1. Report's Investment Rating for the Industry - No information provided 2. Core Viewpoints of the Report - This week, the near - month of Singapore 380cst continued to strengthen, reaching the five - year high year - on - year. After the crack spread rose, it fluctuated. The short - term arbitrage logistics tightened, and the Singapore residue inventory decreased significantly. The MF0.5 low - sulfur crack spread declined, reaching a historical low year - on - year, and the monthly spread was at a historical low for the same period. In terms of inventory, Singapore fuel oil significantly reduced inventory, EIA residue continued to reduce inventory, ARA residue accumulated inventory, and Fujairah's inventory accumulation accelerated. Under the new situation in Venezuela, heavy - oil logistics tilted towards the United States, Canadian heavy oil sought new buyers, and the price of Merey crude oil rose. Recently, the situation in Iran and arbitrage logistics affected 380. The high - sulfur spot tightened, the crack spread rebounded, and in the short term, high - sulfur had the strongest driving force among oil products. Attention should be paid to over - heating of domestic and foreign sentiment, and the low - sulfur external market remained weak [3][4] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 30 to February 5, 2026, the price of Rotterdam 3.5% HSFO swap M1 changed by 1.34, the 0.5% VLSFO swap M1 changed by - 1.83, the HSFO - Brent M1 changed by 0.19, the 10ppm Gasoil swap M1 changed by 2.90, the VLSFO - GO M1 changed by - 4.73, the LGO - Brent M1 had no change, and the VLSFO - HSFO M1 changed by - 3.17 [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed by 2.17, 180cst M1 changed by - 0.81, VLSFO M1 changed by - 3.82, GO M1 changed by - 0.27, 380cst - Brent M1 changed by 0.53, and VLSFO - GO M1 changed by - 1.82 [1] Singapore Fuel Oil Spot Data - From January 30 to February 5, 2026, the FOB 380cst price changed by 7.14, FOB VLSFO changed by 7.54, the 380 basis changed by - 1.00, the high - sulfur domestic - foreign price difference changed by - 1.0, and the low - sulfur domestic - foreign price difference changed by 1.3 [2] Domestic FU Data - During the same period, FU 01 changed by 5, FU 05 changed by 25, FU 09 changed by 18, FU 01 - 05 changed by - 20, FU 05 - 09 changed by 7, and FU 09 - 01 changed by 13 [2] Domestic LU Data - From January 30 to February 5, 2026, LU 01 changed by - 17, LU 05 changed by 21, LU 09 changed by 28, LU 01 - 05 changed by - 38, LU 05 - 09 changed by - 7, and LU 09 - 01 changed by 45 [3]

Industry Investment Rating - Not provided Core Viewpoints - This week, the near - month of Singapore 380cst strengthened significantly, with both cracking and monthly spreads strengthening. Short - term arbitrage logistics tightened to a 6 - month low, and Singapore residue oil inventory dropped significantly to a 13 - week low. The 0.5 low - sulfur cracking strengthened on Friday compared to the previous week, at a historically low level year - on - year, and the monthly spread was at a low level for the same period in history. In terms of inventory, EIA residue oil had a slight de - stocking, ARA residue oil had inventory accumulation, and Fujairah had a slight inventory accumulation. Under the new situation in Venezuela, heavy - oil logistics are tilted towards the United States, Canadian heavy oil is seeking new buyers, the price of Merey crude oil has risen, and trading is light. Recently, the Iranian situation and arbitrage logistics have affected 380, the high - sulfur spot has tightened, the cracking has rebounded, and in the short term, high - sulfur has the strongest driving force among oil products, while the low - sulfur external market remains weak [3][4] Data Summary Rotterdam Fuel Oil Data - The prices of Rotterdam 3.5% HSF O swap M1, 