Report Overview - Report Title: Fuel Oil Morning Report - Report Date: August 1, 2025 - Research Team: Energy and Chemicals Team of the Research Center Report Industry Investment Rating - Not provided Core Views - This week, the high - sulfur crack spread fluctuated, the near - month spread declined and returned to the historical low for the same period. EW continued to weaken and rebounded on Friday. The 380 9 - 10 month spread weakened to around $2, the 380 basis continued to weaken to -$7.25/ton, and the FU09 domestic - foreign spread rebounded and then fluctuated. The Singapore 0.5 crack spread declined fluctuantly, the 9 - 10 month spread weakened to around $2.75, the LU domestic - foreign spread weakened, and the 09 domestic - foreign spread dropped to $0.7. [4][5] - This week, Singapore's on - land inventory increased slightly, floating storage decreased, and the near - month spread was under pressure. Saudi Arabia's shipments and imports increased month - on - month, while the UAE's shipments decreased significantly month - on - month. Egypt's net imports decreased slightly month - on - month but remained at a seasonal high. High - sulfur supply and demand are still in the peak season. After the 380 crack spread declined, it fluctuated. Currently, the EW arbitrage window is theoretically open, and the domestic - foreign spread oscillated after repair. [5] - This week, the hi - 5 spread fluctuated after a slight decline. The domestic LU domestic - foreign spread decline was realized, and the FU - LU domestic - foreign valuation was partially realized. Attention should be paid to whether there is support for the 380 near - month contract. [5] Data Summary Rotterdam Fuel Oil Data - From July 25 to July 31, 2025, for Rotterdam 3.5% HSF O swap M1, the price changed from $418.40 to $430.91, with a change of -$3.62; for Rotterdam 0.5% VLS FO swap M1, the price changed from $464.12 to $485.27, with a change of -$2.48; for Rotterdam HSFO - Brent M1, the price changed from -$2.01 to -$3.80, with a change of -$0.20; etc. [2] Singapore Fuel Oil Data - From July 25 to July 31, 2025, for Singapore 380cst M1, the price changed from $410.89 to $416.80, with a change of -$1.87; for Singapore 180cst M1, the price changed from $423.97 to $430.45, with a change of -$1.63; for Singapore VLSFO M1, the price changed from $495.32 to $509.36, with a change of -$1.75; etc. [2][10] Singapore Fuel Oil Spot Data - From July 25 to July 31, 2025, for FOB 380cst, the price changed from $403.34 to $411.50, with a change of -$0.77; for FOB VLSFO, the price changed from $499.89 to $511.91, with a change of -$2.94; the 380 basis changed from -$6.25 to -$6.25, with a change of $0.05; etc. [3] Domestic FU Data - From July 25 to July 31, 2025, for FU 01, the price changed from 2921 to 2953, with a change of -12; for FU 05, the price changed from 2872 to 2909, with a change of -3; for FU 09, the price changed from 2915 to 2933, with a change of -23; etc. [3] Domestic LU Data - From July 25 to July 31, 2025, for LU 01, the price changed from 3549 to 3628, with a change of -24; for LU 05, the price changed from 3489 to 3593, with a change of -21; for LU 09, the price changed from 3611 to 3655, with a change of -37; etc. [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking fluctuated, the near - month spread declined and returned to the historical low for the same period. EW continued to weaken and rebounded on Friday. The 380 9 - 10 spread weakened to around $2, the 380 basis continued to weaken to -$7.25/ton, and the FU09 internal - external spread rebounded and then fluctuated [5]. - The Singapore 0.5 cracking fluctuated downward, the 9 - 10 spread weakened to around $2.75, the LU internal - external spread weakened, and the 09 internal - external spread dropped to $0.7 [6]. - This week, Singapore's on - land inventory increased slightly, floating storage decreased, the near - month spread was under pressure, Saudi Arabia's shipments increased month - on - month, imports from