Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst fluctuated, the near-month spread fluctuated, the basis strengthened, the EW spread fluctuated at a high level, and the internal and external spreads of FU near-month were more volatile due to delivery factors. The low-sulfur cracking weakened rapidly, the spread accelerated to weaken, the internal and external spread of LU was compressed to $6-7 per ton, and the MF0.5 basis fluctuated. From a fundamental perspective, Singapore's residue decreased by 871,000 barrels, floating storage decreased slightly, ARA residue inventory increased significantly, and EIA residue continued to accumulate. The high-sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provides support, and the EW spread has completed the repair. The internal and external spreads of domestic high-sulfur increased again due to the influence of the delivery warehouse, and the short-term internal and external spread was repaired. This week, LU accelerated its decline, and the external MF0.5 basis was weakly operating. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity for the low-sulfur to high-sulfur spread to widen in the fourth quarter can be noted [3][4]. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From September 11 - 17, 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 changed from 375.09 to 384.75, with a change of -0.89 [1]. Singapore Fuel Oil Swap and Spot Data - From September 11 - 17, 2025, the prices of Singapore 380cst M1, Singapore 180cst M1, etc. also fluctuated. For instance, the price of Singapore 380cst M1 changed from 392.94 to 397.55. In the Singapore fuel oil spot market, the FOB 380cst price changed from 392.94 to 397.68, with a change of 4.47 [1][2]. Domestic FU and LU Data - From September 11 - 17, 2025, for domestic FU, the prices of FU 01, FU 05, and FU 09 all increased to varying degrees, such as FU 01 increasing from 2802 to 2831, with a change of 36. For domestic LU, the prices of LU 01 and LU 05 increased significantly, while LU 09 increased slightly. For example, LU 01 increased from 3364 to 3432, with a change of 64 [2][3].

Report Summary Investment Rating - Not provided in the report Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst fluctuated weakly, the near-month spread continued to strengthen, the basis rebounded and then fluctuated, the EW spread continued to strengthen, and the FU internal and external spread was affected by the delivery warehouse. The low-sulfur cracking fluctuated, the monthly spread fluctuated weakly, and the LU internal and external spread fluctuated around 9 US dollars. The MF0.5 basis fluctuated [5]. - Fundamentally, Singapore's residual oil inventories increased significantly, floating storage decreased slightly, ARA residual oil inventories increased significantly, floating storage inventories increased significantly, and EIA residual oil decreased slightly. The global supply and demand of high-sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provided support, the EW spread repair was completed, and the domestic high-sulfur spot was still in excess. Be wary of overheated sentiment [6]. - This week, LU remained weak, and the external MF0.5 basis remained volatile. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity of the low-sulfur to high-sulfur spread widening in the fourth quarter can be concerned [6]. Data Summary Rotterdam Fuel Oil Swap Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | Rotterdam 3.5% HSFO Swap M1 | -3.05 | | Rotterdam 0.5% VLSFO Swap M1 | -6.29 | | Rotterdam HSFO - Brent M1 | 0.43 | | Rotterdam 10ppm Gasoil Swap M1 | -14.80 | | Rotterdam VLSFO - GO M1 | 8.51 | | LGO - Brent M1 | -0.89 | | Rotterdam VLSFO - HSFO M1 | -3.24 | [3] Singapore Fuel Oil Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | Singapore 380cst M1 | -6.62 | | Singapore 180cst M1 | -8.09 | | Singapore VLSFO M1 | -6.87 | | Singapore GO M1 | -1.33 | | Singapore 380cst - Brent M1 | -0.35 | | Singapore VLSFO - GO M1 | 2.97 | [3] Singapore Fuel Oil Spot Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | FOB 380cst | -3.96 | | FOB VLSFO | -2.86 | | 380 Basis | -0.75 | [4] Domestic FU Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | FU 01 | 16 | | FU 05 | 13 | | FU 09 | 5 | | FU 01 - 05 | 3 | | FU 05 - 09 | 8 | | FU 09 - 01 | -11 | [4] Domestic LU Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | LU 01 | -6 | | LU 05 | -6 | | LU 09 | -10 | | LU 01 - 05 | 0 | | LU 05 - 09 | 4 | | LU 09 - 01 | -4 | [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst weakened in a fluctuating manner, the nearby monthly spread continued to strengthen, the basis fluctuated after a rebound, the EW spread continued to strengthen, and the FU internal - external spread was affected by the delivery warehouse. The low - sulfur cracking fluctuated, the monthly spread weakened in a fluctuating manner, and the LU internal - external spread fluctuated around 9 US dollars. The MF0.5 basis fluctuated [6]. - Fundamentally, Singapore's residual oil inventories increased significantly, floating storage decreased slightly, ARA residual oil inventories increased significantly, floating storage inventories increased significantly, and EIA residual oil decreased slightly. The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread repair was completed, and the domestic high - sulfur spot was still in excess. One should be vigilant against over - heating sentiment. This week, LU remained weak, the external MF0.5 basis remained volatile. Due to the support of European and American gasoline and diesel cracking, one can pay attention to the opportunity of the low - sulfur to high - sulfur spread widening in the fourth quarter [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 376.87 | 366.78 | 372.49 | 379.86 | 382.27 | 2.41 | | Rotterdam 0.5% VLS FO Swap M1 | 442.59 | 431.93 | 439.86 | 439.55 | 439.10 | - 0.45 | | Rotterdam HSFO - Brent M1 | - 7.25 | - 6.98 | - 7.20 | - 6.70 | - 6.95 | - 0.25 | | Rotterdam 10ppm Gasoil Swap M1 | 665.68 | 651.05 | 662.46 | 670.83 | 670.27 | - 0.56 | | Rotterdam VLSFO - Gasoil M1 | - 223.09 | - 219.12 | - 222.60 | - 231.28 | - 231.17 | 0.11 | | LGO - Brent M1 | 24.02 | 23.59 | 24.62 | 25.35 | 24.25 | - 1.10 | | Rotterdam VLSFO - HSFO M1 | 65.72 | 65.15 | 67.37 | 59.69 | 56.83 | - 2.86 | [4] Singapore Fuel Oil Swap Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 387.61 | 388.79 | 388.46 | 395.12 | 396.58 | 1.46 | | Singapore 180cst M1 | 398.86 | 398.59 | 397.67 | 399.61 | 406.58 | 6.97 | | Singapore VLSFO M1 | 475.19 | 471.33 | 468.78 | 471.70 | 468.91 | - 2.79 | | Singapore Gasoil M1 | 86.84 | 86.70 | 86.66 | 87.38 | 87.92 | 0.54 | | Singapore 380cst - Brent M1 | - 5.59 | - 5.05 | - 4.94 | - 4.25 | - 4.55 | - 0.30 | | Singapore VLSFO - Gasoil M1 | - 167.43 | - 170.25 | - 172.50 | - 174.91 | - 181.70 | - 6.79 | [4] Singapore Fuel Oil Spot Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 387.09 | 388.16 | 388.92 | 396.64 | 396.90 | 0.26 | | FOB VLSFO | 474.28 | 468.87 | 468.99 | 469.80 | 466.00 | - 3.80 | | 380 Basis | - 1.00 | - 0.95 | - 0.50 | 0.25 | 0.35 | 0.10 | | High - sulfur Internal - external Spread | 6.0 | 7.3 | 8.0 | 6.4 | - | - | | Low - sulfur Internal - external Spread | 9.4 | 9.4 | 7.9 | 9.8 | - | - | [5] Domestic FU Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2760 | 2759 | 2767 | 2766 | 2786 | 20 | | FU 05 | 2721 | 2719 | 2721 | 2724 | 2741 | 17 | | FU 09 | 2694 | 2695 | 2679 | 2678 | 2697 | 19 | | FU 01 - 05 | 39 | 40 | 46 | 42 | 45 | 3 | | FU 05 - 09 | 27 | - | 42 | 46 | 44 | - 2 | | FU 09 - 01 | - 66 | - 64 | - 88 | - 88 | - 89 | - 1 | [5] Domestic LU Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3395 | 3375 | 3385 | 3367 | 3370 | 3 | | LU 05 | 3359 | 3343 | 3347 | 3335 | 3339 | 4 | | LU 09 | 3341 | 3321 | 3344 | 3330 | 3331 | 1 | | LU 01 - 05 | 36 | 32 | 38 | 32 | 31 | - 1 | | LU 05 - 09 | 18 | 22 | 3 | 5 | 8 | 3 | | LU 09 - 01 | - 54 | - 54 | - 41 | - 37 | - 39 | - 2 | [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst fluctuated strongly, the near - month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on the delivery warehouse, FU10 rose sharply and then fell. The low - sulfur cracking weakened, the spread fluctuated, the