| | | 燃料油早报 研究中心能化团队 2025/11/25 面，全球渣油库存累库，新加坡渣油去库、高硫浮仓大幅累库、ARA渣油累库、富查伊拉渣油小幅去库，高硫浮 仓小幅去库，EIA渣油累库。俄乌和谈预期加强，外盘汽柴油大幅回落，低硫对柴油价差本周反弹。Al Zour炼厂10 月21日发生火灾后停产，近期新加坡基差开始反弹。全球渣油进入累库周期，外盘裂解受原油下跌影响预计有所 支撑，短期震荡格局，FU01内外维持高空思路，可布局1-2反套等，低硫短期下行空间有限。 | 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 | | 2025/11/18 | 359.79 | 411.23 | -6.9 ...

| | | | | 燃料油早报 | | 研究中心能化团队 2025/11/17 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/11/10 | 371.28 | 414.78 | -4.71 | 690.87 | -276.09 | 30.17 | 43.50 | | 2025/11/11 | 381.44 | 422.72 | -4.85 | 715.93 | -293.21 | 32.12 | 41.28 | | 2025/11/12 | 365.00 | 405.19 | -5.03 | 692.85 | -287.66 | 31.72 | 40.19 | | ...

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report 2. Core Viewpoints - OPEC and EIA monthly reports have raised oil production forecasts, leading to concerns about supply glut and dragging down oil prices. The marine fuel market has weak supply and demand, with pressure on shipments [3]. - The Asian high - sulfur fuel oil market structure will remain at current levels. Although there is a stable inflow of shipments from the Middle East, healthy downstream marine fuel demand still supports the high - sulfur fuel oil market, and the price spread between high - and low - sulfur fuel oils may narrow in the future. The price of FU2601 is expected to move in the range of 2580 - 2620, and LU2601 in the range of 3180 - 3220 [3]. - The supply side is affected by geopolitical risks, while demand is neutral. The bullish factors include Russia's fuel export restrictions and sanctions on Russian oil - related enterprises, while the bearish factors are the unproven optimistic demand and the pressure on upstream crude oil [4]. 3. Summary by Directory 3.1 Daily Tips - The current situation of fuel oil: The fundamentals are bearish; the basis is neutral; the inventory is neutral; the price on the disk is neutral; the high - sulfur main position is short - biased, and the low - sulfur main position is long - biased [3]. - Futures prices: The FU main contract futures price dropped from 2695 to 2616, a decrease of 2.93%; the LU main contract futures price dropped from 3310 to 3213, also a decrease of 2.93% [5]. - Spot prices: The prices of various types of fuel oil in different regions have generally declined, with the largest decline of 4.09% in Middle East high - sulfur fuel oil, and the price of Singapore diesel increased by 2.04% [6]. 3.2 Multi - and Short - Term Concerns - Bullish factors: Russia's fuel export restrictions and sanctions on Russian oil - related enterprises [4]. - Bearish factors: The optimistic demand on the demand side remains to be verified, and upstream crude oil is under pressure [4]. 3.3 Fundamental Data - Fundamentals: OPEC and EIA monthly reports have raised oil production forecasts, leading to concerns about supply glut and dragging down oil prices. The marine fuel market has weak supply and demand, with pressure on shipments [3]. - Basis: The basis of Singapore high - sulfur fuel oil is - 16 yuan/ton, and that of low - sulfur fuel oil is 36 yuan/ton, with the spot being nearly flat to the futures [3]. - Inventory: Singapore's fuel oil inventory in the week of November 12 was 2087.9 million barrels, a decrease of 19 million barrels [3]. - Disk: The price is below the 20 - day line, and the 20 - day line is flat [3]. - Main positions: The high - sulfur main position is short - biased with an increase in short positions, and the low - sulfur main position is long - biased with a shift from short to long [3]. 3.4 Spread Data - The report shows the historical data of the spread between high - and low - sulfur futures, but specific analysis is not provided [11]. 3.5 Inventory Data - Singapore's fuel oil inventory has fluctuated in recent months. As of November 12, it was 2087.9 million barrels, a decrease of 19 million barrels compared to the previous period [8].