Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - This week, the near - month of Singapore 380cst strengthened significantly, with both cracking and time - spreads strengthening. Short - term arbitrage logistics tightened to a 6 - month low, and Singapore residue inventory dropped significantly to a 13 - week low. The 0.5 low - sulfur cracking strengthened on Friday compared to the previous week, at a historical low year - on - year, and the time - spread was at a low level for the same period in history [3]. - In terms of inventory, EIA residue had a slight de - stocking, ARA residue had inventory accumulation, and Fujairah had a slight inventory accumulation. Under the new situation in Venezuela, heavy - oil logistics are tilted towards the United States, Canadian heavy oil is seeking new buyers, the price of Ma Rui crude oil has risen, and trading is light. Recently, the Iranian situation and arbitrage logistics have affected 380. High - sulfur spot has tightened, cracking has rebounded, and in the short term, high - sulfur has the strongest driving force among oil products, while the low - sulfur external market remains weak [4]. Group 3: Data Summaries Rotterdam Fuel Oil Data - From January 20 to January 26, 2026, for Rotterdam 3.5% HSF O swap M1, the price changed from 344.17 to 345.19, with a change of - 8.76; for Rotterdam 0.5% VLS FO swap M1, it changed from 387.29 to 395.04, with a change of - 1.27; for Rotterdam HSFO - Brent M1, it changed from - 9.82 to - 10.50, with a change of - 1.32; for Rotterdam 10ppm Gasoil swap M1, it changed from 645.50 to 654.90, with a change of 1.85; for Rotterdam VLSFO - Gasoil M1, it changed from - 258.21 to - 259.86, with a change of - 3.12; for LGO - Brent M1, it changed from 23.87 to 24.07, with a change of 0.22; for Rotterdam VLSFO - HSFO M1, it changed from 43.12 to 49.85, with a change of 7.49 [1]. Singapore Fuel Oil Swap Data - From January 20 to January 26, 2026, for Singapore 380cst M1, the price changed from 355.91 to 383.00, with a change of 6.33; for Singapore 180cst M1, it changed from 364.98 to 388.08, with a change of 9.50; for Singapore VLSFO M1, it changed from 423.67 to 443.41, with a change of 8.07; for Singapore Gasoil M1, it changed from 82.46 to 84.82, with a change of 0.78; for Singapore 380cst - Brent M1, it changed from - 6.65 to - 4.52, with a change of - 0.09; for Singapore VLSFO - Gasoil M1, it changed from - 186.53 to - 184.26, with a change of 2.30 [1][10]. Singapore Fuel Oil Spot Data - From January 20 to January 26, 2026, for FOB 380cst, the price changed from 355.87 to 397.16, with a change of 15.28; for FOB VLSFO, it changed from 425.98 to 445.54, with a change of 11.11; the 380 basis changed from - 0.80 to 4.55, with a change of 2.25; the high - sulfur internal - external price difference changed from 10.8 to 14.8, with a change of 3.0; the low - sulfur internal - external price difference changed from 16.9 to 18.7, with a change of 0.7 [2]. Domestic FU Data - From January 20 to January 26, 2026, for FU 01, the price changed from 2467 to 2589, with a change of 72; for FU 05, it changed from 2507 to 2745, with a change of 122; for FU 09, it changed from 2487 to 2646, with a change of 84; for FU 01 - 05, it changed from - 40 to - 156, with a change of - 50; for FU 05 - 09, it changed from 20 to 99, with a change of 38; for FU 09 - 01, it changed from 20 to 57, with a change of 12 [2]. Domestic LU Data - From January 20 to January 26, 2026, for LU 01, the price changed from 3120 to 3248, with a change of 65; for LU 05, it changed from 3066 to 3194, with a change of 88; for LU 09, it changed from 3085 to 3211, with a change of 90; for LU 01 - 05, it changed from 54 to 54, with a change of - 23; for LU 05 - 09, it changed from - 19 to - 