Report Industry Investment Rating No relevant content provided. Report's Core View - This week, the high - sulfur cracking of Singapore 380cst fluctuated, the near - month spread fluctuated, the basis strengthened slightly, the EW spread rebounded again, and recently showed wide - range fluctuations. The FU internal - external near - month also fluctuated. The low - sulfur cracking rebounded slightly but was at a historically low level year - on - year, the spread was weakly sorted, the LU internal - external price rebounded slightly to $8 - 9 per ton, and the MF0.5 basis fluctuated [3][4]. - From a fundamental perspective, Singapore's residual oil decreased, floating storage fluctuated, ARA residual oil inventory decreased slightly, EIA residual oil decreased slightly, Fujairah inventory decreased, and Middle - East high - sulfur floating storage increased significantly. The high - sulfur Middle - East peak season has passed. Supported by logistics reshaping and Singapore's high - sulfur marine fuel demand, the EW spread has completed its repair. Recently, refinery feedstock procurement has supported the 380 cracking level, with limited short - term downside space. It is expected that the 380 cracking will maintain a fluctuating pattern, and a short - term internal - external bullish view is taken on domestic FU [4]. - This week, the LU market was still weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis fluctuated at a low level. In the fourth quarter, the LU internal - external spread can be enlarged on dips, and attention should be paid to quota usage [4]. Summary by Related Catalogs Rotterdam Fuel Oil Data - From September 23 to September 29, 2025, the prices of Rotterdam 3.5% HSF O swap M1 decreased by 17.08, Rotterdam 0.5% VLS FO swap M1 decreased by 15.75, Rotterdam HSFO - Brent M1 increased by 0.03, Rotterdam 10ppm Gasoil swap M1 decreased by 30.16, Rotterdam VLSFO - Gasoil M1 increased by 14.41, LGO - Brent M1 decreased by 1.84, and Rotterdam VLSFO - HSFO M1 increased by 1.33 [1]. Singapore Fuel Oil Data - From September 23 to September 29, 2025, the prices of Singapore 380cst M1 decreased by 8.74, Singapore 180cst M1 decreased by 8.74, Singapore VLSFO M1 decreased by 7.92, Singapore Gasoil M1 decreased by 2.85, Singapore 380cst - Brent M1 increased by 0.24, and Singapore VLSFO - Gasoil M1 increased by 13.17 [1]. Singapore Fuel Oil Spot Data - From September 23 to September 29, 2025, the FOB 380cst price decreased by 2.30, the FOB VLSFO price decreased by 0.90, the 380 basis decreased by 0.40 [2]. Domestic FU Data - From September 23 to September 29, 2025, FU 01 increased by 1, FU 05 decreased by 3, FU 09 decreased by 9, FU 01 - 05 increased by 4, FU 05 - 09 increased by 6, and FU 09 - 01 decreased by 10 [2]. Domestic LU Data - From September 23 to September 29, 2025, LU 01 increased by 5, LU 05 decreased by 17, LU 09 decreased by 10, LU 01 - 05 increased by 22, LU 05 - 09 decreased by 7, and LU 09 - 01 decreased by 15 [3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil fluctuated, the near - month spread oscillated, the basis strengthened, the EW spread fluctuated at a high level, and the fluctuation of the near - month domestic and foreign spreads of FU intensified due to delivery factors. The low - sulfur cracking spread weakened rapidly, the month - to - month spread weakened at an accelerated pace, the domestic and foreign spreads of LU compressed to $6 - 7 per ton, and the basis of MF0.5 fluctuated [3]. - Fundamentally, Singapore's residue inventory decreased by 871,000 barrels, floating storage decreased slightly, ARA residue inventory increased significantly, and EIA residue inventory 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 domestic high - sulfur spread rose again due to the influence of the delivery warehouse, and the short - term domestic and foreign spread was repaired. This week, LU accelerated its decline, and the basis of the external MF0.5 was weak. Due to the support of gasoline and diesel cracking spreads in Europe and the United States, the opportunity for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter can be concerned [4]. 