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the crack spread of high - sulfur fuel oil in Singapore fluctuated, the time spread strengthened slightly, and the basis weakened. The HSFO crack spread in Europe declined, and the EW spread strengthened this week. The 0.5% crack spread in Singapore rebounded, the time spread fluctuated, and the basis oscillated at a low level. In terms of inventory, the residue oil in Singapore decreased slightly, the residue oil in ARA and Fujairah increased, and the EIA residue oil inventory remained flat. The price spread between high - and low - sulfur fuel oil in the external market rebounded. High - sulfur fuel oil in Singapore was supported by EW and refinery purchases, but the spot basis weakened rapidly. In the short term, it is in a fluctuating pattern, and the short - term downward space for low - sulfur fuel oil is limited [3][4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From November 7th to 13th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 0.44, the Rotterdam 0.5% VLS FO swap M1 changed by 0.57, the Rotterdam HSFO - Brent M1 changed by - 0.12, the Rotterdam 10ppm Gasoil swap M1 changed by - 4.28, the Rotterdam VLSFO - Gasoil M1 changed by 4.85, the LGO - Brent M1 remained unchanged (0.00), and the Rotterdam VLSFO - HSFO M1 changed by 0.13 [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed by - 13.01, the Singapore 180cst M1 changed by - 15.91, the Singapore VLSFO M1 changed by - 14.37, the Singapore Gasoil M1 changed by - 3.22, the Singapore 380cst - Brent M1 changed by - 0.16, and the Singapore VLSFO - Gasoil M1 changed by 9.46 [1] Singapore Fuel Oil Spot Data - From November 7th to 13th, 2025, the FOB 380cst price changed by - 13.78, the FOB VLSFO price changed by - 14.44, the 380 basis changed by - 0.02, the high - sulfur internal - external price spread changed by - 1.3, and the low - sulfur internal - external price spread changed by 1.0 [2] Domestic FU Fuel Oil Futures Data - During this period, the price of FU 01 changed by - 98, FU 05 changed by - 81, FU 09 changed by - 63, FU 01 - 05 changed by - 17, FU 05 - 09 changed by - 18, and FU 09 - 01 changed by 35 [2] Domestic LU Fuel Oil Futures Data - From November 7th to 13th, 2025, the price of LU 01 changed by - 147, LU 05 changed by - 124, LU 09 changed by - 103, LU 01 - 05 changed by - 23, LU 05 - 09 changed by - 21, and LU 09 - 01 changed by 44 [3]

Report Summary Core Viewpoint - This week, the 380 fuel oil crack spread fluctuated, the monthly spread weakened month-on-month, the basis fluctuated weakly, the European HSFO crack spread strengthened, and the EW weakened significantly. The 0.5 low-sulfur crack spread in Singapore oscillated at a low level, and the monthly spread and basis oscillated at a low level. In terms of inventory, Singapore's residual fuel oil inventory increased, floating storage increased, ARA's residual fuel oil inventory decreased, floating storage increased, and EIA's residual fuel oil inventory decreased slightly. In terms of shipments, Russia's residual fuel oil shipments rebounded this week but were still low year-on-year. Overall, Russia's residual fuel oil shipments decreased month-on-month in October. Saudi Arabia's residual fuel oil shipments oscillated at a high level, and the UAE's shipments decreased month-on-month. This week, Singapore's arrivals were neutral, and China's residual fuel oil arrivals increased month-on-month. This week, the domestic and foreign spreads of high and low sulfur rebounded significantly. The external low-sulfur market remained weak, and the Singapore market for high sulfur had a poor basis. However, EW and raw material premiums supported the 380 crack spread, resulting in a short-term oscillating pattern [6][7]. Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 393.07 | 387.22 | 378.21 | 380.30 | 371.92 | -8.38 | | Rotterdam 0.5% VLS FO Swap M1 | 416.37 | 421.01 | 414.84 | 414.98 | 410.97 | -4.01 | | Rotterdam HSFO - Brent M1 | -2.40 | -3.40 | -4.53 | -4.15 | -4.65 | -0.50 | | Rotterdam 10ppm Gasoil Swap M1 | 688.48 | 679.38 | 676.92 | 689.54 | 695.68 | 6.14 | | Rotterdam VLSFO - Gasoil M1 | -272.11 | -258.37 | -262.08 | -274.56 | -284.71 | -10.15 | | LGO - Brent M1 | 28.89 | 27.83 | 27.98 | 30.41 | 30.48 | 0.07 | | Rotterdam VLSFO - HSFO M1 | 23.30 | 33.79 | 36.63 | 34.68 | 39.05 | 4.37 | [4] Singapore Fuel Oil Swap Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 375.53 | 380.33 | 377.74 | 373.88 | 368.80 | -5.08 | | Singapore 180cst M1 | 382.28 | 388.78 | 384.87 | 380.75 | 374.53 | -6.22 | | Singapore VLSFO M1 | 449.25 | 456.36 | 451.67 | 450.22 | 447.92 | -2.30 | | Singapore Gasoil M1 | 92.03 | 89.51 | 88.48 | 89.97 | 90.12 | 0.15 | | Singapore 380cst - Brent M1 | -4.98 | -4.44 | -4.37 | -5.09 | -5.14 | -0.05 | | Singapore VLSFO - Gasoil M1 | -231.77 | -206.01 | -203.08 | -215.56 | -218.97 | -3.41 | [4][10] Singapore Fuel Oil Spot Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 374.81 | - | 369.12 | 365.13 | - | - | | FOB VLSFO | 448.61 | 456.00 | 448.83 | 447.76 | 445.59 | -2.17 | | 380 Basis | -1.75 | -3.75 | -6.00 | -6.00 | -6.05 | -0.05 | | High Sulfur Domestic - Foreign Spread | - | 8.0 | 7.9 | 7.8 | 6.0 | -1.8 | | Low Sulfur Domestic - Foreign Spread | - | 10.2 | 9.4 | 11.0 | 8.6 | -2.4 | [5] Domestic FU Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2745 | 2790 | 2764 | 2743 | 2728 | -15 | | FU 05 | 2712 | 2755 | 2732 | 2725 | 2711 | -14 | | FU 09 | 2653 | 2683 | 2671 | 2665 | 2659 | -6 | | FU 01 - 05 | 33 | 35 | 32 | 18 | 17 | -1 | | FU 05 - 09 | 59 | 72 | 61 | 60 | 52 | -8 | | FU 09 - 01 | -92 | -107 | -93 | -78 | -69 | 9 | [5] Domestic LU Data | Type | 2025/10/31 | 2025/11/03 | 2025/11/04 | 2025/11/05 | 2025/11/06 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3268 | 3335 | 3290 | 3297 | 3269 | -28 | | LU 05 | 3239 | 3288 | 3261 | 3260 | 3237 | -23 | | LU 09 | 3252 | 3288 | 3254 | 3246 | 3235 | -11 | | LU 01 - 05 | 29 | 47 | 29 | 37 | 32 | -5 | | LU 05 - 09 | -13 | 0 | 7 | 14 | 2 | -12 | | LU 09 - 01 | -16 | -47 | -36 | -51 | -34 | 17 | [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - This week, the 380 fuel oil crack spread fluctuated, the monthly spread weakened month-on-month, and the basis fluctuated weakly. The European HSFO crack spread strengthened, and the EW spread weakened significantly. The 0.5 low-sulfur crack spread in Singapore oscillated at a low level, and the monthly spread and basis oscillated at a low level. In terms of inventory, Singapore's residual oil inventory increased, floating storage increased, ARA's residual oil inventory decreased, floating storage increased, and EIA's residual oil inventory decreased slightly. In terms of shipments, Russia's residual oil shipments rebounded this week but were still low year-on-year. Overall, Russia's residual oil shipments decreased month-on-month in October. Saudi Arabia's residual oil shipments oscillated at a high level, and the UAE's shipments decreased month-on-month. Singapore's arrivals were neutral this week, and China's residual oil arrivals increased month-on-month. This week, the domestic and foreign spreads of high and low sulfur rebounded significantly. The low-sulfur situation in the external market remained weak. The fundamentals of high-sulfur in Singapore were poor, but the EW spread and raw material premiums supported the 380 crack spread, showing a short-term oscillating pattern [6][7]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.02 | 392.05 | 393.07 | 387.22 | 377.13 | -10.09 | | Rotterdam 0.5% VLS FO Swap M1 | 417.07 | 417.96 | 416.37 | 421.01 | 413.33 | -7.68 | | Rotterdam HSFO - Brent M1 | -3.04 | -2.63 | -2.40 | -3.40 | -4.53 | -1.13 | | Rotterdam 10ppm