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 oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again and fluctuated widely recently, and the domestic and foreign spreads of FU near - month oscillated. The low - sulfur cracking spread rebounded slightly but was still at a historical low compared to the same period. The monthly spread was weakly sorted out, the domestic and foreign spreads of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated [5]. - Fundamentally, Singapore's residue decreased, floating storage oscillated, ARA's residue inventory decreased slightly, EIA's residue decreased slightly, Fujairah's inventory decreased, and the high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. With the reshaping of logistics and the support of Singapore's high - sulfur marine fuel demand, the EW spread has completed its repair. Recently, the refinery's raw material procurement supports the 380 cracking level, and the short - term downward space is limited. It is expected that the 380 cracking spread will maintain an oscillating pattern, and the domestic FU is expected to oscillate with a slightly bullish trend in the short term. This week, the LU futures remained weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis oscillated at a low level. In the fourth quarter, the domestic and foreign spreads of LU can be expanded when the price is low. Pay attention to the quota usage [6]. 3. Summary by Directory - **Rotterdam Fuel Oil Swap Data**: From September 25, 2025, to October 9, 2025, the prices of Rotterdam 3.5% HSFO swap M1 decreased by $5.39, Rotterdam 0.5% VLSFO swap M1 decreased by $6.35, Rotterdam HSFO - Brent M1 decreased by $0.08, Rotterdam 10ppm Gasoil swap M1 decreased by $19.12, Rotterdam VLSFO - GO M1 increased by $12.77, LGO - Brent M1 decreased by $0.88, and Rotterdam VLSFO - HSFO M1 decreased by $0.96 [3]. - **Singapore Fuel Oil Swap Data**: During the same period, the prices of Singapore 380cst M1 decreased by $7.73, Singapore 180cst M1 decreased by $9.31, Singapore VLSFO M1 decreased by $7.87, Singapore 380cst - Brent M1 decreased by $0.64, and Singapore VLSFO - GO M1 increased by $0.57 [3]. - **Singapore Fuel Oil Spot Data**: From September 25, 2025, to October 9, 2025, the FOB 380cst price decreased by $6.99, the FOB VLSFO price decreased by $11.25, and the 380 basis decreased by $0.49 [4]. - **Domestic FU Data**: During this period, the prices of FU 01 decreased by 33, FU 05 decreased by 27, FU 09 decreased by 15, FU 01 - 05 decreased by 6, FU 05 - 09 decreased by 12, and FU 09 - 01 increased by 18 [4]. - **Domestic LU Data**: From September 25, 2025, to October 9, 2025, the prices of LU 01 decreased by 58, LU 05 decreased by 64, LU 09 decreased by 48, LU 01 - 05 increased by 6, LU 05 - 09 decreased by 16, and LU 09 - 01 increased by 10 [5].

研究中心能化团队 2025/10/09 | 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 | | 2025/09/24 | 403.73 | 438.54 | -4.47 | 686.77 | -248.23 | 24.65 | 34.81 | | 2025/09/25 | 407.73 | 442.97 | -4.10 | 696.42 | -253.45 | 26.25 | 35.24 | | 2025/09/26 | 412.75 | 447.68 | -4.79 | 705.52 | -257.84 | 26.82 | 34.93 | | 2025/09/29 | 393.32 | 4 ...

