山东墨龙今日下跌4.40%，全天换手率20.27%，成交额6.67亿元，振幅15.51%。龙虎榜数据显示，机构 净卖出860.64万元，深股通净卖出1757.28万元，营业部席位合计净卖出1664.96万元。 深交所公开信息显示，当日该股因日振幅值达15.51%上榜，机构专用席位净卖出860.64万元，深股通净 卖出1757.28万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.31亿元，其中，买入成交额为4425.17 万元，卖出成交额为8708.05万元，合计净卖出4282.88万元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即卖四，买入金额158.01万元，卖出金 额1018.64万元，合计净卖出860.64万元，深股通为第四大买入营业部及第一大卖出营业部，买入金额为 812.73万元，卖出金额为2570.01万元，合计净卖出1757.28万元。 近半年该股累计上榜龙虎榜14次，上榜次日股价平均涨1.74%，上榜后5日平均涨2.15%。 资金流向方面，今日该股主力资金净流出3815.60万元，其中，特大单净流出1902.83万元，大单资金净 流出1912.77万元。近5 ...

Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: August 1, 2025 [3] 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - No clear core view is presented in the provided content. 3. Summary by Relevant Catalogs Futures Contracts - **Prices**: On July 31, BU06 was at 3447 (up 9 from the previous day, 56 for the week), BU09 at 3659, BU12 at 3530 (up 5, 70 for the week), BU03 at 3469 (unchanged, up 63 for the week) [4]. - **Volume and Open Interest**: Volume on July 31 was 268,665, a drop of 81,465 from the previous day and 31,821 for the week Open interest was 499,556, up 19,000 from the previous day and 40,145 for the week [4]. Spot Market - **Low - end Prices**: On July 31, Shandong was at 3600 (unchanged, down 20 for the week), East China at 3670 (unchanged), South China at 3580 (up 30, 30 for the week), North China at 3730 (up 10, 10 for the week), Northeast at 3850 (unchanged, down 50 for the week) [4]. Basis and Calendar Spreads - **Basis**: Shandong basis was - 59 (down 9, down 85 for the week), East China basis was 11 (down 9), South China basis was - 79 (up 21, down 35 for the week) [4]. - **Calendar Spreads**: 03 - 06 was 22 (down 9, up 7 for the week), 06 - 09 was - 212 (unchanged, down 9 for the week), 09 - 12 was 129 (up 4, down 5 for the week), 12 - 03 was 61 (up 5, up 7 for the week) [4]. Crack Spreads and Profits - **Crack Spreads**: Asphalt Brent crack spread was - 237 (down 29, down 237 for the week) [4]. - **Profits**: Asphalt MRE profit was - 283 (down 26, down 213 for the week), ordinary refinery comprehensive profit was 270 (down 36, down 151 for the week), MRE - type refinery comprehensive profit was - 130 (down 31, down 175 for the week) [4]. Related Prices - **Brent Crude**: On July 31, it was at 73.2, up 0.7 from the previous day and 4.1 for the week [4]. - **Shandong Gasoline and Diesel**: Gasoline price was 7854 (up 3), diesel price was 6720 (down 11) [4]. - **Shandong Residue**: Price was 3675 (unchanged, up 25 for the week) [4].

