5.5768 (Daily Change), -1.1887 (Weekly Change) - Singapore High-Sulfur Fuel Oil vs Brent M + 1 Crack (USD/barrel): -4.74 (2025 - 10 - 31), -4.76 (2025 - 10 - 30), -3.38 (2025 - 10 - 24), 0.02 (Daily Change), -1.36 (Weekly Change) [35]