1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - In March, affected by the complete closure of the Strait of Hormuz, the cracking spreads and premiums of high - and low - sulfur fuel oils reached historical highs and then slightly declined. The high - sulfur market was weaker than the low - sulfur market in March. High - sulfur fuel oil is gradually entering the peak - season fundamental logic, while the near - term supply of low - sulfur fuel oil remains tight [4][5]. - In the future, attention should be paid to the processing volume and export logistics of refineries in the near term, the demand - driving rhythm of high - sulfur fuel oil under the tight natural gas situation, and the negative feedback from terminal bunkering for low - sulfur fuel oil [5]. - The recommended trading strategies include a strong high - level oscillation for the unilateral market, paying attention to the positive spread opportunities of FU7 - 9 and LU6 - 7, and the opportunity to narrow the LUFU spread while focusing on the low - sulfur production reduction rhythm and the start of high - sulfur peak - season demand [7][41]. 3. Summary by Relevant Catalogs 3.1 Introduction and Market Review - In March, due to the closure of the Strait of Hormuz, the cracking spreads and premiums of high - and low - sulfur fuel oils reached historical highs. The high - sulfur cracking spread reached about $27 per barrel in mid - March, and the Singapore spot basis reached about $72 per ton. The low - sulfur cracking spread and Singapore spot premium also reached historical highs in mid - to late March. The high - sulfur market was weaker, with supply tension alleviated by Russian exempted oil, and high prices suppressing refinery feed demand. The low - sulfur fuel oil supply was tight both at home and abroad. In late March, there was some negative feedback from downstream demand, and the low - sulfur premium began to decline but remained at a historically high level [4][9]. 3.2 Fundamental Analysis of Supply and Demand 3.2.1 Russia - In March, Russian refineries that were previously attacked gradually recovered, and the crude oil processing volume increased. The export of Russian oil products increased due to the exemption order, but the Baltic ports were attacked again at the end of March. The average crude oil processing rate from March 5th to 11th was 5.32 million barrels per day, a month - on - month increase of 240,000 barrels per day. As of March 16th, the total export was about 1.95 million tons, with a daily average of 120,000 tons, a month - on - month increase of 18,000 tons (+17%) and a year - on - year increase of 27,000 tons (+28%) [15][16][17]. 3.2.2 Mexico - As of March 16th, the total high - sulfur export was about 280,000 tons, with a daily average of 174,000 tons, a month - on - month increase of 28%. In the week of March 6th, the high - sulfur export surged to about 210,000 tons. However, the total supply is limited due to the reduced production after the secondary device commissioning of Tula and Olmeca refineries [20]. 3.2.3 Middle East - Due to the intensification of the conflict between the US, Iran, and Israel, the Strait of Hormuz was closed, and some refineries in the Middle East reduced production or shut down completely. As of March 16th, the total high - sulfur export was about 1.02 million tons, with a daily average of 64,000 tons, a month - on - month decrease of 61%. The low - sulfur fuel oil export from Al - Zour refinery was stable but with a stagnant export expectation [23]. 3.2.4 Nigeria - After the secondary device of Dangote refinery resumed stable operation in mid - February, the low - sulfur production and export decreased month - on - month. In March, there was no low - sulfur fuel oil export, and the export to the Pan - Singapore area in February decreased by 70,000 tons to 80,000 tons [28]. 3.2.5 South Sudan - The export of Dar Blend crude oil gradually recovered, with a total loading of 1.8 million barrels in March, returning to the normal level of last year. India began to import and divert Dar crude oil [29]. 3.2.6 Singapore - As of the week of March 11th, the fuel oil inventory in Singapore reached 24.16 million barrels (about 3.8 million tons), a new high in four weeks. The import and export of fuel oil in land - based storage tanks increased. There are concerns about future raw material supply, and alternative supply sources are limited [31]. 3.3 Future Outlook and Strategy Recommendations - The situation of the Middle East conflict is volatile, increasing the risk of oil price fluctuations. The recent attacks on major Baltic ports in Russia may affect the near - term oil product loading and export. The fuel oil inventory in Singapore remains at a high level. As the second quarter approaches, attention should be paid to the start of power - generation stockpiling and import demand in South Asia, Saudi Arabia, and Egypt. The bunkering demand in Singapore may increase. The near - term supply of low - sulfur fuel oil is tight [41]. - Strategy recommendations: a strong high - level oscillation for the unilateral market; pay attention to the positive spread opportunities of FU7 - 9 and LU6 - 7; pay attention to the opportunity to narrow the LUFU spread [41].