0.5% VLS FO swap M1, 10ppm Gasoil swap M1, etc. from January 23 to January 29, 2026, are presented, with price changes of 13.39, 12.57, 23.95 respectively during this period [1] Singapore Fuel Oil Data - The prices of Singapore 380cst M1, 180cst M1, VLSFO M1, GO M1, etc. from January 23 to January 29, 2026, are shown, with price changes of 21.91, 14.11, 16.24 respectively during this period [1] - The FOB prices of Singapore 380cst and VLSFO, 380 basis, high - sulfur internal - external price difference, and low - sulfur internal - external price difference from January 23 to January 29, 2026, are provided, with changes of 14.86, 10.09, 1.25, 8.1, 3.2 respectively during this period [2] Domestic FU Data - The prices of domestic FU 01, FU 05, FU 09, and their spreads from January 23 to January 29, 2026, are given, with price changes of 66, 80, 74 respectively during this period [2] Domestic LU Data - The prices of domestic LU 01, LU 05, LU 09, and their spreads from January 23 to January 29, 2026, are presented, with price changes of 50, 79, 63 respectively during this period [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the cracking of Singapore 380 strengthened, the monthly spread rebounded significantly, the high - sulfur cracking in Europe rebounded, the monthly spread rebounded significantly, and the high - sulfur EW oscillated at a high level. The cracking of Singapore 0.5% was at a historical low for the same period, rebounded month - on - month, the inter - month spread strengthened slightly, and the basis oscillated at a low level. [3] - In terms of inventory, Singapore residue oil slightly increased in stock, which was at a historical high year - on - year, ARA residue oil slightly decreased in stock, and Fujairah residue oil increased in stock. [3][4] - This week, the situation in Iran affected the global heavy oil valuation. In the short term, the driving force of high - sulfur was stronger than that of low - sulfur. The high - sulfur spot tightened, the cracking rebounded, and the short - term downside space was limited, while the low - sulfur external market remained weak. [4] 3. Data Summaries Rotterdam Fuel Oil Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 333.76 | 341.06 | 336.61 | 344.17 | 347.28 | 3.11 | | Rotterdam 0.5% VLS FO Swap M1 | 384.56 | 389.58 | 385.89 | 387.29 | 392.05 | 4.76 | | Rotterdam HSFO - Brent M1 | - 10.45 | - 10.09 | - 10.43 | - 9.82 | - 9.95 | - 0.13 | | Rotterdam 10ppm Gasoil Swap M1 | 621.40 | 634.20 | 630.80 | 645.50 | 660.65 | 15.15 | | Rotterdam VLSFO - GO M1 | - 236.84 | - 244.62 | - 244.91 | - 258.21 | - 268.60 | - 10.39 | | LGO - Brent M1 | 21.81 | 23.19 | 22.94 | 23.87 | 23.87 | 0.00 | | Rotterdam VLSFO - HSFO M1 | 50.80 | 48.52 | 49.28 | 43.12 | 44.77 | 1.65 | [1] Singapore Fuel Oil Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 359.16 | 356.84 | 359.12 | 355.91 | 372.09 | [1] | Singapore 180cst M1 | 363.46 | 363.27 | 364.49 | 364.98 | 374.36 | [1] | Singapore VLSFO M1 | 426.98 | 426.45 | 427.95 | 423.67 | 436.23 | [1] | Singapore GO M1 | 81.65 | 81.51 | 82.07 | 82.46 | 85.51 | [1] | Singapore 380cst - Brent M1 | - 7.10 | - 6.79 | - 6.30 | - 6.65 | - 5.97 | [1] | Singapore VLSFO - GO M1 | - 177.23 | - 176.72 | - 179.37 | - 186.53 | - 196.54 | [1] | Singapore FOB 380cst | 358.88 | 358.34 | 359.26 | 355.87 | 362.64 | 6.77 | [2] | Singapore FOB VLSFO | 429.02 | 429.37 | 431.00 | 425.98 | 428.48 | 2.50 | [2] | Singapore 380cst Basis | - 1.45 | - 1.65 | - 1.45 | - 0.80 | 0.25 | 1.05 | [2] | Singapore High - sulfur Domestic - Foreign Spread | 13.9 | 13.7 | 12.6 | 10.8 | 12.1 | 1.3 | [2] | Singapore Low - sulfur Domestic - Foreign Spread | 14.9 | 15.3 | 15.6 | 16.9 | 16.3 | - 0.6 | [2] Domestic FU Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2510 | 2485 | 2478 | 2467 | 2482 | 15 | [2] | FU 05 | 2566 | 2520 | 