| 日期 | LU 01 | LU 05 | LU 09 | LU 01-05 | LU 05-09 | LU 09-01 | | --- | --- | --- | --- | --- | --- | --- | | 2025/07/11 | 3520 | 3451 | 3640 | 69 | -189 | 120 | | 2025/07/14 | 3583 | 3502 | 3694 | 81 | -192 | 111 | | 2025/07/15 | 3529 | 3451 | 3639 | 78 | -188 | 110 | | 2025/07/16 | 3546 | 3467 | 3630 | 79 | -163 | 84 | | 2025/07/17 | 3508 | 3446 | 3580 | 62 | -134 | 72 | | 变化 | -38 | -21 | -50 | -17 | 29 | -12 | | | | | 结论观点： 本周高硫裂解震荡下跌，近月月差下行，EW继续走弱。380 8-9月差走弱至1.75美金，基差走 弱后震荡，FU09内外小幅反弹，内盘交割货较多，维持宽松格局。新 ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and the EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal - external spread rebounded slightly, and the domestic delivery inventory was abundant, maintaining a loose pattern. [4] - The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread fluctuated around $4.5. The LU internal - external spread weakened slightly and then fluctuated, with the 09 around $16. [4] - This week, Singapore's on - land inventory increased significantly. Under delivery pressure, 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. Although the high - sulfur supply - demand is in the peak season, the East - West and internal - external spreads have dropped rapidly. The external low - sulfur valuation is high, and the LU internal - external spread is at a high level. Attention should be paid to domestic production. [5] - The Singapore Hi - 5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU internal - external spread rebounded slightly, and the LU valuation is high. The short - term valuation regression opportunity of FU - LU can be considered, with the risk of continuous weakening of the external 380cst. [5] 3) Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 10 to July 16, 2025, the price of Rotterdam 3.5% HSFO swap M1 changed by -$0.32, Rotterdam 0.5% VLSFO swap M1 changed by -$1.21, Rotterdam HSFO - Brent M1 changed by $0.52, Rotterdam 10ppm Gasoil swap M1 changed by -$12.35, Rotterdam VLSFO - GO M1 changed by $11.14, LGO - Brent M1 changed by -$1.45, and Rotterdam VLSFO - HSFO M1 changed by -$0.89. [2] Singapore Fuel Oil Swap Data - From July 10 to July 16, 2025, the price of Singapore 380cst M1 changed by $1.24, Singapore 180cst M1 changed by $2.67, Singapore VLSFO M1 changed by -$1.74, Singapore GO M1 changed by $0.31, Singapore 380cst - Brent M1 changed by $0.69, and Singapore VLSFO - GO M1 changed by -$4.04. [2] Singapore Fuel Oil Spot Data - From July 10 to July 16, 2025, the FOB price of 380cst changed by $4.91, FOB VLSFO changed by -$5.18, the 380 basis changed by $1.55, the high - sulfur internal - external spread changed by $1.2, and the low - sulfur internal - external spread changed by -$2.6. [3] Domestic FU Data - From July 10 to July 16, 2025, FU 01 changed by 26, FU 05 changed by 16, FU 09 changed by 40, FU 01 - 05 changed by 10, FU 05 - 09 changed by - 24, and FU 09 - 01 changed by 14. [3] Domestic LU Data - From July 10 to July 16, 2025, LU 01 changed by 17, LU 05 changed by 16, LU 09 changed by - 9, LU 01 - 05 changed by 1, LU 05 - 09 changed by 25, and LU 09 - 01 changed by - 26. [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and the EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal - external spread rebounded slightly, and the domestic delivery inventory was abundant, maintaining a loose pattern. [4] - The Singapore 0.5 crack spread declined slightly, the month spread weakened, and it fluctuated around $4.5 for the 8 - 9 month spread. The LU internal - external spread weakened slightly and then fluctuated, with the 09 around $16. [4][5] - This week, Singapore's on - land inventory increased significantly, the near - month contract was under pressure due to delivery, 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 - demand is still in the peak season, but the East - West and internal - external spreads have dropped rapidly. The external low - sulfur valuation is high, and the LU internal - external spread is running at a high level. Pay attention to domestic production. [5] - The Singapore Hi - 5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU internal - external spread rebounded slightly, the LU valuation is high, and the short - term valuation regression opportunity of FU - LU can be considered. The risk lies in the continuous weakening of the external 380cst. [5] 3. Summary by Relevant Tables Rotterdam Fuel Oil Swap Prices - The prices of Rotterdam 3.5% HSF O swap M1, 0.5% VLSFO swap M1, etc. showed different changes from July 8 to July 14, 2025. For example, the Rotterdam 3.5% HSF O swap M1 decreased by $10.28. [2] Singapore Fuel Oil Swap Prices - The prices of Singapore 380cst M1, 180cst M1, VLSFO M1, etc. also changed during the same period. For instance, the Singapore 380cst M1 decreased by $10.33 from July 8 - 14. [2] Singapore Fuel Oil Spot Prices - From July 8 to July 14, 2025, the FOB 380cst price decreased by $1.83, while the FOB VLSFO price increased by $9.94. The 380 basis weakened, the high - sulfur internal - external spread increased by $1.7, and the low - sulfur internal - external spread increased by $0.1. [3] Domestic FU Futures Prices - The prices of FU 01, FU 05, and FU 09 contracts changed from July 8 to July 14, 2025. For example, FU 01 increased by 28 points, and the spreads between different contracts also changed. [3] Domestic LU Futures Prices - The prices of LU 01, LU 05, and LU 09 contracts changed during the same period. LU 01 increased by 63 points, and the spreads between different contracts also had corresponding changes. [4]