LU internal - external spread fluctuated around $10, and the MF0.5 basis began to rebound [3][4]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA residue began to accumulate. The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still being repaired. The domestic high - sulfur spot was still in excess, and over - heated sentiment should be vigilant. The new round of sanctions had a large potential impact on the domestic heavy crude oil supply, providing some support for the Asian fuel oil valuation [4]. - This week, LU maintained a volatile trend, and the external MF0.5 basis began to rebound. Opportunities for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter could be focused on [4]. 3. Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam Fuel Oil Data**: From August 28 to September 3, the prices of Rotterdam 3.5% HSF O swap M1 decreased by $8.64, Rotterdam 0.5% VLSFO swap M1 decreased by $8.39, and other price - related indicators also had corresponding changes [1]. - **Singapore Fuel Oil Data**: The prices of Singapore 380cst M1 and other related fuel oil products also changed during the same period. For example, from August 28 to September 3, the price of Singapore 380cst M1 decreased by $11.56, and the price of Singapore VLSFO M1 decreased by $11.75 [1][9]. - **Singapore Fuel Oil Spot Data**: From August 28 to September 3, the FOB 380cst price decreased by $6.17, and the FOB VLSFO price decreased by $6.40 [2]. - **Domestic FU Data**: From August 28 to September 3, the price of FU 01 decreased by 7, the price of FU 05 decreased by 10, and the price of FU 09 decreased by 8 [2]. - **Domestic LU Data**: From August 28 to September 3, the price of LU 01 decreased by 17, the price of LU 05 decreased by 10, and the price of LU 09 increased by 13 [3].

Report Overview Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst weakened, and the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton). The LU maintained a weak trend, with the external MF0.5 basis oscillating at a low level and LU internal - external spread oscillating. The low - sulfur cracking weakened, and the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton). The LU internal - external spread strengthened slightly to 10 USD. [5][6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. In July, Singapore's high - sulfur bunkering volume increased by 15% month - on - month and 10% year - on - year. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. The US residue inventory increased slightly but remained at the lowest level in the same period of history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to logistics reshaping, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still being repaired. The FU delivery volume was still relatively large, and attention should be paid to subsequent delivery changes. The new round of sanctions had a relatively large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be monitored. [6] Data Summary Rotterdam Fuel Oil Swap Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 386.27 | 382.78 | - 11.30 | | Rotterdam 0.5% VLS FO Swap M1 | 447.87 | 451.36 | - 9.65 | | Rotterdam HSFO - Brent M1 | - 5.40 | - 6.40 | - 0.35 | | Rotterdam 10ppm Gasoil Swap M1 | 647.20 | 652.30 | - 15.02 | | Rotterdam VLSFO - Gasoil M1 | - 199.33 | - 200.94 | 5.37 | | LGO - Brent M1 | 22.39 | 22.75 | - 0.40 | | Rotterdam VLSFO - HSFO M1 | 61.60 | 68.58 | 1.65 | [3] Singapore Fuel Oil Swap Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | | --- | --- | --- | | Singapore 380cst M1 | 388.83 | 393.61 | | Singapore 180cst M1 | 402.12 | 407.23 | | Singapore VLSFO M1 | 475.48 | 480.94 | | Singapore Gasoil M1 | 84.72 | 85.48 | | Singapore 380cst - Brent M1 | - 4.63 | - 4.69 | | Singapore VLSFO - Gasoil M1 | - 151.45 | - 151.61 | [3] Singapore Fuel Oil Spot Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | FOB 380cst | 386.10 | 396.25 | - 0.90 | | FOB VLSFO | 474.94 | 489.51 | 1.10 | | 380 Basis | - 2.65 | - 2.00 | 0.55 | | High - sulfur Internal - External Spread | - 1.8 | 4.1 | - 0.4 | | Low - sulfur Internal - External Spread | 8.9 | 9.5 | - 1.1 | [4] Domestic FU Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | FU 01 | 2719 | 2842 | 11 | | FU 05 | 2712 | 2799 | 9 | | FU 09 | 2687 | 2827 | - 18 | | FU 01 - 05 | 7 | 43 | 2 | | FU 05 - 09 | 25 | - 28 | 27 | | FU 09 - 01 | - 32 | - 15 | - 29 | [4] Domestic LU Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | LU 01 | 3411 | 3488 | - 3 | | LU 05 | 3376 | 3451 | 2 | | LU 09 | 3422 | 3460 | 57 | | LU 01 - 05 | 35 | 37 | - 5 | | LU 05 - 09 | - 46 | - 9 | - 55 | | LU 09 - 01 | 11 | - 28 | 60 | [5]

