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].