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - High - sulfur fuel oil: In the third quarter, the supply pressure is slightly less than expected. The demand for feedstock is favorable due to the peak season of refined oil and the increase in fuel oil consumption tax deduction in China. The seasonal power - generation demand is gradually declining, and attention should be paid to the import logistics changes in Egypt and Saudi Arabia [5][63]. - Low - sulfur fuel oil: The supply continues to rise, and the downstream demand has no specific driving force. The spot premium fluctuates. Attention should be paid to the export logistics changes of low - sulfur fuel oil in the near term, the adjustment and issuance rhythm of low - sulfur quotas [63]. 3. Summary According to the Directory 3.1 First Part: Preface Summary 3.1.1 Market Review - High - sulfur fuel oil: In July, it was suppressed by high near - term supply and inventory. The spot premium and cracking in Singapore fluctuated at low levels. The demand for power generation in the Middle East and Egypt decreased, while the feedstock demand in China began to pick up slightly after the tax reform. The market expected an increase in high - sulfur heavy raw materials [4]. - Low - sulfur fuel oil: It maintained a weak oscillating market in July. The low - sulfur cracking followed the gasoline cracking and continued to decline. The short - and medium - term supply was abundant with an expected increase. The demand had no specific positive drivers, and shipping demand was affected by macro - tariff and geopolitical issues [4]. 3.1.2 Market Outlook - High - sulfur fuel oil: The supply pressure in the third quarter is slightly less than expected. The demand for feedstock is expected to increase, and attention should be paid to the power - generation demand and import logistics in Egypt and Saudi Arabia. - Low - sulfur fuel oil: The supply continues to rise, and the downstream demand remains weak [5]. 3.1.3 Strategy Recommendation - Unilateral: Wait and see. Pay attention to geopolitical and macro - disturbances. - Arbitrage: Pay attention to the digestion rhythm of high - sulfur spot in the near term and wait and see. - Options: None [6][63]. 3.2 Second Part: Fundamental Situation 3.2.1 Market Review - High - sulfur fuel oil: Similar to the previous review, it was affected by supply and demand factors, with the spot premium and cracking in Singapore declining [10]. - Low - sulfur fuel oil: Maintained a weak oscillation. The short - and medium - term supply was abundant, and the demand was affected by macro and geopolitical issues [10]. 3.2.2 Supply Overview - High - sulfur fuel oil: - Russia: The refinery offline capacity was increased twice in July, and the export was at a very low level in the same period. The sanctions from Europe and the United States were gradually intensified [19][20]. - Mexico: The high - sulfur supply decreased significantly, and the Olmeca refinery's secondary device was gradually put into operation [23]. - Middle East: The high - sulfur export was stable at a low level, and the export to the pan - Singapore region decreased significantly [27]. - Low - sulfur fuel oil: - South Sudan: The supply of low - sulfur heavy raw materials has recovered stably, and the 8 - month loading tenders have increased compared with July [43][44]. - Middle East Al - Zour Refinery: The low - sulfur export is expected to remain at a stable high level, and the supply to the pan - Singapore region has increased month - on - month [46]. - Nigeria Dangote Refinery: The RFCC device is still unstable in operation, and low - sulfur export tenders are continuously issued [49]. 3.2.3 Demand Overview - High - sulfur fuel oil: - Marine fuel demand: It is stably supported, and the marginal increase comes from the stable growth of the number of ships with desulfurization towers [33]. - Feedstock demand: The increase in the domestic consumption tax deduction ratio supports the subsequent feedstock demand, and the import is expected to recover stably [36]. - Power - generation demand: The power - generation demand in Egypt remains high, and the demand in the Middle East is expected to be strong in July and then decline gradually [39][40]. - Low - sulfur fuel oil: - Marine fuel demand: It is stable, and the low - sulfur fuel oil loading in Singapore and other places has certain fluctuations [52]. - Domestic production and demand: The domestic bonded low - sulfur production is stable, and attention should be paid to the quota conversion news [53]. 3.2.4 Inventory and Valuation No information provided in the report. 3.3 Third Part: Future Outlook and Strategy Recommendation - High - sulfur fuel oil: The supply pressure in the third quarter is slightly less than expected, and the demand for feedstock is expected to increase. Attention should be paid to the import logistics in Egypt and Saudi Arabia. - Low - sulfur fuel oil: The supply continues to rise, and the demand has no specific drivers. Attention should be paid to the export logistics and quota adjustment [63]. - Strategy Recommendation: - Unilateral: Wait and see. Pay attention to geopolitical and macro - disturbances. - Arbitrage: Pay attention to the digestion rhythm of high - sulfur spot in the near term and wait and see. - Options: None [63].