Report Summary 1. Report Industry Investment Rating - The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shengang), the near - month internal - external spread of FU fluctuated greatly, and the 09 contract once returned above par. [5][6] - The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the internal - external spread of LU strengthened slightly to 10 USD. [6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. The high - sulfur bunker volume in Singapore in July increased by 15% month - on - month and 10% year - on - year. [6] - The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. [6] - US residue inventory increased slightly but remained at the lowest level in the same period of history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still recovering. There was still a large amount of FU delivery cargo, and attention should be paid to subsequent delivery changes. [6] - The new round of sanctions had a large potential impact on domestic heavy crude oil, providing a certain support for the valuation of Asian fuel oil. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and the internal - external spread of LU oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be concerned. [6] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 18th to 22nd, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 7.74, Rotterdam 0.5% VLS FO swap M1 changed by 8.57, Rotterdam HSFO - Brent M1 changed by 0.41, Rotterdam 10ppm Gasoil swap M1 changed by 11.52, Rotterdam VLSFO - G M1 changed by - 2.95, LGO - Brent M1 changed by 0.07, and Rotterdam VLSFO - HSFO M1 changed by 0.83. [3] Singapore Fuel Oil Swap Data - From August 18th to 22nd, 2025, the price of Singapore 380cst M1 changed by 2.60, Singapore 180cst M1 changed by 2.04, Singapore VLSFO M1 changed by 2.59, Singapore GO M1 changed by 0.94, Singapore 380cst - Brent M1 changed by 0.04, and Singapore VLSFO - GO M1 changed by - 4.37. [3] Singapore Fuel Oil Spot Data - From August 18th to 22nd, 2025, the FOB 380cst price changed by 2.46, FOB VLSFO price changed by 4.18, 380 basis changed by - 0.60, high - sulfur internal - external spread changed by 4.3, and low - sulfur internal - external spread changed by 3.7. [4] Domestic FU Data - From August 18th to 22nd, 2025, FU 01 changed by 33, FU 05 changed by 17, FU 09 changed by 38, FU 01 - 05 changed by 16, FU 05 - 09 changed by - 21, and FU 09 - 01 changed by 5. [4] Domestic LU Data - From August 18th to 22nd, 2025, LU 01 changed by 19, LU 05 changed by - 29, LU 09 changed by 12, LU 01 - 05 changed by 48, LU 05 - 09 changed by - 41, and LU 09 - 01 changed by - 7. [5]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread oscillated, and the EW spread oscillated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal - external spread weakened slightly to -$0.8 [4]. - The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9 [4]. - This week, Singapore's on - land inventory decreased, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month, Saudi Arabia's shipments decreased significantly, this week's arrivals oscillated, the UAE's shipments rebounded month - on - month, and net exports increased significantly [5]. - The on - land inventory in Fujairah, the Middle East, decreased, the floating storage inventory of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory decreased, with significant inventory contradictions [5]. - The east - west divergence of high - sulfur continued. In the heavy - quality pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy - quality crude oil was the strongest. It is expected to return in