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 - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again and fluctuated widely recently, and the domestic and foreign near - months of FU oscillated. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period. The spread was weakly sorted, the domestic and foreign prices of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated. From a fundamental perspective, Singapore's residue decreased, floating storage oscillated, ARA residue inventory decreased slightly, EIA residue decreased slightly, Fujairah inventory decreased, and high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. Supported by logistics reshaping and Singapore's high - sulfur marine fuel demand, the EW spread has been repaired. Recently, refinery feedstock purchases have supported the 380 cracking level, and the short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and domestic FU should have a short - term domestic and foreign oscillating and bullish mindset. This week, the LU market was still weak. The issuance of the third batch of export quotas was in line with expectations, and the external MF0.5 basis oscillated at a low level. In the fourth quarter, the domestic and foreign spreads of LU can be expanded on dips, and attention should be paid to the quota usage [3][4]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From 2025/09/16 to 2025/09/17, for Rotterdam 3.5% HSF O swap M1, the price changed from 385.64 to 384.75 with a change of - 0.89; for Rotterdam 0.5% VLS FO swap M1, it changed from 443.49 to 441.33 with a change of - 2.16; for Rotterdam HSFO - Brent M1, it changed from - 7.14 to - 6.96 with a change of 0.18; for Rotterdam 10ppm Gasoil swap M1, it changed from 686.03 to 679.88 with a change of - 6.15; for Rotterdam VLSFO - Gasoil M1, it changed from - 242.54 to - 238.55 with a change of 3.99; for LGO - Brent M1, it changed from 25.32 to 24.97 with a change of - 0.35; for Rotterdam VLSFO - HSFO M1, it changed from 57.85 to 56.58 with a change of - 1.27 [1]. - From 2025/09/18 to 2025/09/22, for Rotterdam 3.5% HSF O swap M1, the price changed from 383.35 to 386.97 with a change of 3.62; for Rotterdam 0.5% VLS FO swap M1, it changed from 434.21 to 427.29 with a change of - 6.92; for Rotterdam HSFO - Brent M1, it changed from - 6.64 to - 4.97 with a change of 1.67; for Rotterdam 10ppm Gasoil swap M1, it changed from 677.55 to 664.85 with a change of - 12.7; for Rotterdam VLSFO - Gasoil M1, it changed from - 243.34 to - 237.56 with a change of 5.78; for LGO - Brent M1, it changed from 25.18 to 24.40 with a change of - 0.78; for Rotterdam VLSFO - HSFO M1, it changed from 50.86 to 40.32 with a change of - 10.54 [1][9]. Singapore Fuel Oil Data - For Singapore 380cst M1 from 2025/09/16 to 2025/09/22, the price changed from 392.01 to 393.02 with a change of 1.01; for Singapore 180cst M1, it changed from 403.72 to 403.27 with a change of - 0.45; for Singapore VLSFO M1, it changed from 469.70 to 465.33 with a change of - 4.37; for Singapore Gasoil M1, it changed from 87.75 to 87.43 with a change of - 0.32; for Singapore 380cst - Brent M1, it changed from - 5.19 to - 4.47 with a change of 0.72; for Singapore VLSFO - Gasoil M1, it changed from - 179.65 to - 181.65 with a change of - 2 [1]. - For Singapore fuel oil spot from 2025/09/16 to 2025/09/22, FOB 380cst changed from 393.21 to 393.48 with a change of 0.27; FOB VLSFO changed from 472.39 to 463.33 with a change of - 9.06; the 380 basis changed from - 1.65 to 0.60 with a change of 2.25; the high - sulfur internal - external spread on 2025/09/17 was 7.6, on 2025/09/18 was 7.5, and on 2025/09/22 was 6.0; the low - sulfur internal - external spread on 2025/09/17 was 9.3, on 2025/09/18 was 9.7, and on 2025/09/22 was 9.7 [2]. Domestic FU Data - From 2025/09/16 to 2025/09/22, for FU 01, the price changed from 2795 to 2784 with a change of - 11; for FU 05, it changed from 2751 to 2743 with a change of - 8; for FU 09, it changed from 2700 to 2697 with a change of - 3; for FU 01 - 05, it changed from 44 to 41 with a change of - 3; for FU 05 - 09, it changed from 51 to 46 with a change of - 5; for FU 09 - 01, it changed from - 95 to - 87 with a change of 8 [2]. Domestic LU Data - From 2025/09/16 to 2025/09/22, for LU 01, the price changed from 3368 to 3351 with a change of - 17; for LU 05, it changed from 3341 to 3342 with a change of 1; for LU 09, it changed from 3345 to 3306 with a change of - 39; for LU 01 - 05, it changed from 27 to 9 with a change of - 18; for LU 05 - 09, it changed from - 4 to 36 with a change of 40; for LU 09 - 01, it changed from - 23 to - 45 with a change of - 22 [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again and fluctuated widely recently, and the domestic and foreign near - months of FU oscillated. The low - sulfur cracking rebounded slightly but was at a historically low level, the monthly spread was weakly sorted, the domestic and foreign prices of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated [5]. - Fundamentally, Singapore's residue decreased, floating storage oscillated, ARA residue inventory decreased slightly, EIA residue decreased slightly, Fujairah inventory decreased, and high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. Supported by logistics reshaping and Singapore's high - sulfur marine fuel demand, the EW spread has been repaired. Recently, refinery feedstock purchases support the 380 cracking level, with limited short - term downside space. It is expected that the 380 cracking will maintain an oscillating pattern, and domestic FU should be considered with a short - term domestic and foreign oscillating and bullish mindset. 