Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the high - sulfur crack spread fluctuated. The 380 near - end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low - sulfur crack spread fluctuated, the near - end monthly spread declined, and the basis fluctuated. This week, there was a significant inventory build - up in Singapore on land, a slight inventory build - up at ARA ports, and a drawdown of residual oil in the US. Recently, the low - sulfur valuation has been realized, and there is room for repair in the crack spread and the inter - month spread after the supply recovers. The high - sulfur crack spread is running strongly, with profits higher than the historical average. This year, in China, affected by the consumption tax deduction and tariff adjustment, the refinery feedstock demand for fuel oil has dropped significantly. In terms of marine fuel, the global high - sulfur marine fuel from January to March increased by 2% year - on - year, while that in Singapore remained basically flat, and the total marine fuel was weaker year - on - year. Attention should be paid to the impact of tariffs on global trade activities. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued, leading to a strong near - end of high - sulfur fuel oil. Attention should be paid to the opportunity for the long - term decline of the high - sulfur crack spread [5][6] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From May 23 to May 29, 2025, the price of Rotterdam 3.5% HSF Swap M1 decreased by 8.89, Rotterdam 0.5% VLSFO Swap M1 decreased by 7.24, Rotterdam HSFO - Brent M1 decreased by 0.37, Rotterdam 10ppm Gasoil Swap M1 decreased by 9.66, Rotterdam VLSFO - Gasoil M1 increased by 2.42, LGO - Brent M1 decreased by 0.49, and Rotterdam VLSFO - HSFO M1 increased by 1.65 [3] Singapore Fuel Oil Swap Data - From May 23 to May 29, 2025, the price of Singapore 380cst M1 decreased by 9.09, Singapore 180cst M1 decreased by 7.78, Singapore VLSFO M1 increased by 8.82, Singapore GO M1 increased by 1.61, Singapore 380cst - Brent M1 increased by 0.07, and Singapore VLSFO - Gasoil M1 decreased by 3.10 [3][10] Singapore Fuel Oil Spot Data - From May 23 to May 29, 2025, the FOB price of Singapore 380cst increased by 6.41, the FOB price of Singapore VLSFO increased by 5.99, the 380 basis increased by 0.45, the high - sulfur domestic - foreign price difference decreased by 1.9, and the low - sulfur domestic - foreign price difference decreased by 1.1 [4] Domestic FU Data - From May 23 to May 29, 2025, the price of FU 01 increased by 62, FU 05 increased by 57, FU 09 increased by 73, FU 01 - 05 increased by 5, FU 05 - 09 decreased by 16, and FU 09 - 01 increased by 11 [4] Domestic LU Data - From May 23 to May 29, 2025, the price of LU 01 increased by 71, LU 05 increased by 56, LU 09 increased by 83, LU 01 - 05 increased by 15, LU 05 - 09 decreased by 27, and LU 09 - 01 increased by 12 [5]