Report Industry Investment Rating - Not provided in the content Core Views - This week, global fuel oil prices dropped significantly as geopolitical conflicts eased, returning to pre - conflict levels. The crack spread and time spread of fuel oil slightly declined from their highs, with low - sulfur fuel oil showing some strength relative to high - sulfur fuel oil [4]. - The core driver of the sharp price decline is the full reversal of the risk premium included in the price once oil transportation in the Middle East returns to normal after the geopolitical conflict eases. Fundamentally, Middle Eastern exports will remain stable in the short term, and with the lifting of geopolitical risks and the resumption of production at the Rabigh refinery next week, high - sulfur exports from the Middle East are expected to continue to rise, which will have a negative impact on high - sulfur prices. For low - sulfur fuel oil, although its demand in the bunker fuel market is continuously squeezed by high - sulfur fuel oil, exports from Brazil and north - western Europe to Asia are decreasing, and recent refinery maintenance in Japan will limit the amount of spot received in the Asia - Pacific market, supporting the time spread and crack spread of Singapore low - sulfur fuel oil. In the domestic market, the low - sulfur production of domestic refineries is about to resume, but it is not expected to increase significantly in the next two months, having a relatively limited impact on the market [4]. Summary by Directory 1. Overview - **Weekly Review**: Global fuel oil prices dropped significantly as geopolitical conflicts eased, and the crack spread and time spread of fuel oil slightly declined from their highs, with low - sulfur fuel oil showing strength relative to high - sulfur fuel oil [4]. - **Weekly Outlook**: The sharp decline in fuel oil prices is due to the reversal of the risk premium. Middle Eastern high - sulfur exports are expected to rise, negatively affecting high - sulfur prices. Low - sulfur fuel oil in the Asia - Pacific market will see limited spot receipts, supporting its time spread and crack spread. Domestic low - sulfur production is expected to have a limited impact on the market in the short term [4]. 2. Supply - **Refinery Operations**: Data on the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries) from 2016 - 2025 are presented, but no specific analysis is provided [6]. - **Global Refinery Maintenance**: Data on the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025 are presented, but no specific analysis is provided [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commodity Volume**: Data on the monthly production of fuel oil, low - sulfur fuel oil, and fuel oil commodity volume in China from 2018 - 2025 are presented, but no specific analysis is provided [19]. 3. Demand - **Domestic and Foreign Fuel Oil Demand Data**: Data on the monthly sales of fuel oil for bunkering in Singapore, the apparent consumption of fuel oil in China, and the actual consumption of marine fuel oil in China from 2018 - 2025 are presented, but no specific analysis is provided [22]. 4. Inventory - **Global Fuel Oil Spot Inventory**: Data on the inventories of heavy oil in Singapore, fuel oil in European ARA, heavy distillates in Fujairah, and residual fuel oil in the US from 2018 - 2025 are presented, but no specific analysis is provided [25][27][28]. 5. Price and Spread - **Asia - Pacific Regional Spot FOB Prices**: Data on the FOB prices of 3.5% and 0.5% fuel oil in Singapore, 3.5% fuel oil in Fujairah, 3.5% and 1% fuel oil in the Mediterranean, and 1% fuel oil in north - western Europe from 2018 - 2025 are presented, but no specific analysis is provided [32][35][36][38][39]. - **European Regional Spot FOB Prices**: Data on the FOB prices of 3.5% fuel oil in north - western Europe, 3.5% and 0.5% fuel oil in the US Gulf, and high - sulfur fuel oil cargo in New York Harbor from 2018 - 2025 are presented, but no specific analysis is provided [42][43]. - **Paper and Derivative Prices**: Data on the swap prices of high - sulfur and low - sulfur fuel oil in north - western Europe and Singapore, as well as the prices of FU and LU contracts from 2018 - 2025 are presented, but no specific analysis is provided [45][46][48][49]. - **Fuel Oil Spot Spread**: Data on the high - low sulfur spread and viscosity spread in Singapore from 2018 - 2025 are presented, but no specific analysis is provided [51][53]. - **Global Fuel Oil Crack Spread**: Data on the crack spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2018 - 2025 are presented, but no specific analysis is provided [55][56][58]. - **Global Fuel Oil Paper Time Spread**: Data on the time spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2018 - 2025 are presented, but no specific analysis is provided [62][63][65]. 6. Import and Export - **Domestic Fuel Oil Import and Export Data**: Data on the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025 are presented, but no specific analysis is provided [69][71][72]. - **Global High - Sulfur Fuel Oil Import and Export Data**: Data on the weekly changes in global high - sulfur fuel oil import and export volumes in different regions are presented, but no specific analysis is provided [74]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: Data on the weekly changes in global low - sulfur fuel oil import and export volumes in different regions are presented, but no specific analysis is provided [76].