Gasoil Swap M1 | 689.14 | 691.99 | 688.48 | 679.38 | 683.70 | 4.32 | | Rotterdam VLSFO - Gasoil M1 | -272.07 | -274.03 | -272.11 | -258.37 | -270.37 | -12.00 | | LGO - Brent M1 | 29.11 | 29.43 | 28.89 | 27.83 | 27.98 | 0.15 | | Rotterdam VLSFO - HSFO M1 | 27.05 | 25.91 | 23.30 | 33.79 | 36.20 | 2.41 | [4] Singapore Fuel Oil Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 373.72 | 373.35 | 375.53 | 380.33 | 374.38 | -5.95 | | Singapore 180cst M1 | 380.28 | 378.91 | 382.28 | 388.78 | 380.63 | -8.15 | | Singapore VLSFO M1 | 438.46 | 443.70 | 449.25 | 456.36 | 452.30 | -4.06 | | Singapore Gasoil M1 | 89.63 | 90.58 | 92.03 | 89.51 | 90.09 | 0.58 | | Singapore 380cst - Brent M1 | -4.56 | -4.93 | -4.98 | -4.44 | -4.96 | -0.52 | | Singapore VLSFO - Gasoil M1 | -224.80 | -226.59 | -231.77 | -206.01 | -214.37 | -8.36 | [4] Singapore Fuel Oil Spot Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 372.68 | 372.56 | 374.81 | - | 369.12 | - | | FOB VLSFO | 437.28 | 442.83 | 448.61 | 456.00 | 448.83 | -7.17 | | 380 Basis | -1.80 | -1.95 | -1.75 | -3.75 | -6.00 | -2.25 | | High-Sulfur Domestic - Foreign Spread | 10.4 | 9.1 | - | 8.0 | 7.9 | -0.1 | | Low-Sulfur Domestic - Foreign Spread | 12.6 | 14.3 | - | 10.2 | 9.4 | -0.8 | [5] Domestic FU Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2796 | 2751 | 2745 | 2790 | 2764 | -26 | | FU 05 | 2744 | 2713 | 2712 | 2755 | 2732 | -23 | | FU 09 | 2672 | 2657 | 2653 | 2683 | 2671 | -12 | | FU 01 - 05 | 52 | 38 | 33 | 35 | 32 | -3 | | FU 05 - 09 | 72 | 56 | 59 | 72 | 61 | -11 | | FU 09 - 01 | -124 | -94 | -92 | -107 | -93 | 14 | [5] Domestic LU Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3246 | 3255 | 3268 | 3335 | 3290 | -45 | | LU 05 | 3212 | 3223 | 3239 | 3288 | 3261 | -27 | | LU 09 | 3235 | 3237 | 3252 | 3288 | 3254 | -34 | | LU 01 - 05 | 34 | 32 | 29 | 47 | 29 | -18 | | LU 05 - 09 | -23 | -14 | -13 | 0 | 7 | 7 | | LU 09 - 01 | -11 | -18 | -16 | -47 | -36 | 11 | [6]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - This week, the crack spread of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month - on - month, and the basis fluctuated at a low level. The high - low sulfur price difference is at a historically low level. The crack spread of Singapore 0.5 low - sulfur fuel oil weakened, and the monthly spread and basis fluctuated at historically low levels. [3] - In terms of inventory, Singapore residue oil was de - stocked, the high - sulfur floating storage was higher than the historical average for the same period, and the low - sulfur floating storage increased slightly. Fujeirah's heavy - quality inventory increased significantly to 8,520 thousand tons, the high - sulfur floating storage was de - stocked but still at a historically high level year - on - year. ARA ports were de - stocked, and the inventory was at a historically low level year - on - year. [3][4] - In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low - sulfur fuel oil strengthened slightly. Saudi Arabia's shipments declined month - on - month, and the UAE's shipments increased month - on - month. Recently, the weak fundamentals of low - sulfur fuel oil continued, and it is expected to maintain a low - level oscillation pattern. High - sulfur fuel oil has started to accumulate inventory globally. The crack spread of Singapore is still supported by procurement demand, but in the medium term, it faces downward pressure due to factors such as Russian sanctions. FU fluctuated mainly and weakened slightly this week. [4] 3) Summaries by Related Catalogs Rotterdam Fuel Oil | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | Change | | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 400.88 | 400.43 | 389.26 | 2.73 | | Rotterdam 0.5% VLS FO Swap M1 | 424.62 | 423.42 | 411.42 | 2.03 | | Rotterdam HSFO - Brent M1 | - 2.65 | - 2.15 | - 2.31 | 0.54 | | Rotterdam 10ppm Gasoil