Report Industry Investment Rating - BU: Oscillating [1] - FU/LU: Bullish [1] Core Viewpoints of the Report - The significant collapse of the asphalt cracking spread and the extreme compression of production profits have led to a substantial shrinkage in domestic supply. Although the inventory is still at a high level, concerns about the continuous tightening of short - term supply are difficult to alleviate. With the gradual start of road demand in the north in the second quarter, the absolute price of asphalt is unlikely to decline significantly, and the slow repair of the cracking spread is more worthy of attention [2][79] - The fuel oil market has higher elasticity than the asphalt market. It is still in an oscillation period dominated by geopolitical games. The short - term risk is still the instability of supply, but in the long term, it will return to fundamental pricing. In the most optimistic scenario, the supply tension is expected to ease in late April. In the benchmark scenario, the supply gap will gradually converge, the cracking spread will weaken, and the high - low sulfur spread will gradually return to a reasonable level. Overall, no significant price correction is expected in the second quarter [3][79][80] Summary According to the Directory 1. Asphalt: Cracking Spread Collapse, Significant Supply Contraction - **Cost Increase and Profit Squeeze**: The US intervention in Venezuelan crude oil sales has led to a significant reduction in the discount of Merey crude oil, pushing up the production cost of local refineries. The closure of the Strait of Hormuz in March caused international oil prices to soar, while the increase in asphalt prices was far less than that of crude oil, resulting in a rapid decline in the cracking spread and production profits. The problem of raw material shortage is expected to persist in the second quarter [11][14][15] - **Substantial Supply Contraction and Limited Inventory Pressure**: In mid - March, major refineries reduced production or stopped shipping due to concerns about raw material shortages and increased losses. The output in March and April decreased significantly year - on - year. Overseas supply also shrank significantly. Although the current asphalt inventory is high, the short - term supply shortage makes the near - month price easy to rise and difficult to fall [21] - **Upcoming Demand and Price Support**: The second quarter is the recovery period of asphalt demand. Although the demand growth rate in the second quarter of 2026 may be lower than that in 2025, the early allocation of special bonds may support the improvement of demand. The key to the absolute price of asphalt lies in when the raw material shortage can be resolved, and the gradual return of the cracking spread is a more certain long - term trend [26][27] 2. Fuel Oil: Low - Sulfur Remains Relatively Strong, Focus on the Long - Term Return of Cracking Spread - **Disruption of Persian Gulf Fuel Oil Supply and Strong Cracking Spread**: The closure of the Strait of Hormuz on February 28 cut off the only shipping route for Persian Gulf product exports, causing a supply gap of about 250,000 tons of high - sulfur fuel oil, accounting for about 20% of global demand. The supply of low - sulfur fuel oil from key refineries has also been affected [36][37][38] - **Differentiated Trends of High - and Low - Sulfur, Low - Sulfur Gaining the Upper Hand**: At the beginning of the geopolitical conflict, high - sulfur prices rose more strongly. However, as diesel prices soared, the relative relationship between high - and low - sulfur reversed, and the high - low sulfur spread began to widen. The term structure of fuel oil also showed different trends for high - and low - sulfur [45][46][48] - **Differentiated Supply and Demand in Ports, Stable Inventory in Singapore**: The fuel oil market fluctuations vary in different regions. The supply in the Middle East has been severely affected, while Singapore has shown more resilience due to the inflow of Russian goods. The demand has also been redistributed among ports. Although Singapore has buffered the supply impact, the low - sulfur