Saudi Arabia also increased, and the UAE's shipments decreased significantly month - on - month. Egypt's net imports decreased slightly month - on - month but remained at a seasonal high [6]. - High - sulfur supply and demand are still in the peak season. After the 380 cracking declined, it fluctuated. Currently, the EW arbitrage window is theoretically open, and the internal - external spread repaired and then fluctuated [6]. - This week, the hi - 5 spread fluctuated after a slight decline. The domestic LU internal - external spread decline was realized, and the FU - LU internal - external valuation was partially realized. Attention should be paid to whether there is support for the 380 near - month contract [6]. Group 3: Summary According to Data Rotterdam Market - From July 23 to July 29, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by $6.61, Rotterdam 0.5% VLS FO swap M1 increased by $5.21, Rotterdam HSFO - Brent M1 decreased by $0.07, Rotterdam 10ppm Gasoil swap M1 increased by $1.78, Rotterdam VLSFO - GO M1 increased by $3.43, LGO - Brent M1 decreased by $2.03, and Rotterdam VLSFO - HSFO M1 decreased by $1.40 [4]. Singapore Market - For Singapore fuel oil swaps from July 23 to July 29, 2025, Singapore 380cst M1 had a certain price change, Singapore 180cst M1 also changed, Singapore VLSFO M1 changed, and Singapore GO M1 changed. The Singapore 380cst - Brent M1 and Singapore VLSFO - GO M1 also had corresponding changes [4]. - For Singapore fuel oil spot, from July 23 to July 29, 2025, FOB 380cst increased by $5.89, FOB VLSFO increased by $8.44, and the 380 basis decreased by $0.05 [4]. Domestic Market - For domestic FU from July 23 to July 29, 2025, FU 01 increased by 40, FU 05 increased by 35, FU 09 increased by 48, FU 01 - 05 increased by 5, FU 05 - 09 decreased by 13, and FU 09 - 01 increased by 8 [4]. - For domestic LU from July 23 to July 29, 2025, LU 01 increased by 69, LU 05 increased by 48, LU 09 increased by 88, LU 01 - 05 increased by 21, LU 05 - 09 decreased by 40, and LU 09 - 01 increased by 19 [5].

国 内 L U | 日期 | LU 01 | LU 05 | LU 09 | LU 01-05 | LU 05-09 | LU 09-01 | | --- | --- | --- | --- | --- | --- | --- | | 2025/07/16 | 3546 | 3467 | 3630 | 79 | -163 | 84 | | 2025/07/17 | 3508 | 3446 | 3580 | 62 | -134 | 72 | | 2025/07/18 | 3570 | 3500 | 3634 | 70 | -134 | 64 | | 2025/07/21 | 3550 | 3500 | 3603 | 50 | -103 | 53 | | 2025/07/22 | 3525 | 3470 | 3584 | 55 | -114 | 59 | | 变化 | -25 | -30 | -19 | 5 | -11 | 6 | | | | | 结论观点： 本周高硫裂解震荡下跌，近月月差下行，EW继续走弱。380 8-9月差走弱至1.75美金，基差走 弱后震荡，FU09内外小幅反弹，内盘交割货较多，维持宽松格局 ...

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the high-sulfur cracking spread fluctuated downward, the near-month spread declined, and the EW was in a low-level oscillation. The 380 8-9 month spread dropped to $3.25, the basis oscillated at a low level, the FU09 domestic and foreign spread weakened significantly, and the domestic delivery volume was large, maintaining a loose pattern. The Singapore 0.5 cracking spread declined slightly, the month spread oscillated, and the 8-9 month spread oscillated around $6. The LU domestic and foreign spreads remained strong, with the 09 oscillating around $17. This week, Singapore's onshore inventory increased, the window was under delivery pressure, and the near month was under pressure. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, the high-sulfur supply and demand was still in the peak season, the domestic and foreign spreads had dropped rapidly, the foreign low-sulfur valuation was high, and the LU domestic and foreign spreads were running at a high level. Attention should be paid to the domestic production situation. [3][4] Data Summary Rotterdam Fuel Oil Swap Data - From July 2, 2025, to July 8, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by $5.66, the price of Rotterdam 0.5% VLS FO swap M1 increased by $4.57, the Rotterdam HSFO-Brent M1 decreased by $0.02, the Rotterdam 10ppm Gasoil swap M1 increased by $13.76, the Rotterdam VLSFO-GO M1 decreased by $9.19, the LGO-Brent M1 increased by $1.28, and the Rotterdam VLSFO-HSFO M1 decreased by $1.09. [1] Singapore Fuel Oil Swap Data - From July 2, 2025, to July 8, 2025, the price of Singapore 380cst M1 increased by $7.37, the price of Singapore 180cst M1 increased by $6.98, the price of Singapore VLSFO M1 increased by $6.99, the price of Singapore GO M1 decreased by $0.43, the Singapore 380cst-Brent M1 increased by $0.19, and the Singapore VLSFO-GO M1 increased by $10.17. [1] Singapore Fuel Oil Spot Data - From July 2, 2025, to July 8, 2025, the FOB 380cst price increased by $9.62, the FOB VLSFO price increased by $5.90, the 380 basis increased by $1.25, the high-sulfur domestic and foreign spread decreased by $2.3, and the low-sulfur domestic and foreign spread increased by $0.6. [2] Domestic FU Data - From July 2, 2025, to July 8, 2025, the price of FU 01 increased by 21, the price of FU 05 increased by 13, the price of FU 09 increased by 25, the FU 01-05 spread increased by 8, the FU 05-09 spread decreased by 12, and the FU 09-01 spread increased by 4. [2] Domestic LU Data - From July 2, 2025, to July 8, 2025, the price of LU 01 increased by 31, the price of LU 05 increased by 44, the price of LU 09 increased by 44, the LU 01-05 spread decreased by 13, the LU 05-09 spread remained unchanged, and the LU 09-01 spread increased by 13. [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and EW oscillated at a low level. The 380 8 - 9 month spread dropped to $3.25, the basis oscillated at a low level, the FU09 domestic - foreign spread weakened significantly, and the domestic delivery volume was large, maintaining a loose pattern. [5] - The Singapore 0.5 crack spread declined slightly, the monthly spread oscillated, and the 8 - 9 month spread oscillated around $6. The LU domestic - foreign spread remained strong, with LU09 oscillating around $17. [5] - This week, there was an inventory build - up on land in Singapore. The window was under delivery pressure, and the near - month contract was under pressure. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, the high - sulfur supply and demand was still in the peak season, and the domestic - foreign spread had dropped rapidly. The valuation of the low - sulfur on the external market was relatively high, and the LU domestic - foreign spread was running at a high level. One should pay attention to the domestic production situation. [6] 3. Data Summary Rotterdam Fuel Oil Swap Data | Type | Change | |--|--| | Rotterdam 3.5% HSF Swap M1 | +$9.14 | | Rotterdam 0.5% VLSFO Swap M1 | +$6.10 | | Rotterdam HSFO - Brent M1 | +$0.26 | | Rotterdam 10ppm Gasoil Swap M1 | -$6.08 | | Rotterdam VLSFO - Gasoil M1 | +$12.18 | | LGO - Brent M1 | -$2.02 | | Rotterdam VLSFO - HSFO M1 | -$3.04 | [3] Singapore Fuel Oil Swap Data | Type | Change | |--|--| | Singapore 380cst M1 | -$1.70 | | Singapore 180cst M1 | -$1.01 | | Singapore VLSFO M1 | -$4.70 | | Singapore Gasoil M1 | +$1.36 | | Singapore 380cst - Brent M1 | +$0.25 | | Singapore VLSFO - Gasoil M1 | -$14.77 | [3] Singapore Fuel Oil Spot Data | Type | Change | |--|--| | FOB 380cst | -$1.05 | | FOB VLSFO | -$5.58 | | 380 Basis | +$0.15 | | High - sulfur Domestic - foreign Spread | -$1.8 | | Low - sulfur Domestic - foreign Spread | +$0.7 | [4] Domestic FU Data | Type | Change | |--|--| | FU 01 | -9 | | FU 05 | -11 | | FU 09 | -19 | | FU 01 - 05 | +2 | | FU 05 - 09 | +8 | | FU 09 - 01 | -10 | [4] Domestic LU Data | Type | Change | |--|--| | LU 01 | -12 | | LU 05 | -8 | | LU 09 | -2 | | LU 01 - 05 | - | | LU 05 - 09 | -6 | | LU 09 - 01 | +10 | [5]