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - **Weekly Review**: The global fuel oil price fluctuated significantly this week. As the geopolitical conflict intensified, the price gradually increased, while the crack spread and monthly spread slightly declined from their highs [4]. - **Weekly Outlook**: The fuel oil price has been rising since the beginning of the week. Due to the escalating geopolitical conflict between Iran and Israel, the prices of crude oil and related oil products have all increased. The core issue affected by this conflict is the navigability of the Strait of Hormuz. If the strait is closed due to the conflict, the fuel oil exports from the entire Middle East will be significantly affected. The fuel oil exports from countries such as Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait will be severely restricted. Coupled with the already significantly reduced exports from Iran, 85% of the fuel oil exports from the Middle East will be threatened. Since these countries mainly export high - sulfur fuel oil, the price of Singapore 380 will remain strong in the coming period. In terms of low - sulfur fuel oil, Kuwait, a new low - sulfur fuel oil supplier in the Asia - Pacific region in recent years, may also be affected in its low - sulfur component exports due to this geopolitical conflict. Meanwhile, the quantity of low - sulfur fuel oil spot arriving in Singapore from Brazil has decreased month - on - month. The spot supply in the low - sulfur market will continue to be tight, which will have a positive impact on the price. Therefore, in the near future, attention can be paid to the long positions in fuel oil crack spreads and near - month spreads, especially for high - sulfur fuel oil, which is more affected [4]. 3. Summary According to the Table of Contents 3.1 Supply - **Refinery Operation**: The report presents the capacity utilization rates of Chinese refineries, including overall Chinese refineries, independent refineries, and major refineries, with data from 2016 - 2025 [6]. - **Global Refinery Maintenance**: The report shows the maintenance volumes of global CDU units, hydrocracking units, FCC units, and coking units from 2018 - 2025 [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commodity Volume**: It presents the monthly fuel oil production in China from 2018 - 2025, the monthly low - sulfur fuel oil production of Chinese refineries from 2021 - 2025, and the monthly fuel oil commodity volume in China from 2021 - 2024 [18]. 3.2 Demand - **Domestic and International Fuel Oil Demand Data**: The report provides data on the monthly fuel oil bunker sales in Singapore from 2018 - 2025, the monthly apparent consumption of fuel oil in China from 2018 - 2025, and the monthly actual consumption of marine fuel oil in China from 2020 - 2025 [21]. 3.3 Inventory - **Global Fuel Oil Spot Inventory**: It shows the Singapore heavy oil inventory from 2018 - 2025, the European ARA fuel oil inventory from 2018 - 2025, the Fujairah heavy distillate inventory from 2018 - 2025, and the US residual fuel oil inventory from 2018 - 2025 [24][26][27]. 3.4 Price and Spread - **Asia - Pacific Regional Spot FOB Price**: The report presents the FOB prices of 3.5% fuel oil in Singapore, 3.5% fuel oil in Fujairah, 0.5% fuel oil in Singapore, and 0.5% fuel oil in Fujairah from 2018 - 2025 [31][32][33][34]. - **European Regional Spot FOB Price**: It shows the FOB prices of 3.5% fuel oil in Northwest Europe, 3.5% fuel oil in the US Gulf, high - sulfur fuel oil cargo in the New York Harbor, 0.5% fuel oil in the US Gulf, and low - sulfur straight - run fuel oil in the USAC from 2018 - 2025 [41][42]. - **US Regional Fuel Oil Spot Price**: Although the data is incomplete, it is about the fuel oil spot price in the US [43]. - **Paper and Derivative Prices**: It includes the prices of high - sulfur swaps and low - sulfur swaps in Northwest Europe, low - sulfur fuel oil swaps and 380 bunker fuel swaps in Singapore, and the prices of FU and LU contracts [44][47][50]. - **Fuel Oil Spot Spread**: It shows the high - low sulfur spread and viscosity spread in Singapore [55][56]. - **Global Fuel Oil Crack Spread**: The report presents the high - sulfur and low - sulfur crack spreads in Singapore, the 3.5% and 1% crack spreads in Northwest Europe from 2019 - 2025 [59][60][62]. - **Global Fuel Oil Paper Monthly Spread**: It shows the M1 - M2 and M2 - M3 spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe [66][67]. 