| | | | | 燃料油早报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究中心能化团队 2026/02/13 | | | 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 | | 2026/02/06 | 371.54 | 418.28 | -9.32 | 668.55 | -250.27 | 23.46 | 46.74 | | 2026/02/09 | 375.60 | 422.78 | -9.21 | 665.89 | -243.11 | 22.24 | 47.18 | | 2026/02/10 | 375.29 | 420.18 | -9.00 | 657.32 | -237.14 | ...

1. Report's Investment Rating for the Industry - No information provided 2. Core Viewpoints of the Report - This week, the near - month of Singapore 380cst continued to strengthen, reaching the five - year high year - on - year. After the crack spread rose, it fluctuated. The short - term arbitrage logistics tightened, and the Singapore residue inventory decreased significantly. The MF0.5 low - sulfur crack spread declined, reaching a historical low year - on - year, and the monthly spread was at a historical low for the same period. In terms of inventory, Singapore fuel oil significantly reduced inventory, EIA residue continued to reduce inventory, ARA residue accumulated inventory, and Fujairah's inventory accumulation accelerated. Under the new situation in Venezuela, heavy - oil logistics tilted towards the United States, Canadian heavy oil sought new buyers, and the price of Merey crude oil rose. Recently, the situation in Iran and arbitrage logistics affected 380. The high - sulfur spot tightened, the crack spread rebounded, and in the short term, high - sulfur had the strongest driving force among oil products. Attention should be paid to over - heating of domestic and foreign sentiment, and the low - sulfur external market remained weak [3][4] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 30 to February 5, 2026, the price of Rotterdam 3.5% HSFO swap M1 changed by 1.34, the 0.5% VLSFO swap M1 changed by - 1.83, the HSFO - Brent M1 changed by 0.19, the 10ppm Gasoil swap M1 changed by 2.90, the VLSFO - GO M1 changed by - 4.73, the LGO - Brent M1 had no change, and the VLSFO - HSFO M1 changed by - 3.17 [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed by 2.17, 180cst M1 changed by - 0.81, VLSFO M1 changed by - 3.82, GO M1 changed by - 0.27, 380cst - Brent M1 changed by 0.53, and VLSFO - GO M1 changed by - 1.82 [1] Singapore Fuel Oil Spot Data - From January 30 to February 5, 2026, the FOB 380cst price changed by 7.14, FOB VLSFO changed by 7.54, the 380 basis changed by - 1.00, the high - sulfur domestic - foreign price difference changed by - 1.0, and the low - sulfur domestic - foreign price difference changed by 1.3 [2] Domestic FU Data - During the same period, FU 01 changed by 5, FU 05 changed by 25, FU 09 changed by 18, FU 01 - 05 changed by - 20, FU 05 - 09 changed by 7, and FU 09 - 01 changed by 13 [2] Domestic LU Data - From January 30 to February 5, 2026, LU 01 changed by - 17, LU 05 changed by 21, LU 09 changed by 28, LU 01 - 05 changed by - 38, LU 05 - 09 changed by - 7, and LU 09 - 01 changed by 45 [3]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the near - month contract of Singapore 380cst continued to strengthen, reaching a five - year high. After the crack spread rose, it entered a consolidation phase. Short - term arbitrage logistics tightened, and Singapore's residue inventory decreased significantly. The low - sulfur crack spread of MF0.5 declined, reaching a historical low, and the month - to - month spread was at a historical low for the same period. In terms of inventory, Singapore's fuel oil inventory decreased significantly, EIA residue inventory continued to decline, ARA residue inventory increased, and Fujairah's inventory increase accelerated. Under the new situation in Venezuela, heavy - oil logistics is tilted towards the United States, Canadian heavy oil is seeking new buyers, and the price of Merey crude oil has risen. Recently, the situation in Iran and arbitrage logistics have affected 380, the high - sulfur spot market has tightened, and the crack spread has rebounded. In the short term, high - sulfur fuel oil has the strongest driving force among oil products. However, attention should be paid to over - heating of domestic and foreign sentiment, and the overseas low - sulfur market remains weak [3][4] Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From January 29 to February 4, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 10.79, Rotterdam 0.5% VLS FO swap M1 increased by 12.25, Rotterdam HSFO - Brent M1 increased by - 0.14, Rotterdam 10ppm Gasoil swap M1 increased by 18.00, Rotterdam VLSFO - Gasoil M1 increased by - 5.75, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 increased by 1.46 [1] Singapore Fuel Oil Swap Data - From January 29 to February 4, 2026, Singapore 380cst M1 increased by 22.59, Singapore 180cst M1 increased by 24.27, Singapore VLSFO M1 increased by 19.86, Singapore Gasoil M1 increased by 2.99, Singapore 380cst - Brent M1 increased by 0.90, and Singapore VLSFO - Gasoil M1 increased by - 2.27 [1][9] Singapore Fuel Oil Spot Data - From January 29 to February 4, 2026, FOB 380cst increased by 12.26, FOB VLSFO increased by 11.71, the 380 basis decreased by 0.86, the high - sulfur domestic - foreign price difference decreased by 0.3, and the low - sulfur domestic - foreign price difference increased by 0.2 [2] Domestic FU Data - From January 29 to February 4, 2026, FU 01 increased by 49, FU 05 increased by 86, FU 09 increased by 69, FU 01 - 05 decreased by 37, FU 05 - 09 increased by 17, and FU 09 - 01 increased by 20 [2] Domestic LU Data - From January 29 to February 4, 2026, LU 01 increased by 100, LU 05 increased by 95, LU 09 increased by 86, LU 01 - 05 increased by 5, LU 05 - 09 increased by 9, and LU 09 - 01 decreased by 14 [3]