3) Summary by Relevant Data Rotterdam Fuel Oil Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 380.24 | 375.09 | 385.00 | 381.06 | 385.64 | 4.58 | | Rotterdam 0.5% VLS FO Swap M1 | 435.80 | 429.32 | 438.60 | 435.93 | 443.49 | 7.56 | | Rotterdam HSFO - Brent M1 | - 7.03 | - 6.94 | - 6.46 | - 6.95 | - 7.14 | - 0.19 | | Rotterdam 10ppm Gasoil Swap M1 | 669.77 | 654.97 | 666.83 | 671.73 | 686.03 | 14.30 | | Rotterdam VLSFO - Gasoil M1 | - 233.97 | - 225.65 | - 228.23 | - 235.80 | - 242.54 | - 6.74 | | LGO - Brent M1 | 24.25 | 23.36 | 24.22 | 24.47 | 25.32 | 0.85 | | Rotterdam VLSFO - HSFO M1 | 55.56 | 54.23 | 53.60 | 54.87 | 57.85 | 2.98 | [1] Singapore Fuel Oil Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 395.14 | 392.94 | 385.68 | 392.66 | 392.01 | | Singapore 180cst M1 | 405.46 | 406.96 | 392.75 | 404.29 | 403.72 | | Singapore VLSFO M1 | 467.01 | 464.95 | 454.67 | 466.57 | 469.70 | | Singapore Gasoil M1 | 87.47 | 87.81 | 86.60 | 87.42 | 87.75 | | Singapore 380cst - Brent M1 | - 4.47 | - 5.01 | - 5.13 | - 4.97 | - 5.19 | | Singapore VLSFO - Gasoil M1 | - 180.27 | - 184.84 | - 186.17 | - 180.34 | - 179.65 | [1] Singapore Fuel Oil Spot Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | | --- | --- | --- | --- | --- | --- | | FOB 380cst | 396.90 | 392.94 | 385.11 | 392.42 | - | | FOB VLSFO | 466.00 | 463.14 | 453.23 | 468.08 | - | | 380 Basis | 0.35 | - 0.40 | - 0.75 | - 1.60 | - | | High - sulfur Domestic - Foreign Spread | 6.5 | - | - | 7.5 | - | | Low - sulfur Domestic - Foreign Spread | 5.7 | - | - | 7.5 | - | [2] Domestic FU Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2786 | 2802 | 2717 | 2799 | 2795 | - 4 | | FU 05 | 2741 | 2754 | 2693 | 2752 | 2751 | - 1 | | FU 09 | 2697 | 2702 | 2665 | 2702 | 2700 | - 2 | | FU 01 - 05 | 45 | 48 | 24 | 47 | 44 | - 3 | | FU 05 - 09 | 44 | 52 | 28 | 50 | 51 | 1 | | FU 09 - 01 | - 89 | - 100 | - 52 | - 97 | - 95 | 2 | [2] Domestic LU Data | Type | 2025/09/10 | 2025/09/11 | 2025/09/12 | 2025/09/15 | 2025/09/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3370 | 3364 | 3259 | 3349 | 3368 | 19 | | LU 05 | 3339 | 3333 | 3259 | 3325 | 3341 | 16 | | LU 09 | 3331 | 3321 | 3247 | 3321 | 3345 | 24 | | LU 01 - 05 | 31 | 31 | 0 | 24 | 27 | 3 | | LU 05 - 09 | 8 | 12 | 12 | 4 | - 4 | - 8 | | LU 09 - 01 | - 39 | - 43 | - 12 | - 28 | - 23 | 5 | [3]

Report Overview - The report is a fuel oil morning report released by the energy and chemical team of the research center on September 5, 2025, covering fuel oil data from August 29 to September 4, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst strengthened oscillatingly, the near - month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on delivery warehouses, FU10 rose sharply and then fell. The low - sulfur cracking weakened, the spread oscillated, and the LU internal - external spread fluctuated around 10 US dollars. The MF0.5 basis began to rebound. Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA's residue began to accumulate. 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 domestic high - sulfur spot was still in excess. A new round of sanctions had a large potential impact on the supply of heavy crude oil in China, providing some support for the valuation of Asian fuel oil. This week, LU maintained an oscillation. The external MF0.5 basis started to rebound, and the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter could be noted [4][10] Data Summary Rotterdam Fuel Oil Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 389.06 | 377.63 | -0.64 | | Rotterdam 0.5% VLS FO Swap M1 | 456.37 | 441.32 | -4.96 | | Rotterdam HSFO - Brent M1 | -6.14 | -7.05 | 0.41 | | Rotterdam 10ppm Gasoil Swap M1 | 654.16 | 665.68 | -7.81 | | Rotterdam VLSFO - Gasoil M1 | -197.79 | -224.36 | 2.85 | | LGO - Brent M1 | 22.15 | 24.02 | -0.39 | | Rotterdam VLSFO - HSFO M1 | 67.31 | 63.69 | -4.32 | [2] Singapore Fuel Oil Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 401.16 | 388.65 | -8.63 | | Singapore 180cst M1 | 416.16 | 398.86 | -10.92 | | Singapore VLSFO M1 | 485.77 | 468.34 | -16.91 | | Singapore GO M1 | 85.94 | 87.04 | -1.49 | | Singapore 380cst - Brent M1 | -4.48 | -5.32 | 0.53 | | Singapore VLSFO - Gasoil M1 | -150.19 | -175.76 | -5.89 | [2][9] Singapore Fuel Oil Spot Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | FOB 380cst | 399.85 | 387.09 | -9.17 | | FOB VLSFO | 488.05 | 474.28 | -11.56 | | 380 Basis | -1.10 | -1.00 | 0.45 | | High - sulfur Internal - external Spread | 2.4 | 6.0 | 0.0 | | Low - sulfur Internal - external Spread | 8.0 | 9.4 | -0.8 | [3] Domestic FU Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | FU 01 | 2812 | 2760 | -80 | | FU 05 | 2773 | 2721 | -76 | | FU 09 | 2735 | 2694 | -48 | | FU 01 - 05 | 39 | 39 | -4 | | FU 05 - 09 | 38 | 27 | -28 | | FU 09 - 01 | -77 | -66 | 32 | [3] Domestic LU Data | Type | 2025/08/29 | 2025/09/04 | Change | | --- | --- | --- | --- | | LU 01 | 3479 | 3395 | -97 | | LU 05 | 3435 | 3359 | -89 | | LU 09 | 3312 | 3341 | -100 | | LU 01 - 05 | 44 | 36 | -8 | | LU 05 - 09 | 123 | 18 | 11 | | LU 09 - 01 | -167 | -54 | -3 | [4]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst oscillated 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 delivery warehouses, FU10 rose sharply and then fell. The low-sulfur cracking weakened, the spread oscillated, the LU internal and external spread fluctuated around 10 US dollars, and the MF0.5 basis began to rebound [3]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA's residue began to accumulate. 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, and the EW spread was still recovering. The domestic high-sulfur spot was still in excess supply, so beware of overheating sentiment. The new round of sanctions has a large potential impact on the supply of heavy crude oil in China, which provides some support for the valuation of Asian fuel oil. This week, LU remained oscillating, and the basis of the external MF0.5 began to rebound. One can pay attention to the opportunity of the low-sulfur - high-sulfur spread widening in the fourth quarter [4]. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From August 27 to September 2, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed from 381.95 to 388.30, with a change of 0.19; the price of Rotterdam 0.5% VLS FO swap M1 changed from 454.66 to 457.64, with a change of 1.27; the Rotterdam HSFO - Brent M1 changed from -6.75 to -7.42, with a change of -1.02; etc. [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed from 394.03 to 400.25, with a change of 2.23; the price of Singapore 180cst M1 changed from 406.97 to 412.56, with a change of 0.48; the price of Singapore VLSFO M1 changed from 482.43 to 488.34, with a change of 5.97 [1]. Singapore Fuel Oil Spot Data - From August 27 to September 2, 2025, the FOB 380cst price changed from 395.34 to 402.43, with a change of 4.54; the FOB VLSFO price changed from 485.57 to 492.24, with a change of 6.79; the 380 basis changed from 1.50 to -0.05, with a change of 0.35 [2]. Domestic FU Data - During the same period, the price of FU 01 changed from 2790 to 2847, with a change of 23; the price of FU 05 changed from 2748 to 2807, with a change of 25; the price of FU 09 changed from 2763 to 2750, with a change of 13 [2]. Domestic LU Data - From August 27 to September 2, 2025, the price of LU 01 changed from 3444 to 3509, with a change of 58; the price of LU 05 changed from 3408 to 3458, with a change of 60; the price of LU 09 changed from 3418 to 3428, with a change of 54 [3].

Report Summary 1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints - 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 Shenggang), the near - month internal - external spread of FU fluctuated greatly, and the 09 contract once returned above par. 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 [2][3]. - 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 bunker fueling 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. US residue inventory increased slightly but remained at the lowest level in the same period in history, ARA ports decreased slightly, and floating storage increased slightly [3]. - 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. The delivery volume of FU was still relatively large, and subsequent delivery changes should be monitored. The new round of sanctions had a relatively 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 considered [3]. 