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 oscillated at a low level. In the fourth quarter, the domestic and foreign spreads of LU can be widened on dips, and attention should be paid to quota usage [6]. 3. Summary by Relevant Data Rotterdam Market | Index | Initial Value (2025/09/15) | Final Value (2025/09/19) | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSFO Swap M1 | 381.06 | 382.97 | - 0.38 | | Rotterdam 0.5% VLSFO Swap M1 | 435.93 | 427.48 | - 6.73 | | Rotterdam HSFO - Brent M1 | - 6.95 | - 5.82 | 0.82 | | Rotterdam 10ppm Gasoil Swap M1 | 671.73 | 668.48 | - 9.07 | | Rotterdam VLSFO - GO M1 | - 235.80 | - 241.00 | 2.34 | | LGO - Brent M1 | 24.47 | 24.80 | - 0.38 | | Rotterdam VLSFO - HSFO M1 | 54.87 | 44.51 | - 6.35 | [3] Singapore Market | Index | Initial Value (2025/09/15) | Final Value (2025/09/19) | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 392.66 | 390.12 | - 5.94 | | Singapore 180cst M1 | 404.29 | 400.69 | - 6.57 | | Singapore VLSFO M1 | 466.57 | 465.21 | - 7.07 | | Singapore GO M1 | 87.42 | 87.81 | - 0.53 | | Singapore 380cst - Brent M1 | - 4.97 | - 5.13 | - 0.16 | | Singapore VLSFO - GO M1 | - 180.34 | - 184.58 | - 3.14 | [3] Singapore Fuel Oil Spot Market | Index | Initial Value (2025/09/15) | Final Value (2025/09/19) | Change | | --- | --- | --- | --- | | FOB 380cst | 392.42 | 390.94 | - 6.53 | | FOB VLSFO | 468.08 | 464.79 | - 7.28 | | 380 Basis | - 1.60 | 0.40 | - 0.20 | | High - sulfur Domestic - Foreign Spread | 7.5 | - | - | | Low - sulfur Domestic - Foreign Spread | 7.5 | - | - | [4] Domestic FU Market | Index | Initial Value (2025/09/15) | Final Value (2025/09/19) | Change | | --- | --- | --- | --- | | FU 01 | 2799 | 2796 | - 2 | | FU 05 | 2752 | 2754 | 0 | | FU 09 | 2702 | 2699 | 1 | | FU 01 - 05 | 47 | 42 | - 2 | | FU 05 - 09 | 50 | 55 | - 1 | | FU 09 - 01 | - 97 | - 97 | 3 | [4] Domestic LU Market | Index | Initial Value (2025/09/15) | Final Value (2025/09/19) | Change | | --- | --- | --- | --- | | LU 01 | 3349 | 3362 | - 23 | | LU 05 | 3325 | 3337 | - 31 | | LU 09 | 3321 | 3308 | - 14 | | LU 01 - 05 | 24 | 25 | 8 | | LU 05 - 09 | 4 | 29 | - 17 | | LU 09 - 01 | - 28 | - 54 | 9 | [5]

1. Report Industry Investment Rating - No relevant content 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 spread of domestic and foreign FU intensified due to delivery factors. The low - sulfur cracking spread weakened rapidly, the monthly spread weakened at an accelerated pace, the domestic and foreign spread of LU was compressed to $6 - 7 per ton, and the MF0.5 basis oscillated [3]. - Fundamentally, Singapore's residue decreased by 871,000 barrels, floating storage was slightly destocked, ARA residue inventory increased significantly, and EIA residue 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 its repair. The domestic high - sulfur spread has risen again due to the impact of the delivery warehouse, and the short - term domestic and foreign spread has been repaired. This week, LU declined at an accelerated pace, and the basis of the external MF0.5 was weakly operating. Due to the support of the gasoline and diesel cracking spreads in Europe and the United States, the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be noted [4]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From September 12 to September 18, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by $1.40, Rotterdam 0.5% VLS FO swap M1 decreased by $7.12, Rotterdam HSFO - Brent M1 increased by $0.32, Rotterdam 10ppm Gasoil swap M1 decreased by $2.33, Rotterdam VLSFO - Gasoil M1 decreased by $4.79, LGO - Brent M1 increased by $0.21, and Rotterdam VLSFO - HSFO M1 decreased by $5.72 [1]. Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 decreased by $1.49, Singapore 180cst M1 decreased by $0.16, Singapore VLSFO M1 decreased by $3.48, Singapore GO M1 decreased by $1.17, Singapore 380cst - Brent M1 increased by $0.06, and Singapore VLSFO - Gasoil M1 increased by $5.17 [1]. Singapore Fuel Oil Spot Data - From September 12 to September 18, 2025, the FOB price of 380cst decreased by $0.21, the FOB price of VLSFO decreased by $5.47, the 380 basis increased by $1.00, the high - sulfur domestic and foreign spread decreased by $0.1, and the low - sulfur domestic and foreign spread increased by $0.4 [2]. Domestic FU Data - During the same period, FU 01 decreased by 33, FU 05 decreased by 33, FU 09 decreased by 24, FU 01 - 05 remained unchanged, FU 05 - 09 decreased by 9, and FU 09 - 01 increased by 9 [2]. Domestic LU Data - From September 12 to September 18, 2025, LU 01 decreased by 47, LU 05 decreased by 37, LU 09 decreased by 28, LU 01 - 05 decreased by 10, LU 05 - 09 decreased by 9, and LU 09 - 01 increased by 19 [3].