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the third quarter, the supply side has limited elasticity. Sinopec is expected to have low production, and refineries without quotas have no motivation to produce. Although production has increased year-on-year, it remains at a low level compared to the same period in previous years. The actual performance of the demand side will determine the intensity of inventory reduction during the peak season. In the short term, affected by precipitation in the South, demand is weak, spot prices are running weakly, and with oil prices fluctuating weakly, cost support is limited. Asphalt is expected to mainly fluctuate, and the cracking spread is expected to be slightly stronger [4][34]. - The operating range of the BU main contract is expected to be between 3,500 and 3,700 yuan/ton [4][34]. Summary by Relevant Catalogs Part One: Preface Summary Market Review - In July, the peak season for crude oil demand was mediocre. The near - end tight - balance pattern was maintained, and geopolitical and macro factors had intermittent impacts. Prices fluctuated within a range. The cost - side price guidance for asphalt was limited, and the main futures contract fluctuated narrowly between 3,550 and 3,650 yuan/ton. Main refineries maintained intermittent production, with some reducing or halting production. The supply pressure in the region was limited, supporting a slight increase in asphalt spot prices. The basis in East China and Shandong remained at a high level. Demand improved gradually but was affected by weather factors and fell short of expectations. Demand in Shandong was affected by high temperatures and rainfall, and demand in South China was affected by typhoon weather. The spot price in South China declined, and the South China basis also decreased month - on - month, reaching a median level compared to the same period [3][8]. Market Outlook - In the third quarter, the supply side has limited elasticity. Sinopec is expected to have low production, and refineries without quotas have no motivation to produce. Although production has increased year - on - year, it remains at a low level compared to the same period in previous years. The actual performance of the demand side will determine the intensity of inventory reduction during the peak season. In the short term, affected by precipitation in the South, demand is weak, spot prices are running weakly, and with oil prices fluctuating weakly, cost support is limited. Asphalt is expected to mainly fluctuate, and the cracking spread is expected to be slightly stronger. The operating range of the BU main contract is expected to be between 3,500 and 3,700 yuan/ton [4]. Strategy Recommendations - Unilateral: Fluctuation. - Arbitrage: The asphalt - crude oil spread is expected to be strong. - Options: Wait - and - see [5]. Part Two: Fundamental Situation Market Review Same as the market review in the preface summary [3][8]. Supply Overview - From January to June 2025, the total asphalt production of domestic refineries was 13.19 million tons, a year - on - year increase of 450,000 tons or 4%. In June, asphalt production was 2.32 million tons, a month - on - month decrease of 50,000 tons and a year - on - year increase of 300,000 tons. Compared with the previous production plan, PetroChina increased production by 90,000 tons, Sinopec by 110,000 tons, CNOOC decreased by 20,000 tons, and local refineries decreased by 90,000 tons [14]. - The planned total asphalt production of domestic refineries in July was about 2.29 million tons, a month - on - month increase of 40,000 tons or 2%, and a year - on - year increase of 240,000 tons or 12%. PetroChina's planned asphalt production in July was about 520,000 tons, a month - on - month increase of 80,000 tons and a year - on - year increase of 120,000 tons. Sinopec's planned asphalt production in July was about 370,000 tons, a month - on - month decrease of 30,000 tons and a year - on - year decrease of 150,000 tons. CNOOC's planned asphalt production in July was about 200,000 tons, a month - on - month increase of 40,000 tons and basically unchanged year - on - year. The planned asphalt production of local refineries in July was expected to be about 1.2 million tons, a year - on - year increase of 250,000 tons or 26%, and a month - on - month decrease of 30,000 tons compared to the production plan in June [14]. - From January to August 2025, China's asphalt production is expected to be about 17.89 million tons, a year - on - year increase of 1.19 million tons or 7%. From January to August, PetroChina's asphalt production is about 3.4 million tons, a year - on - year increase of 590,000 tons or 21%; Sinopec's is about 4.24 million tons, a year - on - year decrease of 600,000 tons or 12%; CNOOC's is about 1.36 million tons, a year - on - year increase of 6%; and local refineries' is expected to be about 17.89 million tons, a year - on - year increase of 1.19 million tons or 7%. In August, the planned total asphalt production of domestic refineries is about 2.41 million tons, a month - on - month increase of 130,000 tons or 5%, and a year - on - year increase of 490,000 tons or 25% [15]. - The planned asphalt production of local refineries in August 2025 is expected to be about 1.26 million tons, a year - on - year increase of 250,000 tons or 27%, and a month - on - month increase of 60,000 tons compared to the production plan in July. In August, demand in the North will be further released, and with the continuous improvement of asphalt production profits, the production enthusiasm of some refineries has increased. However, refineries without crude oil quotas still have no plan to produce asphalt under the pressure of negative profits, and some refineries have maintenance plans, which limits the month - on - month increase in local refinery asphalt production [17]. - In the first half of 2025, China's asphalt imports were 1.725 million tons, a year - on - year decrease of about 1.95 million tons (-11.5%). Imports still mainly