blending pool has not been substantially alleviated [58][59][69] - **The Strait of Hormuz is the Key, Don't Be Over - Optimistic about Resumed Navigation**: The current situation has not been substantially alleviated. In the most optimistic scenario, supply relief in Singapore may occur in late April, and the price correction may occur at the end of the second quarter. In the benchmark scenario, the supply gap will gradually converge, and the high - low sulfur spread will gradually return to a reasonable level. In the pessimistic scenario, fuel oil prices will continue to soar [70][75][77] 3. Summary and Outlook - The marginal changes in the supply side are the key factors affecting the asphalt and fuel oil markets in the second quarter. The main price ranges of BU, FU, and LU in the second quarter are expected to be [3800,4800], [4000,5000], and [4500,6500] yuan/ton respectively, and the high - low sulfur spread in Singapore is expected to be in the range of [100,200] US dollars/ton. If the geopolitical situation does not change significantly, opportunities to buy the asphalt cracking spread and the high - low sulfur spread at low prices can be considered. If the seasonal rigid demand for asphalt recovers strongly, the opportunity for the BU - FU spread to widen can also be considered [79][80]

1. Report Industry Investment Rating - High - sulfur fuel oil: Neutral, be aware of high market volatility [3] - Low - sulfur fuel oil: Neutral, be aware of high market volatility [3] - Cross - variety: None [3] - Cross - period: None [3] - Spot - futures: None [3] - Options: None [3] 2. Core View of the Report - Although Trump made remarks about the end of the war, the conflict between Iran and the US - Israel has not ceased, and the passage through the Strait of Hormuz has not resumed. The number of passing oil tankers remains low. Measures such as releasing strategic oil reserves cannot solve the key supply bottleneck [2] - The high - sulfur fuel oil (FU) has relatively prominent exposure and elasticity to geopolitical risks. There is also an incremental substitution demand for natural gas and crude oil in power generation and refinery terminals. The significant increase in the cracking spread of gasoline and diesel (especially diesel) boosts the valuation of low - sulfur fuel oil. The tightening of Middle East crude oil supply leads to a decline in the production of low - sulfur fuel oil, and more ships choose ports in Asia - Pacific for refueling, strengthening the market structure [2] - The cracking spread, monthly spread, and spot premium of low - sulfur fuel oil have risen significantly. The low - high sulfur price spread has rebounded significantly from a low level. In terms of valuation, low - sulfur fuel oil has more room to reach the historical peak compared to high - sulfur fuel oil [2] 3. Market Analysis Summary - The main contract of SHFE fuel oil futures closed up 9.2% at 4,653 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 14.83% at 5,663 yuan/ton [1] 4. Strategy Summary - High - sulfur fuel oil: Maintain a neutral stance and pay attention to high market volatility [3] - Low - sulfur fuel oil: Maintain a neutral stance and pay attention to high market volatility [3] - No strategies are recommended for cross - variety, cross - period, spot - futures, and options [3] 5. Figures Summary - The report presents multiple figures on fuel oil and low - sulfur fuel oil, including spot prices, swap near - month contracts, monthly spreads, futures contract closing prices, and trading volume and open interest, with units of US dollars/ton or yuan/ton and hands [4]