新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/06/27 | 416.77 | 504.02 | 1.00 | 11.2 | 17.0 | | 2025/06/30 | 418.52 | 505.08 | 0.85 | 9.6 | 14.6 | | 2025/07/01 | 406.37 | 507.14 | -2.10 | 6.3 | 16.6 | | 2025/07/02 | 405.98 | 509.99 | -5.65 | 5.7 | 16.6 | | 2025/07/03 | 406.28 | 513.61 | -7.15 | 4.2 | 16.8 | | 变化 | 0.30 | 3.62 | -1.50 | -1.5 | 0.2 | | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and the EW weakened rapidly. The 380 8 - 9 month spread dropped to $4.25, the basis oscillated at a low level, the FU07 internal - external spread oscillated at - $5, and the 09 spread oscillated at + $10. There was a large amount of delivery goods in the near - month, maintaining a loose pattern [4]. - The low - sulfur crack spread rebounded, the month spread dropped to around $5, the basis weakened slightly and oscillated at $6. The LU internal - external spread remained strong, with the 09 spread oscillating at around $17 [7]. - This week, Singapore's on - shore inventory increased, floating storage oscillated at a high level, low - sulfur floating storage decreased slightly. ARA's on - shore inventory increased slightly, but the inventory was still at the lowest level in the same period of history, and floating storage inventory oscillated with low - sulfur floating storage increasing. Fujairah's on - shore inventory increased significantly, and floating storage decreased slightly [7]. - This week, geopolitical risks were lifted. Recently, fuel oil exports from Iran and Iraq remained at a high level, and Egypt's net imports reached a new high. The high - sulfur fundamentals were in an oscillating pattern. Currently, high - sulfur is in the peak power - generation season, the near - month internal - external spread of FU is under pressure, the valuation is low, and the game continues. In the future, pay attention to the shipping situation in the Middle East. The LU internal - external spread is running at a high level, and pay attention to the domestic production situation [7]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Data - From June 23 to June 27, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from $460.60 to $411.99, a change of - $1.97; the price of Rotterdam 0.5% VLS FO swap M1 increased from $509.41 to $474.54, a change of $0.38; and other related spreads also had corresponding changes [2]. Singapore Fuel Oil Data - Swap data: From June 23 to June 27, 2025, the price of Singapore 380cst M1 decreased from $471.10 to $415.91, a change of - $7.34; the price of Singapore VLSFO M1 increased from $540.67 to $498.49, a change of $3.37 [2][6]. - Spot data: From June 23 to June 27, 2025, the FOB 380cst price decreased from $475.90 to $416.77, a change of - $10.95; the FOB VLSFO price increased from $549.45 to $504.02, a change of $2.08 [3]. Domestic FU Data - From June 23 to June 27, 2025, the price of FU 01 changed from 3180 to 2864, a change of 1; the price of FU 05 changed from 3100 to 2811, a change of - 1; the price of FU 09 changed from 3385 to 3002, a change of - 17 [3]. Domestic LU Data - From June 23 to June 27, 2025, the price of LU 01 changed from 3815 to 3528, a change of 29; the price of LU 05 changed from 3701 to 3434, a change of 14; the price of LU 09 changed from 3968 to 3600, a change of - 23 [4].

| 燃料油早报 | | --- | | 研究中心能化团队 2025/06/26 | | --- | | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/06/19 | 481.08 | 517.59 | -1.07 | 764.51 | -246.92 | 24.87 | 36.51 | | 2025/06/20 | 464.95 | 508.06 | -1.73 | 728.36 | -220.30 | 22.22 | 43.11 | | 2025/06/23 | 460.60 | 509.41 | -2.41 | 713.74 | -204.33 | 26.31 | 48. ...

新 加 坡 燃 料 油 现 货 | 燃料油早报 | | --- | | | | | | | | 研究中心能化团队 2025/06/23 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/06/16 | 440.56 | 480.32 | -1.20 | 661.89 | -181.57 | 17.44 | 39.76 | | 2025/06/17 | 458.53 | 500.63 | -1.72 | 704.24 | -203.61 | 19.66 | 42.10 | | 2025/06/18 | 457.84 | 497.59 | -1.57 | 707.10 | ...

| 研究中心能化团队 2025/06/19 | | --- | | 燃料油早报 | | --- | 燃 料 油 日期 鹿特丹3.5% HSF O掉期 M1 鹿特丹0.5% VLS FO掉期 M1 鹿特丹HSFO-Br ent M1 鹿特丹10ppm G asoil掉期 M1 鹿特丹VLSFO-G O M1 LGO-Brent M1 鹿特丹VLSFO-H SFO M1 2025/06/12 417.96 468.13 -2.76 625.97 -157.84 16.61 50.17 2025/06/13 441.01 487.74 -2.60 662.68 -174.94 16.61 46.73 2025/06/16 440.56 480.32 -1.20 661.89 -181.57 17.44 39.76 2025/06/17 458.53 500.63 -1.72 704.24 -203.61 19.66 42.10 2025/06/18 457.84 497.59 -1.57 707.10 -209.51 19.64 39.75 变化 -0.69 -3.04 0.15 2.86 -5.90 -0.02 ...