came from South Korea and the Middle East. Imports from South Korea were about 610,000 tons, a year - on - year decrease of 80,000 tons (-11%); imports from the Middle East were about 740,000 tons, a year - on - year increase of about 80,000 tons (+13%). Imports from Singapore, Malaysia, and Thailand decreased, with about 330,000 tons imported in the first half of the year, a year - on - year decrease of about 200,000 tons (-37%), accounting for 19% of total imports, a decrease of about 8 percentage points [17]. Demand Overview - In July, affected by weather factors, asphalt demand improvement fell short of expectations. Southern demand was still suppressed by rainfall, and demand in Shandong was affected by high temperatures and rainfall. In August, demand is expected to be steadily released as the weather improves. Some projects in Shandong are expected to rush to work in August, which is beneficial to demand. In South China, terminal demand will be gradually released after the typhoon season [22]. - Refinery shipments remained stable, at a neutral level compared to the same period. In the week of July 25th, shipments were 550,000 tons, a month - on - month decrease of 30,000 tons and a year - on - year increase of 170,000 tons. For terminal demand, the capacity utilization rate of road - modified asphalt has steadily recovered to the level of the same period last year, reaching 27%, a month - on - month increase of 3%. The operating rate of waterproofing membranes is at a relatively low level compared to the same period [22]. Inventory and Valuation - The overall industrial chain inventory remained at a low level, with low supply and upward demand expectations. In July, the asphalt refinery inventory rate was 25.1%, a significant month - on - month decrease of 5.5%, and at the lowest level compared to the same period in history. The refinery inventory rate in East China decreased significantly, and in the Northwest, it also decreased due to project construction and refinery production cuts. The refinery inventory level in South China increased due to rainfall suppressing demand. The social inventory rate was stable at around 35% in July, and it is expected to decline in August as demand improves in some areas [27]. - In July, the peak season for crude oil demand was mediocre, and the cost - side price guidance for asphalt was limited. Asphalt refinery processing profits declined compared to the low - cost period in June, and the refinery's losses increased slightly. As of July 28th, the loss was - 86 yuan/ton, a decrease of about 107 yuan/ton compared to the end of June. In July, the discount of diluted asphalt remained at - 5.5 US dollars/barrel. On July 24th, Chevron regained the operating license in Venezuela, and attention should be paid to the logistics changes in the diluted asphalt segment [27]. - In terms of basis, the main asphalt futures price fluctuated. Spot prices in East China and Shandong increased slightly, while the spot price in South China decreased due to typhoon rainfall. The basis in East China increased by 15 yuan/ton to 101 yuan/ton, and the basis in Shandong was stable at around 140 yuan/ton. Both were at relatively high levels compared to the same period. The basis in South China fell to a low level, - 19 yuan/ton, a decrease of 55 yuan/ton compared to the previous month [28]. Part Three: Future Outlook and Strategy Recommendations Future Outlook Same as the market outlook in the preface summary [4][34]. Strategy Recommendations - Unilateral: Fluctuation. - Arbitrage: The asphalt - crude oil spread fluctuates at a high level. - Options: Wait - and - see [35].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report focuses on the asphalt market, showing that asphalt prices are rising slowly following the strong performance of crude oil. It also analyzes the fundamentals, market trends, and recent industry news of asphalt [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market**: The closing prices of BU2508 and BU2509 increased, with daily increases of 0.77% and 0.86% respectively. The trading volume of BU2508 increased by 1,089 lots, while that of BU2509 decreased by 17,315 lots. The positions of both decreased [1]. - **Spot Market**: The wholesale prices in Shandong and the Yangtze River Delta increased and remained unchanged respectively. The refinery operating rate decreased by 1.29% to 31.95%, and the refinery inventory rate decreased by 0.79% to 25.10% [1]. - **Spread**: The basis (Shandong - 08) decreased by 18 yuan/ton, the 08 - 09 inter - period spread decreased by 3 yuan/ton, the Shandong - South China spread increased by 10, and the East China - South China spread remained unchanged [1]. 3.2 Trend Intensity The asphalt trend intensity is 1, indicating a relatively neutral to slightly positive outlook, with the intensity ranging from - 2 (most bearish) to 2 (most bullish) [10]. 3.3 Market News - **Capacity Utilization**: From July 24 - 30, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 33.1%, a 4.3% increase from the previous period, mainly due to stable production in some major refineries in Shandong and Jinling Petrochemical [15]. - **Maintenance Volume**: From July 24 - 30, 2025, the domestic asphalt plant maintenance volume was 60.4 tons, a 5.9% decrease from the previous week, mainly due to the resumption of production in Xinjiang Meihuit and some Shandong refineries [15]. - **Shipment Volume**: From July 23 - 29, 2025, the total shipment volume of 54 domestic asphalt enterprises was 41.9 tons, a 1.0% increase from the previous period. Shipments in the Northeast weakened, while those in the East China increased significantly [15].