Report Summary 1. Report Industry Investment Rating - No content provided regarding the report industry investment rating. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread oscillated, and the EW spread oscillated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal - external spread slightly weakened to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9. [4][5] - Singapore's land inventory decreased this week, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month, Saudi Arabia's shipments decreased significantly, the arrivals oscillated this week, the shipments from the UAE rebounded month - on - month, and the net exports increased significantly. The land inventory in Fujairah, the Middle East, decreased, the floating storage inventory of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory decreased, with a large inventory contradiction. [5] - The east - west divergence of high - sulfur continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy - crude oil was the strongest. It is expected to return in both directions later. This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated, the LU quota was issued, and the internal - external spread oscillated. [5] - In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the expected supply of high - sulfur will increase, and the supply - demand pattern will weaken. [5] 3. Data Summaries Rotterdam Fuel Oil Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.27 | 385.76 | 383.41 | 386.27 | 386.40 | 0.13 | | Rotterdam 0.5% VLS FO Swap M1 | 452.69 | 446.79 | 445.77 | 447.87 | 452.12 | 4.25 | | Rotterdam HSFO - Brent M1 | - 4.33 | - 4.74 | - 5.18 | - 5.40 | - 6.25 | - 0.85 | | Rotterdam 10ppm Gasoil Swap M1 | 635.32 | 624.64 | 637.68 | 647.20 | 657.30 | 10.10 | | Rotterdam VLSFO - Gasoil M1 | - 182.63 | - 177.85 | - 191.91 | - 199.33 | - 205.18 | - 5.85 | | LGO - Brent M1 | 21.97 | 19.81 | 22.26 | 22.39 | 22.97 | 0.58 | | Rotterdam VLSFO - HSFO M1 | 62.42 | 61.03 | 62.36 | 61.60 | 65.72 | 4.12 | [2] Singapore Fuel Oil Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 390.95 | 391.35 | 386.44 | 388.83 | 392.45 | | Singapore 180cst M1 | 403.51 | 403.47 | 401.16 | 402.12 | 401.16 | | Singapore VLSFO M1 | 476.79 | 476.24 | 474.78 | 475.48 | 480.02 | | Singapore Gasoil M1 | 82.76 | 82.50 | 83.18 | 84.72 | 86.11 | | Singapore 380cst - Brent M1 | - 4.09 | - 3.57 | - 4.67 | - 4.63 | - 5.30 | | Singapore VLSFO - Gasoil M1 | - 135.63 | - 134.26 | - 140.75 | - 151.45 | - 157.19 | [2] Singapore Fuel Oil Spot Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 387.36 | 387.68 | 383.23 | 386.10 | 388.12 | 2.02 | | FOB VLSFO | 477.51 | 475.97 | 474.41 | 474.94 | 478.38 | 3.44 | | 380 Basis | - 3.40 | - 2.90 | - 3.25 | - 2.65 | - 1.15 | 1.50 | | High - sulfur Internal - External Spread | 2.5 | 0.1 | - 3.3 | - 1.8 | - 3.5 | - 1.7 | | Low - sulfur Internal - External Spread | 8.2 | 8.7 | 8.7 | 8.9 | 6.9 | - 2.0 | [3] Domestic FU Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2746 | 2739 | 2713 | 2719 | 2736 | 17 | | FU 05 | 2741 | 2735 | 2713 | 2712 | 2731 | 19 | | FU 09 | 2691 | 2713 | 2686 | 2687 | 2698 | 11 | | FU 01 - 05 | 5 | 4 | 0 | 7 | 5 | - 2 | | FU 05 - 09 | 50 | 22 | 27 | 25 | 33 | 8 | | FU 09 - 01 | - 55 | - 26 | - 27 | - 32 | - 38 | - 6 | [3] Domestic LU Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3420 | 3426 | 3417 | 3411 | 3443 | 32 | | LU 05 | 3395 | 3391 | 3390 | 3376 | 3413 | 37 | | LU 09 | 3423 | 3477 | 3452 | 3422 | 3456 | 34 | | LU 01 - 05 | 25 | 35 | 27 | 35 | 30 | - 5 | | LU 05 - 09 | - 28 | - 86 | - 62 | - 46 | - 43 | 3 | | LU 09 - 01 | 3 | 51 | 35 | 11 | 13 | 2 | [4]

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]