2526 | 2507 | 2539 | 32 | [2] | FU 09 | 2533 | 2498 | 2500 | 2487 | 2510 | 23 | [2] | FU 01 - 05 | - 56 | - 35 | - 48 | - 40 | - 57 | - 17 | [2] | FU 05 - 09 | 33 | 22 | 26 | 20 | 29 | 9 | [2] | FU 09 - 01 | 23 | 13 | 22 | 20 | 28 | 8 | [2] Domestic LU Data | Type | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | 2026/01/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3166 | 3088 | 3136 | 3120 | 3135 | 15 | [3] | LU 05 | 3074 | 3041 | 3052 | 3066 | 3071 | 5 | [3] | LU 09 | 3090 | 3056 | 3073 | 3085 | 3090 | 5 | [3] | LU 01 - 05 | 92 | 47 | 84 | 54 | 64 | 10 | [3] | LU 05 - 09 | - 16 | - 15 | - 21 | - 19 | - 19 | 0 | [3] | LU 09 - 01 | - 76 | - 32 | - 63 | - 35 | - 45 | - 10 | [3]

Group 1: Report Industry Investment Rating - No investment rating information provided Group 2: Core Viewpoints - Singapore high - sulfur cracking weakened on Friday after oscillation this week, with the monthly spread running at a historical low and the basis oscillating at a historical low after weakening. European HSFO cracking oscillated at a low level, and EW weakened on Friday [3]. - Singapore 0.5% cracking continued to weaken this week, with the monthly spread weakening and the basis oscillating at a low level [3]. - In terms of inventory, Singapore residue oil had a slight inventory build - up, high - sulfur floating storage had a significant inventory build - up, ARA residue oil had inventory draw - down, Fujairah residue oil had inventory build - up, high - sulfur floating storage oscillated at a high level, and EIA residue oil had a slight inventory draw - down [3][4]. - With the strengthening expectation of Russia - Ukraine peace talks, the cracking spreads of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound [4]. - After the fire at the Al Zour refinery on October 21st and its subsequent shutdown, the RFCC unit of the Dangote refinery is expected to enter maintenance in December, and VGO exports are expected to increase [4]. - The global heavy - oil market has entered the off - season with inventory build - up. The external cracking spreads should pay attention to crude oil fluctuations, and there is no improvement in the spot market. FU01 should be treated with a bearish view. Low - sulfur fuel oil has a low valuation but lacks a driving force [4]. Group 3: Data Summary Rotterdam Fuel Oil Swap Data - From November 24th to 28th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 2.54, Rotterdam 0.5% VLSFO swap M1 changed by 1.08, Rotterdam HSFO - Brent M1 changed by 0.01, Rotterdam 10ppm Gasoil swap M1 changed by 5.65, Rotterdam VLSFO - Gasoil M1 changed by - 4.57, LGO - Brent M1 had no data for change, and Rotterdam VLSFO - HSFO M1 changed by - 1.46 [1]. Singapore Fuel Oil Swap Data - From November 24th to 28th, 2025, the price of Singapore 380cst M1 changed by 5.29, Singapore 180cst M1 changed by 5.48, Singapore VLSFO M1 changed by 0.38, Singapore Gasoil M1 changed by 1.54, Singapore 380cst - Brent M1 changed by 0.18, and Singapore VLSFO - Gasoil M1 changed by - 11.02 [1]. Singapore Fuel Oil Spot Data - From November 24th to 28th, 2025, the FOB price of 380cst changed by 5.08, FOB VLSFO changed by - 1.32, 380 basis changed by - 0.69, high - sulfur internal - external price difference changed by - 2.1, and low - sulfur internal - external price difference changed by 1.7 [2]. Domestic FU Data - From November 24th to 28th, 2025, FU 01 changed by 30, FU 05 changed by 38, FU 09 changed by 37, FU 01 - 05 changed by - 8, FU 05 - 09 changed by 1, and FU 09 - 01 changed by 7 [2]. Domestic LU Data - From November 24th to 28th, 2025, LU 01 changed by 4, LU 05 changed by 5, LU 09 changed by 3, LU 01 - 05 changed by - 1, LU 05 - 09 changed by 2, and LU 09 - 01 changed by - 1 [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 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].