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, leaning towards bearish [2] - Low - sulfur fuel oil: Short - term neutral, leaning towards bearish [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] Group 2: Core View of the Report - The main contract of SHFE fuel oil futures closed up 1.91% at 2,508 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 2.18% at 3,089 yuan/ton [1] - The crude oil side continued to rebound in a volatile manner, boosting the unilateral prices of FU and LU, but the expectation of oversupply in the oil market has not reversed, and the medium - term cost side will continue to suppress the unilateral prices of fuel oil [1] - The overall market contradiction of fuel oil is limited. The market structure of high - sulfur fuel oil is in the adjustment stage, and the crack spread has dropped significantly from the high level. The market needs an increase in refinery demand to hedge the increased supply from the Middle East, and the market structure support still exists. The overall supply of low - sulfur fuel oil is relatively abundant, but there are local reductions. The short - term trend of the high - low sulfur spread is volatile and strong, but the upside space is expected to be limited [1] Group 3: Summary by Related Figures - Figures related to Singapore fuel oil: - Figure 1: Singapore high - sulfur 380 fuel oil spot price, unit: US dollars/ton [3][11] - Figure 2: Singapore low - sulfur fuel oil spot price, unit: US dollars/ton [3][11] - Figure 3: Singapore high - sulfur fuel oil swap near - month contract, unit: US dollars/ton [3][4] - Figure 4: Singapore low - sulfur fuel oil swap near - month contract, unit: US dollars/ton [3][4] - Figure 5: Singapore high - sulfur fuel oil near - month spread, unit: US dollars/ton [3][7] - Figure 6: Singapore low - sulfur fuel oil near - month spread, unit: US dollars/ton [3][7] - Figures related to fuel oil FU futures: - Figure 7: Fuel oil FU futures main contract closing price, unit: yuan/ton [3][13] - Figure 8: Fuel oil FU futures index closing price, unit: yuan/ton [3][13] - Figure 9: Fuel oil FU futures near - month contract closing price, unit: yuan/ton [3][22] - Figure 10: Fuel oil FU near - month contract spread, unit: yuan/ton [3][22] - Figure 11: Fuel oil FU futures main contract trading volume and open interest, unit: lots [3][23] - Figure 12: Fuel oil FU futures total trading volume and open interest, unit: lots [3][23] - Figures related to low - sulfur fuel oil LU futures: - Figure 13: Low - sulfur fuel oil LU futures main contract closing price, unit: yuan/ton [3][24] - Figure 14: Low - sulfur fuel oil LU futures index closing price, unit: yuan/ton [3][24] - Figure 15: Low - sulfur fuel oil LU futures near - month contract price, unit: yuan/ton [26] - Figure 16: Low - sulfur fuel oil LU futures near - month spread, unit: yuan/ton [26] - Figure 17: Low - sulfur fuel oil LU futures main contract trading volume and open interest, unit: lots [3][32] - Figure 18: Low - sulfur fuel oil LU futures total trading volume and open interest, unit: lots [3][32]

1. Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Low - sulfur fuel oil: Short - term neutral, slightly bearish [2] - Cross - variety: None [2] - Cross - period: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The main contract of SHFE fuel oil futures closed down 0.2% at 2,469 yuan/ton, while the main contract of INE low - sulfur fuel oil futures closed up 0.63% at 3,035 yuan/ton [1] - Crude oil prices rebounded slightly from the low level, but the medium - term expectation of oversupply in the oil market is gradually materializing. If the Russia - Ukraine peace agreement is successfully reached, the geopolitical premium may further subside, and the cost side will put some pressure on the unilateral price of fuel oil [1] - In terms of the fundamentals of fuel oil itself, the overall market contradictions are limited currently. The market structure of high - sulfur fuel oil is in the adjustment stage, with the support from the incremental demand on the refinery side. For low - sulfur fuel oil, the overall market supply is still relatively abundant, but there are local reductions. The extended maintenance time of the Azur refinery and zero shipping volume from Kuwait since November provide short - term support for the low - sulfur fuel oil market, and the high - low sulfur basis has risen again, but the expected space is limited [1] 3. Summary of Relevant Figures Singapore Fuel Oil Spot and Swap Contracts - Figure 1 shows the spot price of Singapore high - sulfur 380 fuel oil in dollars/ton [3][12] - Figure 2 shows the spot price of Singapore low - sulfur fuel oil in dollars/ton [3][12] - Figure 3 shows the near - month contract of Singapore high - sulfur fuel oil swap in dollars/ton [3][4] - Figure 4 shows the near - month contract of Singapore low - sulfur fuel oil swap in dollars/ton [3][4] Singapore Fuel Oil Near - Month Spreads - Figure 5 shows the near - month spread of Singapore high - sulfur fuel oil in dollars/ton [3][7] - Figure 6 shows the near - month spread of Singapore low - sulfur fuel oil in dollars/ton [3][7] Fuel Oil FU Futures - Figure 7 shows the closing price of the main contract of fuel oil FU futures in yuan/ton [3][13] - Figure 8 shows the closing price of the fuel oil FU futures index in yuan/ton [3][13] - Figure 9 shows the closing price of the near - month contract of fuel oil FU futures in yuan/ton [3][20] - Figure 10 shows the near - month spread of the fuel oil FU contract in yuan/ton [3][20] - Figure 11 shows the trading volume and open interest of the main contract of fuel oil FU futures in lots [3][21] - Figure 12 shows the total trading volume and open interest of fuel oil FU futures in lots [3][21] Low - Sulfur Fuel Oil LU Futures - Figure 13 shows the closing price of the main contract of low - sulfur fuel oil LU futures in yuan/ton [3][27] - Figure 14 shows the closing price of the low - sulfur fuel oil LU futures index in yuan/ton [3][27] - Figure 15 shows the price of the near - month contract of low - sulfur fuel oil LU futures in yuan/ton [3][24] - Figure 16 shows the near - month spread of low - sulfur fuel oil LU futures in yuan/ton [3][24] - Figure 17 shows the trading volume and open interest of the main contract of low - sulfur fuel oil LU futures in lots [3][25] - Figure 18 shows the total trading volume and open interest of low - sulfur fuel oil LU futures in lots [3][25]

Core Viewpoint - Fuel oil futures experienced a sharp decline, with the main contract dropping to a low of 2482.00 yuan, closing at 2497.00 yuan, down 1.27% [1][2]. Group 1: Market Analysis - Dayue Futures predicts that the price gap between high and low sulfur fuel oil will continue to narrow due to a slight recovery in demand for ship fuel, which has led to a rise in spot prices for marine fuel [2]. - Southwest Futures suggests a temporary wait-and-see approach for the main fuel oil contract, noting that the previous trading day saw high sulfur fuel oil open high but close lower, remaining below the moving average [2]. - The high sulfur fuel oil market is showing strength, with the 380-cst high sulfur fuel oil trading momentum remaining robust, while the ultra-low sulfur fuel oil market remains stable with slight premium pricing [2]. Group 2: Price Dynamics - The Hi-5 price difference, which measures the premium of ultra-low sulfur fuel oil over 380-cst high sulfur fuel oil, has decreased to around 80 USD per ton, indicating a slight recovery in high sulfur fuel oil [2]. - The cracking spread for ultra-low sulfur fuel oil has dropped to approximately 5.40 USD per barrel, while the cracking spread for 380-cst high sulfur fuel oil has risen to nearly a 7 USD discount amid fluctuating trading [2]. - Reports indicate that four transactions of 380-cst high sulfur fuel oil and one transaction of ultra-low sulfur fuel oil were completed in the Singapore trading window, with no transactions for 180-cst high sulfur fuel oil [2].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - The overall oil price is oscillating, with geopolitical risks providing support. The fundamentals of high - sulfur fuel oil are slightly boosted, but the high - low sulfur price spread remains high and is expected to take time to narrow. FU2601 is expected to run strongly in the range of 2540 - 2590, and LU2601 in the range of 3220 - 3280 [3]. 