Swap M1 | 688.86 | 705.25 | 680.86 | 3.19 | | Rotterdam VLSFO - Gasoil M1 | - 264.24 | - 281.83 | - 269.44 | - 1.16 | | LGO - Brent M1 | 28.32 | 30.55 | 28.62 | 0.32 | | Rotterdam VLSFO - HSFO M1 | 23.74 | 22.99 | 22.16 | - 0.70 | [1] Singapore Fuel Oil Swap | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 394.15 | 387.51 | 383.93 | 373.72 | 373.35 | - 0.37 | | Singapore 180cst M1 | 402.15 | 394.51 | 389.68 | 380.28 | 378.91 | - 1.37 | | Singapore VLSFO M1 | 448.43 | 446.68 | 443.72 | 438.46 | 443.70 | 5.24 | | Singapore Gasoil M1 | 90.28 | 90.91 | 91.15 | 89.63 | 90.58 | 0.95 | | Singapore 380cst - Brent M1 | - 3.30 | - 3.68 | - 3.23 | - 4.56 | - 4.63 | - 0.07 | | Singapore VLSFO - Gasoil M1 | - 219.64 | - 226.05 | - 230.79 | - 224.80 | - 226.59 | - 1.79 | [1] Singapore Fuel Oil Spot | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 392.86 | 387.02 | 383.42 | 372.68 | 372.56 | - 0.12 | | FOB VLSFO | 445.23 | 446.25 | 441.88 | 437.28 | 442.83 | 5.55 | | 380 Basis | - 1.35 | - 0.90 | - 1.15 | - 1.80 | - 1.95 | - 0.15 | | High - sulfur Domestic - Foreign Spread | 7.9 | 8.1 | 10.2 | 10.4 | 9.1 | - 1.3 | | Low - sulfur Domestic - Foreign Spread | 7.2 | 7.6 | 13.4 | 12.6 | 14.3 | 1.7 | [2] Domestic FU | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2814 | 2842 | 2818 | 2796 | 2751 | - 45 | | FU 05 | 2741 | 2772 | 2756 | 2744 | 2713 | - 31 | | FU 09 | 2663 | 2683 | 2675 | 2672 | 2657 | - 15 | | FU 01 - 05 | - | 70 | 62 | 52 | 38 | - 14 | | FU 05 - 09 | 78 | 89 | 81 | 72 | 56 | - 16 | | FU 09 - 01 | - 151 | - 159 | - 143 | - 124 | - 94 | 30 | [2] Domestic LU | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3224 | 3257 | 3273 | 3246 | 3255 | 9 | | LU 05 | 3230 | 3262 | 3237 | 3212 | 3223 | 11 | | LU 09 | 3235 | 3272 | 3262 | 3235 | 3237 | 2 | | LU 01 - 05 | - 6 | - 5 | 36 | 34 | 32 | - 2 | | LU 05 - 09 | - 5 | - 10 | - 25 | - 23 | - 14 | 9 | | LU 09 - 01 | 11 | 15 | - 11 | - 11 | - 18 | - 7 | [3]

Report Core View - This week, the crack spread of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month-on-month, and the basis fluctuated at a low level. The high-low sulfur spread is at a historically low level year-on-year. The crack spread of Singapore 0.5 low-sulfur fuel oil weakened, and the monthly spread and basis fluctuated at historically low levels. In terms of inventory, Singapore's residual oil inventory decreased, the high-sulfur floating storage is higher than the historical average for the same period, and the low-sulfur floating storage increased slightly. The heavy oil inventory in Fujairah increased significantly to 8,520 thousand tons. The high-sulfur floating storage decreased but is still at a historically high level year-on-year. The ARA port's inventory decreased and is at a historically low level year-on-year. In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low-sulfur fuel oil strengthened slightly. Saudi Arabia's shipments declined month-on-month, while the UAE's shipments increased month-on-month. Recently, the weak fundamentals of low-sulfur fuel oil continued, and it is expected to maintain a low-level oscillation pattern. The global high-sulfur fuel oil inventory began to accumulate. The crack spread of Singapore's high-sulfur fuel oil is still supported by purchasing demand, but it faces downward pressure in the medium term due to factors such as sanctions on Russia. The internal and external prices of FU oscillated mainly and weakened slightly this week. [4][5] Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 396.75 | 400.88 | 400.43 | 389.26 | 390.21 | 0.95 | | Rotterdam 0.5% VLS FO Swap M1 | 420.88 | 424.62 | 423.42 | 411.42 | 415.93 | 4.51 | | Rotterdam HSFO - Brent M1 | -2.55 | -2.65 | -2.15 | -2.31 | -2.85 | -0.54 | | Rotterdam 10ppm Gasoil Swap M1 | 678.26 | 688.86 | 705.25 | 680.86 | 688.80 | 7.94 | | Rotterdam VLSFO - Gasoil M1 | -257.38 | -264.24 | -281.83 | -269.44 | -272.87 | -3.43 | | LGO - Brent M1 | 26.90 | 28.32 | 30.55 | 28.62 | 29.11 | 0.49 | | Rotterdam VLSFO - HSFO M1 | 24.13 | 23.74 | 22.99 | 22.16 | 25.72 | 3.56 | [2] Singapore Fuel Oil Swap Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 384.53 | 394.15 | 387.51 | 383.93 | 378.21 | -5.72 | | Singapore 180cst M1 | 392.53 | 402.15 | 394.51 | 389.68 | 384.21 | -5.47 | | Singapore VLSFO M1 | 442.26 | 448.43 | 446.68 | 443.72 | 445.43 | 1.71 | | Singapore GO M1 | 88.08 | 90.28 | 90.91 | 91.15 | 91.38 | 0.23 | | Singapore 380cst - Brent M1 | -3.87 | -3.30 | -3.68 | -3.23 | -4.74 | -1.51 | | Singapore VLSFO - Gasoil M1 | -209.53 | -219.64 | -226.05 | -230.79 | -230.78 | 0.01 | [2] Singapore Fuel Oil Spot Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 384.00 | 392.86 | 387.02 | 383.42 | 372.68 | -10.74 | | FOB VLSFO | 438.50 | 445.23 | 446.25 | 441.88 | 437.28 | -4.60 | | 380 Basis | -0.73 | -1.35 | -0.90 | -1.15 | -1.80 | -0.65 | | High - Sulfur Domestic - Foreign Spread | 8.6 | 7.9 | 8.1 | 10.2 | 10.4 | 0.2 | | Low - Sulfur Domestic - Foreign Spread | 6.9 | 7.2 | 7.6 | 13.4 | 12.6 | -0.8 | [3] Domestic FU Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2752 | 2814 | 2842 | 2818 | 2796 | -22 | | FU 05 | 2701 | 2741 | 2772 | 2756 | 2744 | -12 | | FU 09 | 2640 | 2663 | 2683 | 2675 | 2672 | -3 | | FU 01 - 05 | 51 | - | 70 | 62 | 52 | -10 | | FU 05 - 09 | 61 | 78 | 89 | 81 | 72 | -9 | | FU 09 - 01 | -112 | -151 | -159 | -143 | -124 | 19 | [3] Domestic LU Data | Type | 2025/10/23 | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3193 | 3224 | 3257 | 3273 | 3246 | -27 | | LU 05 | 3220 | 3230 | 3262 | 3237 | 3212 | -25 | | LU 09 | 3234 | 3235 | 3272 | 3262 | 3235 | -27 | | LU 01 - 05 | -27 | -6 | -5 | 36 | 34 | -2 | | LU 05 - 09 | -14 | -5 | -10 | -25 | -23 | 2 | | LU 09 - 01 | 41 | 11 | 15 | -11 | -11 | 0 | [4]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - This week, the crack spread of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month-on-month, and the basis fluctuated at a low level. The high-low sulfur spread is at a historically low level year-on-year. The crack spread of Singapore 0.5 low-sulfur fuel oil weakened, and the monthly spread and basis fluctuated at historically low levels. In terms of inventory, Singapore residue oil was de-stocked, the high-sulfur floating storage was higher than the historical average for the same period, and the low-sulfur floating storage increased slightly. [3] - The heavy oil inventory in Fujairah increased significantly to 8,520 thousand tons. The high-sulfur floating storage was de-stocked but remained at a historically high level year-on-year. The ARA port was de-stocked, and the inventory was at a historically low level year-on-year. In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low-sulfur fuel oil strengthened slightly. Saudi Arabia's shipments declined month-on-month, while the UAE's shipments increased month-on-month. Recently, the weak fundamentals of low-sulfur fuel oil continued, and it is expected to maintain a low-level fluctuating pattern. The high-sulfur fuel oil has started to accumulate inventory globally. The crack spread in Singapore is still supported by purchasing demand, but in the medium term, it faces downward pressure due to factors such as sanctions on Russia. The internal and external spread of FU mainly fluctuated, and it weakened slightly this week. [4] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From October 22 to October 28, 2025, the prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 3.5% HSF O swap M1 decreased from 373.89 on October 22 to 389.95 on October 28, a decrease of 10.48. [1][8] Singapore Fuel Oil Spot Data - From October 22 to October 28, 2025, the FOB prices of Singapore 380cst and FOB VLSFO showed fluctuations. The FOB 380cst price decreased from 364.70 