Report Summary Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil fluctuated, the near-month spread oscillated, the basis strengthened slightly, the EW spread rebounded again and has been in wide fluctuations recently, and the domestic and foreign spreads of FU near-month oscillated. The low-sulfur cracking spread rebounded slightly but is still at a historical low year-on-year. The monthly spread was weakly sorted, the domestic and foreign spreads of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated [4]. - 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 completed its repair. Recently, refinery feedstock purchases have supported the 380 cracking level, with limited short-term downside. It is expected that the 380 cracking spread will maintain an oscillating pattern, and domestic FU is expected to oscillate with a slightly bullish bias in the short term. This week, the LU futures market remained 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 widened on dips, and attention should be paid to the quota usage [5]. Data Summary Rotterdam Fuel Oil Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 403.73 | 407.73 | 412.75 | 393.32 | 390.14 | -3.18 | | Rotterdam 0.5% VLS FO Swap M1 | 438.54 | 442.97 | 447.68 | 430.72 | 428.43 | -2.29 | | Rotterdam HSFO - Brent M1 | -4.47 | -4.10 | -4.79 | -5.01 | -4.62 | 0.39 | | Rotterdam 10ppm Gasoil Swap M1 | 686.77 | 696.42 | 705.52 | 675.28 | 669.53 | -5.75 | | Rotterdam VLSFO - Gasoil M1 | -248.23 | -253.45 | -257.84 | -244.56 | -241.10 | 3.46 | | LGO - Brent M1 | 24.65 | 26.25 | 26.82 | 24.98 | 25.19 | 0.21 | | Rotterdam VLSFO - HSFO M1 | 34.81 | 35.24 | 34.93 | 37.40 | 38.29 | 0.89 | [2] Singapore Fuel Oil Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | | --- | --- | --- | --- | | Singapore 380cst M1 | 405.15 | 407.32 | 412.16 | | Singapore 180cst M1 | 414.65 | 416.26 | 421.41 | | Singapore VLSFO M1 | 468.56 | 475.67 | 479.10 | | Singapore Gasoil M1 | 88.66 | 89.89 | 91.66 | | Singapore 380cst - Brent M1 | -3.17 | -3.83 | -3.78 | | Singapore VLSFO - Gasoil M1 | -187.52 | -189.52 | -199.18 | [2] Singapore Fuel Oil Spot Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 406.82 | 407.53 | 413.20 | 410.90 | 400.31 | -10.59 | | FOB VLSFO | 466.07 | 473.88 | 478.80 | 477.90 | 470.02 | -7.88 | | 380 Basis | 1.45 | 1.25 | 1.35 | 0.95 | 0.74 | -0.21 | | High - Sulfur Domestic - Foreign Spread | 6.9 | 7.6 | 7.2 | 8.8 | 9.8 | 1.0 | | Low - Sulfur Domestic - Foreign Spread | 9.4 | 10.2 | 11.1 | 10.8 | 11.4 | 0.6 | [3] Domestic FU Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2860 | 2887 | 2918 | 2919 | 2867 | -52 | | FU 05 | 2808 | 2830 | 2855 | 2852 | 2804 | -48 | | FU 09 | 2726 | 2738 | 2757 | 2748 | 2722 | -26 | | FU 01 - 05 | 52 | 57 | 63 | 67 | 63 | -4 | | FU 05 - 09 | 82 | 92 | 98 | 104 | 82 | -22 | | FU 09 - 01 | -134 | -149 | -161 | -171 | -145 | 26 | [3] Domestic LU Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3367 | 3431 | 3464 | 3469 | 3398 | -71 | | LU 05 | 3347 | 3389 | 3440 | 3423 | 3359 | -64 | | LU 09 | 3319 | 3363 | 3400 | 3390 | 3308 | -82 | | LU 01 - 05 | 20 | 42 | 24 | 46 | 39 | -7 | | LU 05 - 09 | 28 | 26 | 40 | 33 | 51 | 18 | | LU 09 - 01 | -48 | -68 | -64 | -79 | -90 | -11 | [4] Fuel Oil Morning Report Data | Index | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | | | 409.64 | 399.48 | -10.16 | | | 418.64 | 407.91 | -10.73 | | | 477.13 | 469.01 | -8.12 | | | 90.86 | 87.92 | -2.94 | | | -3.88 | -3.36 | 0.52 | | | -195.23 | -181.60 | 13.63 | [9]

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].