17, with a change of - 2; for LU 09 - 01, it changed from - 35 to - 37, with a change of 25 [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur crack in Singapore weakened rapidly, the monthly spread ran at a historical low, the basis weakened and then oscillated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO crack dropped rapidly. The EW strengthened this week. The 0.5% crack in Singapore weakened oscillatively this week, the monthly spread weakened oscillatively, and the basis strengthened slightly [6]. - In terms of inventory, global residue inventory increased. Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujairah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased. With the strengthening expectation of Russia - Ukraine peace talks, the prices of gasoline and diesel in the external market dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week. After the Al Zour refinery caught fire and shut down on October 21st, the Singapore basis has started to rebound recently [7]. - As global residue enters the inventory accumulation cycle, the external crack is expected to be supported by the decline in crude oil prices, showing a short - term oscillatory pattern. For FU01, maintain a high - short idea, and consider arranging 1 - 2 reverse spreads. The short - term downward space for low - sulfur fuel oil is limited [7]. 3. Summary by Directory Rotterdam Fuel Oil Swap Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 359.79 | 351.60 | 354.27 | 342.52 | 348.30 | 5.78 | | Rotterdam 0.5% VLS FO Swap M1 | 411.23 | 401.83 | 401.58 | 392.05 | 395.61 | 3.56 | | Rotterdam HSFO - Brent M1 | - 6.97 | - 7.51 | - 7.11 | - 7.70 | - 7.85 | - 0.15 | | Rotterdam 10ppm Gasoil Swap M1 | 732.42 | 724.68 | 705.27 | 674.04 | 673.82 | - 0.22 | | Rotterdam VLSFO - Gasoil M1 | - 321.19 | - 322.85 | - 303.69 | - 281.99 | - 278.21 | 3.78 | | LGO - Brent M1 | 33.67 | 34.17 | 31.62 | 28.61 | 26.56 | - 2.05 | | Rotterdam VLSFO - HSFO M1 | 51.44 | 50.23 | 47.31 | 49.53 | 47.31 | - 2.22 | [4] Singapore Fuel Oil Swap Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 355.32 | 354.49 | 352.24 | 348.23 | 351.28 | 3.05 | | Singapore 180cst M1 | 360.57 | 362.97 | 354.70 | 352.69 | 357.09 | 4.40 | | Singapore VLSFO M1 | 448.99 | 446.34 | 437.80 | 427.47 | 427.09 | - 0.38 | | Singapore Gasoil M1 | 93.29 | 95.91 | 94.36 | 88.67 | 87.53 | - 1.14 | | Singapore 380cst - Brent M1 | - 7.45 | - 8.02 | - 7.92 | - 7.06 | - 7.38 | - 0.32 | | Singapore VLSFO - Gasoil M1 | - 241.36 | - 263.39 | - 260.46 | - 228.69 | - 220.63 | 8.06 | [4][10] Singapore Fuel Oil Spot Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 348.12 | 348.03 | 345.42 | 343.36 | 344.02 | 0.66 | | FOB VLSFO | 448.99 | 446.12 | 438.34 | 427.46 | 423.62 | - 3.84 | | 380 Basis | - 6.55 | - 5.80 | - 5.25 | - 4.55 | - 4.00 | 0.55 | | High - sulfur Internal - External Spread | 5.9 | 3.2 | 4.5 | 4.7 | 3.1 | - 1.6 | | Low - sulfur Internal - External Spread | 8.4 | 7.2 | 5.8 | 6.6 | 4.0 | - 2.6 | [5] Domestic FU Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2558 | 2560 | 2517 | 2502 | 2512 | 10 | | FU 05 | 2606 | 2609 | 2565 | 2539 | 2554 | 15 | | FU 09 | 2579 | 2578 | 2541 | 2513 | 2520 | 7 | | FU 01 - 05 | - 48 | - 49 | - 48 | - 37 | - 42 | - 5 | | FU 05 - 09 | 27 | 31 | 24 | 26 | 34 | 8 | | FU 09 - 01 | 21 | 18 | 24 | 11 | 8 | - 3 | [5] Domestic LU Data | Type | 2025/11/18 | 2025/11/19 | 2025/11/20 | 2025/11/21 | 2025/11/24 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3247 | 3266 | 3139 | 3078 | 3041 | - 37 | | LU 05 | 3223 | 3240 | 3145 | 3085 | 3068 | - 17 | | LU 09 | 3232 | 3246 | 3160 | 3119 | 3108 | - 11 | | LU 01 - 05 | 24 | 26 | - 6 | - 7 | - 27 | - 20 | | LU 05 - 09 | - 9 | - 6 | - 15 | - 34 | - 40 | - 6 | | LU 09 - 01 | - 15 | - 20 | 21 | 41 | 67 | 26 | [6]