3. Data Summary Rotterdam Fuel Oil | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.33 | 394.08 | 383.86 | 381.95 | 392.11 | 10.16 | | Rotterdam 0.5% VLS FO Swap M1 | 456.25 | 461.01 | 452.63 | 454.66 | 460.06 | 5.40 | | Rotterdam HSFO - Brent M1 | - 5.69 | - 6.05 | - 6.45 | - 6.75 | - 6.20 | 0.55 | | Rotterdam 10ppm Gasoil Swap M1 | 658.70 | 667.32 | 651.89 | 652.68 | 652.68 | 0.00 | | Rotterdam VLSFO - Gasoil M1 | - 202.45 | - 206.31 | - 199.26 | - 198.02 | - 192.62 | 5.40 | | LGO - Brent M1 | 23.04 | 23.15 | 22.75 | 22.05 | 21.45 | - 0.60 | | Rotterdam VLSFO - HSFO M1 | 65.92 | 66.93 | 68.77 | 72.71 | 67.95 | - 4.76 | [2] Singapore Fuel Oil | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 391.89 | 399.93 | 397.90 | 394.03 | 403.51 | 9.48 | | Singapore 180cst M1 | 404.08 | 412.49 | 410.84 | 406.97 | 410.37 | 3.40 | | Singapore VLSFO M1 | 482.52 | 488.53 | 487.99 | 482.43 | 489.46 | 7.03 | | Singapore Gasoil M1 | 86.09 | 86.39 | 86.31 | 85.06 | 85.49 | 0.43 | | Singapore 380cst - Brent M1 | - 5.38 | - 4.41 | - 5.01 | - 4.53 | - 4.41 | 0.12 | | Singapore VLSFO - Gasoil M1 | - 154.55 | - 150.76 | - 150.70 | - 147.01 | - 143.17 | 3.84 | [2][4] Singapore Fuel Oil Spot | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 390.58 | 397.15 | 396.25 | 395.34 | 392.84 | - 2.50 | | FOB VLSFO | 482.56 | 488.41 | 489.51 | 485.57 | 484.90 | - 0.67 | | 380 Basis | - 1.75 | - 2.55 | - 2.00 | 1.50 | - 1.25 | - 2.75 | | High - sulfur Internal - External Spread | 0.8 | 4.5 | 4.1 | 2.1 | 3.6 | 1.5 | | Low - sulfur Internal - External Spread | 10.6 | 10.6 | 9.5 | 9.2 | 9.3 | 0.1 | [2] Domestic FU | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2769 | 2831 | 2842 | 2790 | 2793 | 3 | | FU 05 | 2748 | 2790 | 2799 | 2748 | 2750 | 2 | | FU 09 | 2736 | 2845 | 2827 | 2763 | 2760 | - 3 | | FU 01 - 05 | 21 | 41 | 43 | 42 | 43 | 1 | | FU 05 - 09 | 12 | - 55 | - 28 | - 15 | - 10 | 5 | | FU 09 - 01 | - 33 | 14 | - 15 | - 27 | - 33 | - 6 | [2] Domestic LU | Type | Value on 2025/08/22 | Value on 2025/08/25 | Value on 2025/08/26 | Value on 2025/08/27 | Value on 2025/08/28 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3462 | 3491 | 3488 | 3444 | 3461 | 17 | | LU 05 | 3384 | 3449 | 3451 | 3408 | 3411 | 3 | | LU 09 | 3468 | 3403 | 3460 | 3418 | 3410 | - 8 | | LU 01 - 05 | 78 | 42 | 37 | 36 | 50 | 14 | | LU 05 - 09 | - 84 | 46 | - 9 | - 10 | 1 | 11 | | LU 09 - 01 | 6 | - 88 | - 28 | - 26 | - 51 | - 25 | [2]

Group 1: Report Industry Investment Rating - No relevant content found Group 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 and external spread of FU fluctuated greatly, and the 09 contract once returned above par. The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the LU internal and 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. Singapore's high - sulfur bunkering volume in July 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. US residue inventory increased slightly but was at the lowest level in the same period in 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, the EW spread was still recovering, and the delivery volume of FU was still relatively large. Attention should be paid to subsequent delivery changes. The new round of sanctions had a large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and LU internal and external prices oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be focused on. [6] Group 3: Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From August 19 to August 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 4.01, Rotterdam 0.5% VLS FO swap M1 increased by 6.04, Rotterdam HSFO - Brent M1 decreased by 0.41, Rotterdam 10ppm Gasoil swap M1 increased by 8.62, Rotterdam VLSFO - Gasoil M1 decreased by 2.58, LGO - Brent M1 increased by 0.11, and Rotterdam VLSFO - HSFO M1 increased by 2.03. [3] Singapore Fuel Oil Data - From August 19 to August 25, 2025, the price of Singapore 380cst M1 increased by 9.69, Singapore 180cst M1 increased by 11.54, Singapore VLSFO M1 increased by 8.51, Singapore Gasoil M1 increased by 1.10, Singapore 380cst - Brent M1 increased by 0.42, and Singapore VLSFO - Gasoil M1 increased by 0.37. [3] - For Singapore fuel oil spot, from August 19 to August 25, 2025, FOB 380cst increased by 6.57, FOB VLSFO increased by 5.85, 380 basis decreased by 0.80, high - sulfur internal and external spread increased by 3.7, and low - sulfur internal and external spread remained unchanged. [4] Domestic FU Data - From August 19 to August 25, 2025, FU 01 increased by 62, FU 05 increased by 42, FU 09 increased by 109, FU 01 - 05 increased by 20, FU 05 - 09 decreased by 67, and FU 09 - 01 increased by 47. [4] Domestic LU Data - From August 19 to August 25, 2025, LU 01 increased by 29, LU 05 increased by 65, LU 09 decreased by 65, LU 01 - 05 decreased by 36, LU 05 - 09 increased by 130, and LU 09 - 01 decreased by 94. [5]