Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report Core View - No information provided in the given content. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - The data shows the prices and spreads of different fuel oil types in Rotterdam from March 10 - 16, 2026. For example, the price of Rotterdam 3.5% HSF O swap M1 decreased by 0.64 from March 10 to 16 [1]. - The spreads such as Rotterdam HSFO - Brent M1 and Rotterdam VLSFO - H SFO M1 also changed during this period, with increases or decreases [1]. Singapore Fuel Oil Data - In Singapore, the prices of 380cst, 180cst, VLSFO, and GO M1, as well as their spreads with Brent and other factors, are presented. For instance, the price of Singapore 380cst M1 increased by 15.05 from March 10 to 16 [1]. - The Singapore fuel oil spot data shows the FOB prices of 380cst and VLSFO, 380 - base, and high - and low - sulfur internal - external spreads. The high - sulfur internal - external spread decreased by 14.9 from March 10 to 16 [2]. Domestic FU Data - The prices of domestic FU contracts (FU 01, FU 05, FU 09) and their spreads (FU 01 - 05, FU 05 - 09, FU 09 - 01) are provided. For example, the price of FU 01 increased by 82 from March 10 to 16 [2]. Domestic LU Data - The prices of domestic LU contracts (LU 01, LU 05, LU 09) and their spreads (LU 01 - 05, LU 05 - 09, LU 09 - 01) are given. The price of LU 01 increased by 113 from March 10 to 16 [3].

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the near - month of Singapore 380cst continued to strengthen, reaching a five - year high year - on - year. After the crack spread rose, it fluctuated. Short - term arbitrage logistics tightened, and Singapore's residue oil inventory decreased significantly. The low - sulfur crack spread of MF0.5 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's fuel oil inventory decreased significantly, EIA residue oil continued to be depleted, ARA residue oil inventory increased, and the inventory increase in Fujairah accelerated. Under the new situation in Venezuela, heavy - oil logistics tilted towards the United States. Canadian heavy oil is seeking new buyers, and the price of Merey crude oil has risen. Recently, the Iran situation and arbitrage logistics have affected 380. High - sulfur spot tightened, and the crack spread rebounded. In the short term, high - sulfur has the strongest driving force among oil products. Attention should be paid to over - heating of internal and external sentiment, and the low - sulfur external market remains weak [3][4] Data Summaries Rotterdam Fuel Oil Data - From January 28 to February 3, 2026, the prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, Rotterdam 10ppm Gasoil swap M1, and Rotterdam VLSFO - H SFO M1 increased by 14.86, 16.77, 17.25, and 1.91 respectively. The Rotterdam HSFO - Brent M1 and LGO - Brent M1 spreads changed by 0.51 and 0.00 respectively, and the Rotterdam VLSFO - G O M1 spread changed by - 0.48 [1] Singapore Fuel Oil Data - **Swap Data**: From January 28 to February 3, 2026, the prices of Singapore 380cst M1, Singapore 180cst M1, and Singapore VLSFO M1 increased, while the Singapore GO M1 price also showed an upward trend. The spreads of Singapore 380cst - Brent M1 and Singapore VLSFO - G O M1 changed accordingly [1] - **Spot Data**: From January 28 to February 3, 2026, the FOB 380cst and FOB VLSFO prices in Singapore increased by 5.89 and 2.53 respectively. The 380 - basis increased by 1.61, the high - sulfur internal - external spread decreased by 0.2, and the low - sulfur internal - external spread increased by 0.7 [2] Domestic FU Data - From January 28 to February 3, 2026, the prices of FU 01, FU 05, and FU 09 increased by 29, 24, and 30 respectively. The spreads of FU 01 - 05, FU 05 - 09, and FU 09 - 01 changed by 5, - 6, and 1 respectively [2] Domestic LU Data - From January 28 to February 3, 2026, the prices of LU 01, LU 05, and LU 09 increased by 21, 40, and 33 respectively. The spreads of LU 01 - 05, LU 05 - 09, and LU 09 - 01 changed by - 19, 7, and 12 respectively [3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - This week, the near - term of Singapore 380cst continued to strengthen, reaching a five - year high year - on - year. The crack spread increased and then fluctuated. Short - term arbitrage logistics