两融数据显示，该股最新融资余额为33.80亿元，近5日减少2.76亿元，降幅为7.56%。（数据宝） 7月30日恒力石化大宗交易一览 进一步统计，近3个月内该股累计发生20笔大宗交易，合计成交金额为6.62亿元。 证券时报·数据宝统计显示，恒力石化今日收盘价为16.10元，上涨3.67%，日换手率为0.51%，成交额为 5.77亿元，全天主力资金净流入621.63万元，近5日该股累计上涨1.45%，近5日资金合计净流出1914.19 万元。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 931.57 | 14998.28 | 16.10 | 0.00 | 华泰证券股份有限公司南 | 广发证券股份有限公司南 | | | | | | 京长江路证券营业部 | 京水佑岗证券营业部 | 恒力石化7月30日大宗交易平台出现一笔成交，成交量931.57万股，成交金额1.50亿元，大宗交易成交价 为 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Futures Contracts - The closing prices of BU main contract, BU09, and BU12 on July 29 were 3619, 3619, and 3485 respectively, with daily changes of 50, 50, and 44, and interval changes of -38, -38, and 0 [4]. - The closing prices of BU06 and BU03 on July 29 were 3416 and 3444 respectively, with daily changes of 38 and 16, and interval changes of 10 and 16 [4]. Trading Volume and Open Interest - The trading volume on July 29 was 327,129, a daily decrease of 16,850 and an interval increase of 117,100 [4]. - The open interest on July 29 was 445,049, a daily increase of 8 and an interval decrease of 34,604 [4]. Spot Prices - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on July 29 were 3580, 3670, 3550, 3710, and 3850 respectively, with daily changes of 0, 0, 0, 10, and 0, and interval changes of -60, 0, -10, -30, and -50 [4]. - The prices of Jingbo (Haiyun), Runo, and Xinhai (Xin Bohai) on July 29 were 3690, 3660, and 3710 respectively, with daily changes of 0, -10, and 10, and interval changes of -30, -50, and -30 [4]. Basis and Monthly Spread - The basis of Shandong, East China, and South China on July 29 were -39, 51, and -69 respectively, with daily changes of -50, -50, and -50, and interval changes of -22, 38, and 28 [4]. - The monthly spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on July 29 were 28, -203, 134, and 41 respectively, with daily changes of 21, -12, 6, and -15, and interval changes of 6, 48, -38, and -16 [4]. Crack Spread and Profit - The asphalt Brent crack spread on July 29 was -90, a daily decrease of 89 and an interval decrease of 137 [4]. - The asphalt Ma Rui profit on July 29 was -150, a daily decrease of 80 and an interval decrease of 122 [4]. - The comprehensive profit of ordinary refineries and Ma Rui - type refineries on July 29 were 393 and -6 respectively, with daily changes of -56 and -82, and interval changes of -66 and -92 [4]. - The import profits of South Korea - East China and Singapore - South China on July 29 were -153 and -1006 respectively, with daily changes of -5 and -6, and interval changes of -1 and -10 [4]. Related Prices - The price of Brent crude oil on July 29 was 70.0, a daily increase of 1.6 and an interval increase of 1.5 [4]. - The market prices of gasoline, diesel, and residue oil in Shandong on July 29 were 7795, 6675, and 3650 respectively, with daily changes of 39, 37, and 0, and interval changes of -43, -13, and 0 [4].