3. Summary by Directory 3.1 Daily Tips - **Fundamentals**: High - sulfur fuel oil is supported by strong downstream marine fuel demand, with stable buying interest this week. Some low - sulfur fuel oil is sent to China, and refineries are buying high - sulfur fuel oil as raw materials. The spot spread of Singapore's 0.5% sulfur marine fuel has turned positive for the first time in six weeks [3]. - **Basis**: Singapore high - sulfur fuel oil is at 347.77 dollars/ton with a basis of 0 dollars/ton, and low - sulfur fuel oil is at 448.05 dollars/ton with a basis of 24 dollars/ton, indicating a flat cash - futures relationship [3]. - **Inventory**: Singapore's fuel oil inventory in the week of November 12 was 2087.9 million barrels, a decrease of 19 million barrels [3]. - **Market**: Prices are below the 20 - day line, and the 20 - day line is flat [3]. - **Main Positions**: High - sulfur main positions are short, with short positions increasing; low - sulfur main positions are short, changing from long to short [3]. 3.2 Long - Short Concerns - **Positive Factors**: Russian fuel oil export restrictions and the cancellation of US - Russia talks along with sanctions on Russian oil - related enterprises [4]. - **Negative Factors**: The optimism on the demand side remains to be verified, and the upstream crude oil is under pressure [4]. 3.3 Fundamental Data - The high - sulfur fuel oil market is supported by strong downstream demand, and some low - sulfur fuel oil is sent to China. Refineries are also purchasing high - sulfur fuel oil as raw materials. The spot spread of Singapore's 0.5% sulfur marine fuel has turned positive [3]. 3.4 Spread Data - No specific spread data analysis is provided other than the basis information mentioned above. 3.5 Inventory Data - Singapore's fuel oil inventory in the week of November 12 was 2087.9 million barrels, a decrease of 19 million barrels. Historical inventory data from September 3 to November 12 are also provided [3][8].

1. Report Industry Investment Rating - There is no specific investment rating for the industry provided in the report. 2. Core View of the Report - The strength - weakness pattern of high - sulfur and low - sulfur fuel oil is changing marginally, with the spread between high - sulfur and low - sulfur fuel oil continuing to rebound. The crude oil price is in a weak oscillation state, and the expectation of oversupply in the oil market is gradually being realized, which suppresses the unilateral price of fuel oil. The high - sulfur fuel oil's previously strong fundamentals are marginally loosening, but there are still support factors below. The supply of low - sulfur fuel oil in Nigeria and Kuwait is marginally tightening due to device maintenance changes, and the strong overseas gasoline and diesel also boost the valuation of low - sulfur fuel oil. However, in the medium term, the state where low - sulfur fuel oil is stronger than high - sulfur fuel oil is difficult to form a trend, and the upside space of the high - low sulfur spread may be limited [1]. 3. Summary by Related Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed down 0.92% at 2593 yuan/ton during the day session, while the main contract of INE low - sulfur fuel oil futures closed up 0.43% at 3236 yuan/ton. The crude oil price is in a weak oscillation state, and the expectation of oversupply in the oil market is suppressing the unilateral price of fuel oil. The high - sulfur fuel oil's fundamentals are marginally loosening, and the low - sulfur fuel oil's supply is marginally tightening in some regions, with overseas gasoline and diesel boosting its valuation. But the medium - term trend of low - sulfur being stronger than high - sulfur is hard to form, and the high - low sulfur spread's upside space is limited [1]. Strategy - High - sulfur fuel oil: Neutral in the short term and bearish in the medium term. Low - sulfur fuel oil: Neutral in the short term and bearish in the medium term. For cross - variety, the previous long LU - FU spread positions can be appropriately stopped for profit. There are no strategies for cross - period, spot - futures, and options [2]. Charts - There are multiple charts including those showing Singapore high - sulfur 380 fuel oil spot price, Singapore low - sulfur fuel oil spot price, Singapore high - sulfur and low - sulfur fuel oil swap near - month contracts, near - month spreads, and the closing prices, trading volumes, and open interests of fuel oil FU and low - sulfur fuel oil LU futures contracts [3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the high - sulfur crack in Singapore oscillated, the monthly spread strengthened slightly, the basis weakened, the HSFO crack in Europe declined, and the EW strengthened. The 0.5% crack in Singapore rebounded, the monthly spread oscillated, and the basis oscillated at a low level. [3] - In terms of inventory, Singapore's residue oil had a slight de - stocking, ARA's residue oil had inventory accumulation, Fujeirah's residue oil had inventory accumulation, and EIA's residue oil inventory remained flat. [3] - The spread between high - and low - sulfur in the outer market rebounded. Singapore's high - sulfur was supported by EW and refinery purchases, but the spot basis weakened rapidly. It is in a short - term oscillating pattern, and the short - term downward space for low - sulfur is limited. [3][4] 3) Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | +4.64 [1] | | Rotterdam 0.5% VLS FO Swap M1 | +8.27 [1] | | Rotterdam HSFO - Brent M1 | - 0.45 [1] | | Rotterdam 10ppm Gasoil Swap M1 | +22.41 [1] | | Rotterdam VLSFO - G O M1 | - 14.14 [1] | | LGO - Brent M1 | +1.34 [1] | | Rotterdam VLSFO - H SFO M1 | +3.63 [1] | Singapore Fuel Oil Swap Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | Singapore 380cst M1 | +4.77 [1] | | Singapore 180cst M1 | +5.78 [1] | | Singapore VLSFO M1 | +6.41 [1] | | Singapore GO M1 | +0.69 [1] | | Singapore 380cst - Brent M1 | - 0.24 [1] | | Singapore VLSFO - G O M1 | +1.30 [1] | Singapore Fuel Oil Spot Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | FOB 380cst | +5.06 [2] | | FOB VLSFO | +6.84 [2] | | 380 Basis | +0.03 [2] | | High - sulfur Domestic - Foreign Spread | +1.8 [2] | | Low - sulfur Domestic - Foreign Spread | +1.6 [2] | Domestic FU Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | FU 01 | +27 [2] | | FU 05 | +28 [2] | | FU 09 | +25 [2] | | FU 01 - 05 | - 1 [2] | | FU 05 - 09 | +3 [2] | | FU 09 - 01 | - 2 [2] | Domestic LU Data | Product | 2025/11/10 - 2025/11/14 Change | | --- | --- | | LU 01 | +76 [3] | | LU 05 | +53 [3] | | LU 09 | +46 [3] | | LU 01 - 05 | +23 [3] | | LU 05 - 09 | +7 [3] | | LU 09 - 01 | - 30 [3] |

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The fuel oil market follows the rhythm of the crude oil end, with the FU and LU disk showing weak and volatile movements, and the short - term trend is unclear. The high - low sulfur spread has continuously rebounded from the bottom, indicating a marginal change in the strength - weakness pattern. The high - sulfur fuel oil downstream power plant demand is in the off - season, the spot market has loosened, and the supply is relatively abundant. The supply from Russia and Iran still has uncertainties due to sanctions and drone attacks. For low - sulfur fuel oil, the supply from Kuwait and Nigeria has marginally declined recently, the pressure has eased, and there is room for market structure repair, but it still lacks sufficient positive drivers. Overall, the high - low sulfur spread is expected to maintain a slightly stronger volatile trend in the short term, with limited upward space [1]. 3) Summary by Related Sections Market Analysis - The main contract of SHFE fuel oil futures closed up 0.04% at 2,728 yuan/ton during the day session, and the main contract of INE low - sulfur fuel oil futures closed down 0.24% at 3,269 yuan/ton [1]. - The high - sulfur fuel oil downstream power plant demand is in the off - season, the spot market has loosened, and the supply is relatively abundant. The supply from Russia and Iran still has uncertainties due to sanctions and drone attacks. For low - sulfur fuel oil, the supply from Kuwait and Nigeria has marginally declined recently, the pressure has eased, and there is room for market structure repair, but it still lacks sufficient positive drivers [1]. Strategy - High - sulfur fuel oil: Neutral in the short term, bearish in the medium term [2]. - Low - sulfur fuel oil: Neutral in the short term, bearish in the medium term [2]. - Cross - variety: Go long on the LU2601 - FU2601 spread at low levels [2]. - Cross - period: No strategy [2]. - Spot - futures: No strategy [2]. - Options: No strategy [2].