| | | | | 燃料油早报 | | 研究中心能化团队 2026/02/02 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2026/01/26 | 344.81 | 393.32 | -10.27 | 655.75 | -262.43 | 24.28 | 48.51 | | 2026/01/27 | 348.36 | 398.84 | -11.04 | 658.65 | -259.81 | 22.80 | 50.48 | | 2026/01/28 | 357.51 | 403.54 | -10.69 | 673.15 | -269.61 | 23.85 | 46.03 ...

12月31日，国内期市能化板块互有涨跌。其中，燃料油期货主力合约开盘报2486.00元/吨，今日盘中低 位震荡运行；截至发稿，燃料油主力最高触及2491.00元，下方探低2433.00元，跌幅达1.77%附近。 目前来看，燃料油行情呈现震荡下行走势，盘面表现偏弱。对于燃料油后市行情将如何运行，相关机构 观点汇总如下： 大越期货表示，亚洲燃料油市场结构维持在当前水平附近，近期市场供应充足，市场需求因假日有所放 缓，目前地缘事件风险不断，短期为价格下方提供支撑，预计燃油震荡运行。FU2603：2450-2500区间 运行，LU2603：2980-3030区间运行。 光大期货分析称，从基本面看，低硫燃料油市场结构维持在当前水平，高硫燃料油市场则仍有支撑。新 加坡预计在未来几周迎来稳定的低硫燃料油调油组分到货，将持续增加当地现有的库存。亚洲低硫市场 预计在1-2月都将保持供应充足。高硫供应也相对充足，不过受安装脱硫塔的船舶数量增加的推动，下 游船用油销售持续走强，亚洲高硫燃料油市场继续获得一些支撑。短期FU和LU绝对价格或跟随油价波 动，上周FU仓单再度增加，或对盘面产生额外压力。 南华期货（603093）指出，近期 ...

研究所 燃料油研发报告 燃料油日报 2025 年 12 月 9 日 燃料油日报 第一部分 相关数据 F03108405 Z0021537 ： 021-65789108 @chinastock.com.cn | 研究员： | | | 2025/12/9 | 2025/12/8 | 2025/12/2 | 2025/11/11 | Δ日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 吴晓蓉 | | FU主力 | 2418 | 2508 | 2469 | 2671 | -90 | | 期货从业证号： | | FU主力持仓(万手) | 18.7 | 17.7 | 21.0 | 20.5 | 1.0 | | | | FU仓单(吨) | 6100 | 26090 | 41870 | 29740 | -19990 | | F03108405 | | LU主力 | 3014 | 3089 | 3035 | 3262 | -75 | | 投资咨询从业证号： | | LU主力持仓(万手） | 5.6 | 5.8 | 6.8 | 6.9 | -0.2 | | Z0021 ...