3.5 Import and Export - **Domestic Fuel Oil Import and Export Data**: The report provides the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025 [71][73][74]. - **Global High - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in global high - sulfur fuel oil import and export volumes by region [76]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: It shows the weekly changes in global low - sulfur fuel oil import and export volumes by region [78].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - **Weekly Review**: Global fuel oil prices had a narrower fluctuation range this week. After falling at the beginning of the week, they rebounded slightly, and the crack spreads and monthly spreads declined slightly from their highs [4]. - **Weekly Outlook**: Fuel oil prices rebounded after falling at the beginning of the week, with the overall price changes narrowing compared to the previous week. However, the strengthening of crude oil prices caused the fuel oil crack spreads to decline from their highs. Currently, supply - side changes are dominating price movements. High - sulfur fuel oil's monthly spreads and crack spreads are likely to avoid significant declines, while for low - sulfur fuel oil, the price, crack spreads, and monthly spreads of the domestic LU may be suppressed [4]. 3. Summary by Directory 3.1 Supply - **Refinery Operations**: Data on the capacity utilization rates of Chinese refineries (crude oil: atmospheric and vacuum distillation), independent refineries, and major refineries are presented, covering multiple years from 2016 - 2025 [6]. - **Global Refinery Maintenance**: Data on the maintenance volumes of global CDU, hydrocracking, FCC, and coking units are provided, spanning from 2018 - 2025 [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commodity Volume**: Data on China's monthly fuel oil production, low - sulfur fuel oil production, and fuel oil commodity volume are shown, covering multiple years from 2018 - 2025 [18]. 3.2 Demand - **Domestic and Foreign Fuel Oil Demand Data**: Data on Singapore's monthly fuel oil bunker sales, China's monthly fuel oil apparent consumption, and China's monthly marine fuel oil actual consumption are presented, covering multiple years from 2018 - 2025 [21]. 3.3 Inventory - **Global Fuel Oil Spot Inventory**: Data on the inventories of heavy oil in Singapore, fuel oil in European ARA, heavy distillates in Fujairah, residual fuel oil in the US, etc. are provided, covering multiple years from 2018 - 2025 [24][26][27]. 3.4 Price and Spreads - **Asia - Pacific Regional Spot FOB Prices**: Data on the FOB prices of 3.5% and 0.5% fuel oil in Fujeirah, Singapore, and other locations are presented, covering multiple years from 2018 - 2025 [31][32][33]. - **European Regional Spot FOB Prices**: Data on the FOB prices of 3.5% and 1% fuel oil in Northwest Europe, the Mediterranean, and other locations are provided, covering multiple years from 2018 - 2025 [36][37][39]. - **US Regional Fuel Oil Spot Prices**: Data on the FOB prices of 3.5% fuel oil in the US Gulf, high - sulfur fuel oil cargo prices in the New York Harbor, etc. are presented, covering multiple years from 2018 - 2025 [42]. - **Paper and Derivative Prices**: Data on the swap prices of high - sulfur and low - sulfur fuel oil in Northwest Europe and Singapore are provided, as well as the prices of FU and LU contracts [44][50]. - **Fuel Oil Spot Spreads**: Data on the price spreads between high - sulfur and low - sulfur fuel oil in Singapore and the viscosity spreads are presented, covering multiple years from 2018 - 2025 [53][55]. - **Global Fuel Oil Crack Spreads**: Data on the crack spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe are provided, covering multiple years from 2019 - 2025 [59][61][62]. - **Global Fuel Oil Paper Monthly Spreads**: Data on the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe are presented, covering the period from 2023 - 2025 [66][67]. 3.5 Import and Export - **Domestic Fuel Oil Import and Export Data**: Data on China's monthly import and export volumes of fuel oil (excluding biodiesel) are presented, covering multiple years from 2018 - 2025 [72][74][75]. - **Global High - Sulfur Fuel Oil Import and Export Data**: Data on the weekly changes in global high - sulfur fuel oil import and export volumes in regions such as China, the Middle East, and the US are provided [77]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: Data on the weekly changes in global low - sulfur fuel oil import and export volumes in regions such as Singapore + Malaysia, China, and the US are presented [79].