both directions later [5]. - This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated, the LU quota was issued, and the internal - external spread oscillated. In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the supply of high - sulfur is expected to increase, and the supply - demand pattern will weaken [5]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil - From August 13th to 19th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by $3.30, Rotterdam 0.5% VLS FO swap M1 decreased by $2.86, Rotterdam HSFO - Brent M1 decreased by $0.31, Rotterdam 10ppm Gasoil swap M1 increased by $13.13, Rotterdam VLSFO - Gasoil M1 decreased by $15.99, LGO - Brent M1 increased by $2.45, and Rotterdam VLSFO - HSFO M1 increased by $0.44 [2]. Singapore Fuel Oil - **Swap Prices**: From August 13th to 19th, 2025, the price of Singapore 380cst M1 decreased by $4.28, Singapore 180cst M1 decreased by $2.45, Singapore VLSFO M1 decreased by $3.20, Singapore Gasoil M1 increased by $1.56, Singapore 380cst - Brent M1 decreased by $0.75, and Singapore VLSFO - Gasoil M1 decreased by $14.74 [2][10]. - **Spot Prices**: From August 13th to 19th, 2025, the FOB 380cst price decreased by $4.45, the FOB VLSFO price decreased by $1.56, the 380 basis decreased by $0.35, the high - sulfur internal - external spread decreased by $3.4, and the low - sulfur internal - external spread remained unchanged [3]. Domestic FU - From August 13th to 19th, 2025, FU 01 decreased by 26, FU 05 decreased by 22, FU 09 decreased by 27, FU 01 - 05 decreased by 4, FU 05 - 09 increased by 5, and FU 09 - 01 decreased by 1 [3]. Domestic LU - From August 13th to 19th, 2025, LU 01 decreased by 9, LU 05 decreased by 1, LU 09 decreased by 25, LU 01 - 05 decreased by 8, LU 05 - 09 increased by 24, and LU 09 - 01 decreased by 16 [4].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread fluctuated, and the EW spread fluctuated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the internal - external spread of FU01 slightly weakened to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the internal - external spread of LU11 oscillated at $9 [3][4]. - This week, Singapore's on - shore inventory decreased, but the inventory was still not the highest in the same historical period. The floating storage decreased significantly month - on - month. Saudi Arabia's shipments decreased significantly, the arrivals oscillated this week, the shipments from the UAE rebounded month - on - month, and the net exports increased significantly. The on - shore inventory in Fujairah, the Middle East decreased, the floating storage of high - sulfur and low - sulfur increased significantly, the residue inventory in ARA increased, and the residue inventory in the US decreased, showing a large inventory contradiction [4]. - The east - west divergence of high - sulfur fuel oil continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. A two - way regression is expected in the future. This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated. The LU quota was issued, and the internal - external spread oscillated. In the short term, pay attention to the opportunity of the widening of the high - sulfur 380 EW spread. Fundamentally, the supply of high - sulfur fuel oil is expected to increase, and the supply - demand pattern will weaken [4]. Group 3: Data Summary Rotterdam Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 396.94 | 389.64 | 394.21 | 390.27 | 388.24 | -2.03 | | Rotterdam 0.5% VLS FO Swap M1 | 452.82 | 448.06 | 453.27 | 452.69 | 450.47 | -2.22 | | Rotterdam HSFO - Brent M1 | -3.23 | -3.58 | -3.95 | -4.33 | -4.85 | -0.52 | | Rotterdam 10ppm Gasoil Swap M1 | 638.66 | 628.39 | 631.89 | 635.32 | 624.89 | -10.43 | | Rotterdam VLSFO - Gasoil M1 | -185.84 | -180.33 | -178.62 | -182.63 | -174.42 | 8.21 | | LGO - Brent M1 | 22.10 | 21.18 | 20.51 | 21.97 | 19.81 | -2.16 | | Rotterdam VLSFO - HSFO M1 | 55.88 | 58.42 | 59.06 | 62.42 | 62.23 | -0.19 | [1] Singapore Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 401.22 | 394.38 | 391.90 | 390.95 | 390.54 | - | | Singapore 180cst M1 | 411.88 | 405.63 | 403.65 | 403.51 | 401.94 | - | | Singapore VLSFO M1 | 484.51 | 476.53 | 476.59 | 476.79 | 479.27 | - | | Singapore Gasoil M1 | 85.26 | 83.31 | 83.35 | 82.76 | 82.47 | - | | Singapore 380cst - Brent M1 | -3.02 | -3.07 | -3.49 | -4.09 | -4.49 | - | | Singapore VLSFO - Gasoil M1 | -146.41 | -139.96 | -140.20 | -135.63 | -131.01 | - | [1] Singapore Fuel Oil Spot | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 396.64 | 388.41 | 387.09 | 387.36 | 387.68 | 0.32 | | FOB VLSFO | 483.55 | 475.21 | 476.12 | 477.51 | 475.97 | -1.54 | | 380 Basis | -3.95 | -4.05 | -3.95 | -3.40 | -2.90 | 0.50 | | High - sulfur Internal - External Spread | 1.5 | 4.5 | 2.4 | 2.5 | 0.1 | -2.4 | | Low - sulfur Internal - External Spread | 8.8 | 9.4 | 6.8 | 8.2 | 8.7 | 0.5 | [2] Domestic FU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2800 | 2772 | 2750 | 2746 | 2739 | -7 | | FU 05 | 2770 | 2751 | 2736 | 2741 | 2735 | -6 | | FU 09 | 2770 | 2730 | 2700 | 2691 | 2713 | 22 | | FU 01 - 05 | 30 | 21 | 14 | 5 | 4 | -1 | | FU 05 - 09 | 0 | 21 | 36 | 50 | 22 | -28 | | FU 09 - 01 | -30 | -42 | -50 | -55 | -26 | 29 | [2] Domestic LU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3457 | 3430 | 3417 | 3420 | 3426 | 6 | | LU 05 | 3417 | 3394 | 3390 | 3395 | 3391 | -4 | | LU 09 | 3489 | 3442 | 3429 | 3423 | 3477 | 54 | | LU 01 - 05 | 40 | 36 | 27 | 25 | 35 | 10 | | LU 05 - 09 | -72 | -48 | -39 | -28 | -86 | -58 | | LU 09 - 01 | 32 | 12 | 12 | 3 | 51 | 48 | [3]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst rebounded and then weakened, the near-month spread fluctuated, and the EW spread fluctuated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal - external spread weakened slightly to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9. [3][4] - This week, Singapore's onshore inventory decreased, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month. Saudi Arabia's shipments decreased significantly, and the arrivals this week oscillated. UAE's shipments rebounded month - on - month, and net exports increased significantly. The onshore inventory in Fujairah, the Middle East, decreased, the floating storage of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory decreased, showing a large inventory contradiction. [4] - The east - west divergence of high - sulfur fuel oil continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. A two - way regression is expected in the future. This week, LU remained weak. The basis of the external MF0.5 weakened again and then oscillated. After the LU quota was issued, the internal - external spread oscillated. [4] - In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the supply of high - sulfur fuel oil is expected to increase, and the supply - demand pattern will weaken. [4] Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From August 11 to August 15, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by $3.94, the price of Rotterdam 0.5% VLS FO swap M1 decreased by $0.58, the Rotterdam HSFO - Brent M1 decreased by $0.38, the Rotterdam 10ppm Gasoil swap M1 increased by $3.43, the Rotterdam VLSFO - Gasoil M1 decreased by $4.01, the LGO - Brent M1 increased by $1.46, and the Rotterdam VLSFO - HSFO M1 increased by $3.36. [1] Singapore Fuel Oil Swap Data - From August 11 to August 15, 2025, the price of Singapore 380cst M1 decreased by $0.95, the price of Singapore 180cst M1 decreased by $0.14, the price of Singapore VLSFO M1 increased by $0.20, the price of Singapore Gasoil M1 decreased by $0.59, the Singapore 380cst - Brent M1 decreased by $0.60, and the Singapore VLSFO - Gasoil M1 increased by $4.57. [1][9] Singapore Fuel Oil Spot Data - From August 11 to August 15, 2025, the FOB 380cst price increased by $0.27, the FOB VLSFO price increased by $1.39, the 380 basis increased by $0.55, the high - sulfur internal - external spread increased by $0.1, and the low - sulfur internal - external spread increased by $1.4. [2] Domestic FU Data - From August 11 to August 15, 2025, the price of FU 01 decreased by 4, the price of FU 05 increased by 5, the price of FU 09 decreased by 9, the FU 01 - 05 spread decreased by 9, the FU 