to 383.42, a decrease of 3.60, and the FOB VLSFO price decreased from 427.30 to 441.88, a decrease of 4.37. The 380 basis, high-sulfur internal and external spread, and low-sulfur internal and external spread also changed accordingly. [2] Domestic FU Data - From October 22 to October 28, 2025, the prices of domestic FU 01, FU 05, and FU 09 showed fluctuations. The price of FU 01 decreased from 2691 to 2818, a decrease of 24, and the price differences between different contracts also changed. [2] Domestic LU Data - From October 22 to October 28, 2025, the prices of domestic LU 01, LU 05, and LU 09 showed fluctuations. The price of LU 01 increased from 3136 to 3273, an increase of 16, and the price differences between different contracts also changed significantly. [3]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the cracking of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month-on-month, and the basis fluctuated at a low level. The high-low sulfur spread is at a historically low level year-on-year. The cracking of Singapore 0.5 low-sulfur fuel oil weakened, and the monthly spread and basis fluctuated at historically low levels. In terms of inventory, Singapore residual oil was destocked, the high-sulfur floating storage was higher than the historical average for the same period, and the low-sulfur floating storage increased slightly. Fujeirah's heavy inventory increased significantly to 8,520 thousand tons, the high-sulfur floating storage was destocked but still at a historically high level year-on-year. ARA ports were destocked, and the inventory was at a historically low level year-on-year. In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low-sulfur fuel oil strengthened slightly. Saudi Arabia's shipments declined month-on-month, while the UAE's shipments increased month-on-month. Recently, the weak fundamentals of low-sulfur fuel oil continued, and it is expected to maintain a low-level fluctuation pattern. High-sulfur fuel oil has started to accumulate inventory globally. The cracking of Singapore fuel oil is still supported by purchasing demand, but it faces downward pressure in the medium term due to factors such as Russian sanctions. FU fluctuated mainly and weakened slightly this week [3][4] Summary by Related Catalogs Rotterdam Fuel Oil Data - From October 21 - 27, 2025, for Rotterdam 3.5% HSF O swap M1, the price changed by -1.59; for Rotterdam 0.5% VLS FO swap M1, it changed by -2.85; for Rotterdam HSFO - Brent M1, it changed by 0.66; for Rotterdam 10ppm Gasoil swap M1, it changed by 16.55; for Rotterdam VLSFO - GO M1, it changed by -19.40; for LGO - Brent M1, it changed by 2.23; for Rotterdam VLSFO - HSFO M1, it changed by -1.26 [1] Singapore Fuel Oil Data - From October 21 - 27, 2025, for Singapore 380cst M1, the price changed by -6.64; for Singapore 180cst M1, it changed by -7.64; for Singapore VLSFO M1, it changed by -1.75; for Singapore GO M1, it changed by 0.63; for Singapore 380cst - Brent M1, it changed by 0.01; for Singapore VLSFO - GO M1, it changed by -6.41 [1] Singapore Fuel Oil Spot and Domestic FU Data - From October 21 - 27, 2025, for Singapore FOB 380cst, the price changed by -5.84; for FOB VLSFO, it changed by 1.02; for 380 basis, it changed by 0.45; for high-sulfur internal - external spread, it changed by 0.2; for low-sulfur internal - external spread, it changed by 0.4. For domestic FU 01, it changed by 28; for FU 05, it changed by 31; for FU 09, it changed by 20; for FU 01 - 05 (not fully available), the change situation is not clear; for FU 05 - 09, it changed by 11; for FU 09 - 01, it changed by -8 [2] Domestic LU Data - From October 21 - 27, 2025, for domestic LU 01, the price changed by 33; for LU 05, it changed by 32; for LU 09, it changed by 37; for LU 01 - 05, it changed by 1; for LU 05 - 09, it changed by -5; for LU 09 - 01, it changed by 4 [3]