Group 1: Report Information - Report Name: Fuel Oil Daily Report, July 29, 2025 [1] - Researcher: Wu Xiaorong [2] - Futures Practitioner Certificate Number: F03108405 [2] - Investment Consulting Practitioner Certificate Number: Z0021537 [2] Group 2: Related Data - FU Main Contract Price on July 29, 2025: 2917, up 48 from the previous day [3] - FU Main Contract Position on July 29, 2025: 192,000 lots, down 9,000 lots from the previous day [3] - FU Warehouse Receipt on July 29, 2025: 110,980 tons, unchanged from the previous day [3] - LU Main Contract Price on July 29, 2025: 3640, up 95 from the previous day [3] - LU Main Contract Position on July 29, 2025: 70,000 lots, down 3,000 lots from the previous day [3] - LU Warehouse Receipt on July 29, 2025: 90 tons, unchanged from the previous day [3] - FU9 - 1 Spread on July 29, 2025: -2, up 8 from the previous day [3] - LU9 - 10 Spread on July 29, 2025: -9, down 7 from the previous day [3] - LU - FU Main Contract Spread on July 29, 2025: 723, up 47 from the previous day [3] - FU09 - Outer Market 08 Spread on July 29, 2025: -1.6, up 3.7 from the previous day [3] - LU09 - Outer Market 08 Spread on July 29, 2025: 7.3, up 4.0 from the previous day [3] Group 3: Market Research and Judgment Market Overview - Important Information: The crude oil processing volume of Mexico's Olmeca refinery at the Dos Bocas port soared to 233,000 barrels per day in June, doubling from May and reaching the highest processing volume since its operation. Pemex management announced this on July 28 [6] Market Judgment - High - Sulfur Fuel Oil: Domestic high - sulfur spot supply in the near - term remains abundant, and the near - month internal - external spread fluctuates at a low level below 0. Asian high - sulfur supply remains at a high level, and the Singapore high - sulfur spot premium continues to fluctuate at a low level. Russian refinery operations continued to decline in July, and near - term exports are expected to decline month - on - month. The Middle East geopolitical conflict has not worsened again but persists. Mexico's high - sulfur exports continue to decline due to the commissioning of Olmeca's second - stage unit and the decline in the operation of some refineries. The supply pressure of high - sulfur fuel oil in the third quarter is slightly less than expected. On the demand side, the peak season of refined oil products combined with the decline in high - sulfur cracking, and the increase in China's fuel oil consumption tax deduction are all beneficial to the growth of high - sulfur feedstock demand. The seasonal power - generation demand for high - sulfur fuel oil is gradually declining. Attention should be paid to the recent import logistics changes in Egypt and Saudi Arabia [7] - Low - Sulfur Fuel Oil: The low - sulfur fuel oil spot premium fluctuates. The low - sulfur supply continues to recover, and there is no specific driver for downstream demand. Nigeria's RFCC unit has returned from maintenance, but its operation is still expected to be unstable. Attention should be paid to the near - term low - sulfur export logistics changes. South Sudan's external low - sulfur raw material supply has gradually returned to the level at the beginning of 2024, and new cargo loading tenders for August have been successively announced. Al - Zour's low - sulfur exports have rebounded to the high level during the normal operation of the refinery, and exports to the Singapore region have increased significantly. The low - sulfur market in China has abundant supply and stable demand. Attention should be paid to the near - term adjustment and issuance rhythm of low - sulfur quotas [7] - Other Information: FU warehouse receipts are 110,980 tons, unchanged from the previous trading day; LU warehouse receipts are 90 tons, unchanged from the previous trading day. In the Singapore paper market, the high - sulfur Aug/Sep monthly spread is -2.8 to -3.0 US dollars per ton, and the low - sulfur Aug/Sep monthly spread is 2.3 to 2.0 US dollars per ton [7] Group 4: Related Attachments - Figures: Singapore high - sulfur spot premium, Singapore low - sulfur spot premium, Singapore high - and low - sulfur spread, Singapore LSFO - GO, high - sulfur fuel oil cracking, low - sulfur fuel oil cracking [10]

中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供 应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的 行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 央视网消息：据国家发展改革委网站消息，自2025年7月15日国内成品油价格调整以来，国际市场 油价小幅波动，按现行国内成品油价格机制测算，7月29日的前10个工作日平均价格与7月15日前10个工 作日平均价格相比，调价金额每吨不足50元。根据《石油价格管理办法》第七条规定，本次汽、柴油价 格不作调整，未调金额纳入下次调价时累加或冲抵。 ...

自2025年7月15日国内成品油价格调整以来，国际市场油价小幅波动，按现行国内成品油价格机制测 算，7月29日的前10个工作日平均价格与7月15日前10个工作日平均价格相比，调价金额每吨不足50元。 根据《石油价格管理办法》第七条规定，本次汽、柴油价格不作调整，未调金额纳入下次调价时累加或 冲抵。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供 应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的 行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 来源：中国政府网 转自：国家发展改革委微信、网站 2025年7月29日国内成品油价格按机制不作调整 ...