05 - 09 spread increased by 14, and the FU 09 - 01 spread decreased by 5. [2] Domestic LU Data - From August 11 to August 15, 2025, the price of LU 01 increased by 3, the price of LU 05 increased by 5, the price of LU 09 decreased by 6, the LU 01 - 05 spread decreased by 2, the LU 05 - 09 spread increased by 11, and the LU 09 - 01 spread decreased by 9. [3]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil rebounded, the near-month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the internal - external spread of FU01 slightly strengthened to $2.5. The cracking spread of Singapore 0.5% low - sulfur fuel oil continued to weaken, the 9 - 10 spread slightly rebounded to $3.75/ton, and the internal - external spread of LU11 oscillated around $8. [3][4] - This week, Singapore's on - land inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased on a month - on - month basis. Saudi Arabia's shipments were at a historical high in the same period, and the arrivals rebounded this week. UAE's shipments rebounded significantly on a month - on - month basis, and net exports increased significantly. The divergence between the East and the West in high - sulfur fuel oil continued, and the current price difference has triggered logistics changes. In the heavy - oil pattern, the cracking spread of Singapore 380cst is the weakest, and the premium of heavy crude oil is the strongest. It is expected that there will be a two - way regression in the future. [4] - This week, LU's weakening was realized, the spot price of the external MF0.5 slightly weakened, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. Attention should be paid to the opportunity of the widening of the 380 EW spread of high - sulfur fuel oil, and short - term short positions in LU should be exited. [4] Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 407.16 | 401.51 | 401.32 | 396.94 | 391.10 | -5.84 | | Rotterdam 0.5% VLS FO Swap M1 | 456.69 | 455.43 | 454.60 | 452.82 | 450.16 | -2.66 | | Rotterdam HSFO - Brent M1 | -2.04 | -2.75 | -2.85 | -3.23 | -3.55 | -0.32 | | Rotterdam 10ppm Gasoil Swap M1 | 644.25 | 648.45 | 644.43 | 638.66 | 627.98 | -10.68 | | Rotterdam VLSFO - GO M1 | -187.56 | -193.02 | -189.83 | -185.84 | -177.82 | 8.02 | | LGO - Brent M1 | 22.56 | 22.94 | 22.30 | 22.10 | 21.18 | -0.92 | | Rotterdam VLSFO - HSF M1 | 49.53 | 53.92 | 53.28 | 55.88 | 59.06 | 3.18 | [1] Singapore Fuel Oil Swap Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 409.81 | 407.04 | 397.66 | 401.22 | 392.60 | -8.62 | | Singapore 180cst M1 | 419.56 | 416.29 | 407.16 | 411.88 | 404.10 | -7.78 | | Singapore VLSFO M1 | 488.48 | 484.34 | 481.62 | 484.51 | 476.91 | -7.60 | | Singapore GO M1 | 84.71 | 84.89 | 83.94 | 85.26 | 82.98 | -2.28 | | Singapore 380cst - Brent M1 | -1.83 | -1.67 | -2.87 | -3.02 | -3.31 | -0.29 | | Singapore VLSFO - GO M1 | -138.37 | -143.85 | -139.54 | -146.41 | -137.14 | 9.27 | [1][6] Singapore Fuel Oil Spot Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 402.93 | 403.56 | 391.73 | 396.64 | 388.41 | -8.23 | | FOB VLSFO | 488.15 | 487.97 | 481.67 | 483.55 | 475.21 | -8.34 | | 380 Basis | -5.35 | -4.75 | -4.80 | -3.95 | -4.05 | -0.10 | | High - Sulfur Internal - External Spread | 2.6 | 2.5 | 2.6 | 1.5 | 4.5 | 3.0 | | Low - Sulfur Internal - External Spread | 9.9 | 8.2 | 8.8 | 8.8 | 9.4 | 0.6 | [2] Domestic FU Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2838 | 2797 | 2781 | 2800 | 2772 | -28 | | FU 05 | 2799 | 2757 | 2747 | 2770 | 2751 | -19 | | FU 09 | 2826 | 2766 | 2760 | 2770 | 2730 | -40 | | FU 01 - 05 | 39 | 40 | 34 | 30 | 21 | -9 | | FU 05 - 09 | -27 | -9 | -13 | 0 | 21 | 21 | | FU 09 - 01 | -12 | -31 | -21 | -30 | -42 | -12 | [2] Domestic LU Data | Name | 2025/08/07 | 2025/08/08 | 2025/08/11 | 2025/08/12 | 2025/08/13 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3463 | 3418 | 3418 | 3457 | 3430 | -27 | | LU 05 | 3416 | 3382 | 3392 | 3417 | 3394 | -23 | | LU 09 | 3510 | 3432 | 3450 | 3489 | 3442 | -47 | | LU 01 - 05 | 47 | 36 | 26 | 40 | 36 | -4 | | LU 05 - 09 | -94 | -50 | -58 | -72 | -48 | 24 | | LU 09 - 01 | 47 | 14 | 32 | 32 | 12 | -20 | [3]