tightened, and Singapore residue inventory decreased significantly. [3] - The low - sulfur crack spread of MF0.5 declined, reaching a historical low year - on - year, and the monthly spread was at a historical low for the same period. [3] - In terms of inventory, Singapore fuel oil inventory decreased significantly, EIA residue inventory continued to decline, ARA residue inventory increased, and Fujairah inventory accumulation accelerated. [4] - Under the new situation in Venezuela, heavy - oil logistics tilted towards the United States. Canadian heavy oil was seeking new buyers, and the price of Merey crude oil increased. Recently, the situation in Iran and arbitrage logistics affected 380. High - sulfur spot tightened, the crack spread rebounded, and high - sulfur had the strongest driving force in oil products in the short term. The low - sulfur external market remained weak. [4] 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 27, 2026, to February 2, 2026, the price of Rotterdam 3.5% HSF O swap M1 decreased by 18.54, Rotterdam 0.5% VLS FO swap M1 decreased by 18.54, Rotterdam HSFO - Brent M1 increased by 1.24, Rotterdam 10ppm Gasoil swap M1 decreased by 68.27, Rotterdam VLSFO - Gasoil M1 increased by 49.73, LGO - Brent M1 decreased by 3.82, and Rotterdam VLSFO - HSFO M1 remained unchanged. [1] Singapore Fuel Oil Swap Data - From January 27, 2026, to February 2, 2026, the price of Singapore 380cst M1 decreased, Singapore 180cst M1 decreased, Singapore VLSFO M1 decreased, Singapore Gasoil M1 decreased, Singapore 380cst - Brent M1 changed, and Singapore VLSFO - Gasoil M1 changed. [1] Singapore Fuel Oil Spot Data - From January 27, 2026, to February 2, 2026, FOB 380cst decreased by 12.53, FOB VLSFO decreased by 15.56, the 380 basis increased by 4.35, the high - sulfur internal - external price difference decreased by 3.0, and the low - sulfur internal - external price difference decreased by 4.9. [2] Domestic FU Data - From January 27, 2026, to February 2, 2026, FU 01 decreased by 109, FU 05 decreased by 134, FU 09 decreased by 122, FU 01 - 05 increased by 25, FU 05 - 09 decreased by 12, and FU 09 - 01 decreased by 13. [2] Domestic LU Data - From January 27, 2026, to February 2, 2026, LU 01 decreased by 184, LU 05 decreased by 139, LU 09 decreased by 149, LU 01 - 05 decreased by 45, LU 05 - 09 increased by 10, and LU 09 - 01 increased by 35. [3]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - This week, the near - term contract of Singapore 380cst continued to strengthen, reaching a five - year high. The crack spread rose and then fluctuated. Short - term arbitrage logistics tightened, and Singapore's residual fuel oil inventory decreased significantly. The low - sulfur crack spread of MF0.5 declined, reaching a historical low, and the monthly spread was at a historical low for the same period. In terms of inventory, Singapore's fuel oil inventory decreased significantly, EIA's residual fuel oil inventory continued to decline, ARA's residual fuel oil inventory increased, and Fujairah's inventory accumulation accelerated. Under the new situation in Venezuela, heavy - oil logistics tilted towards the United States, Canadian heavy oil was seeking new buyers, and the price of Merey crude oil rose. Recently, the situation in Iran and arbitrage logistics affected 380, the high - sulfur spot market 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. Data Summary Rotterdam Fuel Oil | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 344.81 | 374.71 | 4.19 | | Rotterdam 0.5% VLS FO swap M1 | 393.32 | 420.56 | 4.83 | | Rotterdam HSFO - Brent M1 | - 10.27 | - 11.05 | 0.21 | | Rotterdam 10ppm Gasoil swap M1 | 655.75 | 716.50 | 25.65 | | Rotterdam VLSFO - Gasoil M1 | - 262.43 | - 295.94 | - 20.82 | | LGO - Brent M1 | 24.28 | 25.95 | 2.03 | | Rotterdam VLSFO - HSFO M1 | 48.51 | 45.85 | 0.64 | [1] Singapore Fuel Oil | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 393.49 | 407.65 | - | | Singapore 180cst M1 | 393.26 | 409.34 | - | | Singapore VLSFO M1 | 442.56 | 452.99 | - | | Singapore Gasoil M1 | 85.62 | 88.58 | - | | Singapore 380cst - Brent M1 | - 3.00 | - 4.13 | - | | Singapore VLSFO - Gasoil M1 | - 191.03 | - 202.50 | - | [1] Singapore Fuel Oil Spot | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | FOB 380cst | 397.16 | 412.42 | - 0.10 | | FOB VLSFO | 445.54 | 455.54 | - 4.21 | | 380 basis | 4.55 | 8.15 | 0.85 | | High - sulfur domestic - foreign price difference | 14.8 | 19.3 | - 3.6 | | Low - sulfur domestic - foreign price difference | 18.7 | 21.3 | - 1.9 | [2] Domestic FU | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | FU 01 | 2589 | 2652 | - 1 | | FU 05 | 2745 | 2803 | - 12 | | FU 09 | 2646 | 2715 | - 11 | | FU 01 - 05 | - 156 | - 151 | 11 | | FU 05 - 09 | 99 | 88 | - 1 | | FU 09 - 01 | 57 | 63 | - 10 | [2] Domestic LU | Product | 2026/01/26 | 2026/01/30 | Change | | --- | --- | --- | --- | | LU 01 | 3248 | 3341 | 15 | | LU 05 | 3194 | 3264 | - 40 | | LU 09 | 3211 | 3272 | - 19 | | LU 01 - 05 | 54 | 77 | 55 | | LU 05 - 09 | - 17 | - 8 | - 21 | | LU 09 - 01 | - 37 | - 69 | - 34 | [3]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread fluctuated, and the EW spread fluctuated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the internal - external spread of FU01 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 internal - external spread of LU11 oscillated at $9 [3][4]. - This week, Singapore's on - shore inventory decreased, but the inventory was still not the highest in the same historical period. 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 on - shore inventory in Fujairah, the Middle East decreased, the floating storage of high - sulfur and low - sulfur increased significantly, the residue inventory in ARA increased, and the residue inventory in the US decreased, showing a large inventory contradiction [4]. - The east - west divergence of high - sulfur fuel oil continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. A two - way regression is expected in the future. 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. In the short term, pay attention to the opportunity of the widening of the high - sulfur 380 EW spread. Fundamentally, the supply of high - sulfur fuel oil is expected to increase, and the supply - demand pattern will weaken [4]. Group 3: Data Summary Rotterdam Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 396.94 | 389.64 | 394.21 | 390.27 | 388.24 | -2.03 | | Rotterdam 0.5% VLS FO Swap M1 | 452.82 | 448.06 | 453.27 | 452.69 | 450.47 | -2.22 | | Rotterdam HSFO - Brent M1 | -3.23 | -3.58 | -3.95 | -4.33 | -4.85 | -0.52 | | Rotterdam 10ppm Gasoil Swap M1 | 638.66 | 628.39 | 631.89 | 635.32 | 624.89 | -10.43 | | Rotterdam VLSFO - Gasoil M1 | -185.84 | -180.33 | -178.62 | -182.63 | -174.42 | 8.21 | | LGO - Brent M1 | 22.10 | 21.18 | 20.51 | 21.97 | 19.81 | -2.16 | | Rotterdam VLSFO - HSFO M1 | 55.88 | 58.42 | 59.06 | 62.42 | 62.23 | -0.19 | [1] Singapore Fuel Oil | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 401.22 | 394.38 | 391.90 | 390.95 | 390.54 | - | | Singapore 180cst M1 | 411.88 | 405.63 | 403.65 | 403.51 | 401.94 | - | | Singapore VLSFO M1 | 484.51 | 476.53 | 476.59 | 476.79 | 479.27 | - | | Singapore Gasoil M1 | 85.26 | 83.31 | 83.35 | 82.76 | 82.47 | - | | Singapore 380cst - Brent M1 | -3.02 | -3.07 | -3.49 | -4.09 | -4.49 | - | | Singapore VLSFO - Gasoil M1 | -146.41 | -139.96 | -140.20 | -135.63 | -131.01 | - | [1] Singapore Fuel Oil Spot | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 396.64 | 388.41 | 387.09 | 387.36 | 387.68 | 0.32 | | FOB VLSFO | 483.55 | 475.21 | 476.12 | 477.51 | 475.97 | -1.54 | | 380 Basis | -3.95 | -4.05 | -3.95 | -3.40 | -2.90 | 0.50 | | High - sulfur Internal - External Spread | 1.5 | 4.5 | 2.4 | 2.5 | 0.1 | -2.4 | | Low - sulfur Internal - External Spread | 8.8 | 9.4 | 6.8 | 8.2 | 8.7 | 0.5 | [2] Domestic FU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2800 | 2772 | 2750 | 2746 | 2739 | -7 | | FU 05 | 2770 | 2751 | 2736 | 2741 | 2735 | -6 | | FU 09 | 2770 | 2730 | 2700 | 2691 | 2713 | 22 | | FU 01 - 05 | 30 | 21 | 14 | 5 | 4 | -1 | | FU 05 - 09 | 0 | 21 | 36 | 50 | 22 | -28 | | FU 09 - 01 | -30 | -42 | -50 | -55 | -26 | 29 | [2] Domestic LU | Type | 2025/08/12 | 2025/08/13 | 2025/08/14 | 2025/08/15 | 2025/08/18 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3457 | 3430 | 3417 | 3420 | 3426 | 6 | | LU 05 | 3417 | 3394 | 3390 | 3395 | 3391 | -4 | | LU 09 | 3489 | 3442 | 3429 | 3423 | 3477 | 54 | | LU 01 - 05 | 40 | 36 | 27 | 25 | 35 | 10 | | LU 05 - 09 | -72 | -48 | -39 | -28 | -86 | -58 | | LU 09 - 01 | 32 | 12 | 12 | 3 | 51 | 48 | [3]