Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report indicates that due to the Middle - East tensions increasing the risk premium, crude oil prices have risen for two consecutive days. The geopolitical tensions this year have overshadowed concerns about global supply surplus. The market will get insights from a series of data this week, starting with the EIA's monthly short - term energy outlook report. The short - term oil prices are still affected by the Iran situation, and the global crude oil supply - demand fundamentals in the first and second quarters remain in a surplus state, not supporting high valuations [3][5]. 3. Summary by Directory 3.1 Daily News - Middle - East tensions have pushed up the risk premium, causing oil prices to rise for two consecutive days. WTI crude oil has traded above $64 per barrel after a 1.7% increase in the past two trading days, and Brent crude oil has closed above $69. The US warned that US - flagged vessels should stay away from Iranian waters when passing through the Strait of Hormuz [3]. - The US Maritime Administration's warning was related to an incident on February 3 when a US - flagged oil tanker was approached by Iranian gunboats in the Strait of Hormuz [4]. - Venezuelan crude oil production has approached 1 million barrels per day after returning to the pre - cut level [4]. - US sanctions have led to a continuous decline in Russian crude oil production. In January, Russia's average daily crude oil production was 9.28 million barrels, 46,000 barrels per day less than in December and nearly 300,000 barrels per day lower than the quota in the OPEC+ agreement. The amount of Russian oil stored on tankers has been increasing [5]. 3.2 Inventory - This week, crude oil has fluctuated at a high level due to the Iran situation, with the month - spread falling and the North Sea Brent basis dropping to $1.005 per barrel. The US and Iran held a six - hour nuclear negotiation on Friday, with Iran calling it a good start. A second round of negotiations is expected in the coming days. - Globally, the total petroleum inventory has decreased. In the US, commercial crude oil inventory decreased by 3.455 million barrels and refined oil inventory decreased by 5.553 million barrels. Saudi Arabia adjusted the official selling prices of Arabian light crude oil for March. - In Singapore, all refined oil products have seen inventory accumulation. In ARA, crude oil inventory has decreased, while refined oil products, diesel, and gasoline have seen inventory accumulation. In China, both gasoline and diesel inventories have increased [5]. 3.3 EIA Report - For the week ending January 30, US crude oil exports decreased by 542,000 barrels per day to 4.047 million barrels per day [15]. - US domestic crude oil production decreased by 481,000 barrels to 13.215 million barrels per day [15]. - Commercial crude oil inventory (excluding strategic reserves) decreased by 3.455 million barrels to 420 million barrels, a decrease of 0.82% [15]. - The four - week average supply of US crude oil products was 20.802 million barrels per day, a year - on - year increase of 0.94% [15]. - The US Strategic Petroleum Reserve (SPR) inventory increased by 214,000 barrels to 415.2 million barrels, an increase of 0.05% [15]. - US imports of commercial crude oil (excluding strategic reserves) were 6.201 million barrels per day, an increase of 559,000 barrels per day compared to the previous week [15].

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 The provided content does not mention the report industry investment rating. 2) Core Viewpoints of the Report - This week, the high - sulfur cracking in Singapore fluctuated and weakened on Friday. The monthly spread was at a historical low, and the basis weakened and then fluctuated at a historical low. The HSFO cracking in Europe oscillated at a low level, and the EW weakened on Friday. The 0.5% cracking in Singapore continued to weaken this week, with the monthly spread weakening and the basis oscillating at a low level [3]. - In terms of inventory, there was a slight accumulation of residue in Singapore, a significant accumulation of high - sulfur floating storage, a reduction of residue in ARA, an accumulation of residue in Fujairah, high - sulfur floating storage oscillated at a high level, and a slight reduction of EIA residue [3]. - With the strengthening expectation of Russia - Ukraine peace talks, the cracking of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur and diesel continued to rebound [4]. - After the fire at the Al Zour refinery on October 21st, it stopped production. In December, the RFCC unit of the Dangote refinery is expected to enter maintenance, and VGO exports are expected to increase [4]. - The global heavy - oil market has entered the off - season with inventory accumulation. The external cracking is affected by crude oil fluctuations, and there is no improvement in the spot market. FU01 should be treated bearishly. The low - sulfur valuation is low but lacks a driving force [4]. 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From November 26th to December 2nd, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 7.55, the price of Rotterdam 0.5% VLSFO swap M1 decreased by 6.28, and the price difference between Rotterdam HSFO - Brent M1 decreased by 0.53 [1]. - Other price differences and spreads also showed corresponding changes during this period [1]. Singapore Fuel Oil Data - For Singapore fuel oil, from November 26th to December 2nd, 2025, the price of Singapore 380cst M1 decreased by 7.03, the price of Singapore 180cst M1 decreased by 3.95, and the price of Singapore VLSFO M1 decreased by 1.19 [1]. - In the Singapore fuel oil spot market, the FOB 380cst price decreased by 1.00, and the FOB VLSFO price decreased by 1.20 from November 26th to December 2nd, 2025 [2]. Domestic Fuel Oil Futures Data - For domestic FU futures, from November 26th to December 2nd, 2025, FU 01 decreased by 26, FU 05 decreased by 20, and FU 09 decreased by 23 [2]. - For domestic LU futures, during the same period, LU 01 decreased by 19, LU 05 decreased by 15, and LU 09 decreased by 9 [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 Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive overview of the overnight market trends, important macro - economic news, and developments in various financial and commodity sectors, including futures, stocks, bonds, and foreign exchange. It also provides upcoming economic data releases and events. Summary by Directory Overnight Night - Market Trends - Domestic futures主力合约涨跌互现，烧碱、纸浆等涨超0.4%，SC原油、氧化铝等跌超1% [2] - International precious metal futures普遍收跌，COMEX黄金期货跌0.56%，COMEX白银期货跌1.39% [3] - International oil prices走弱，美油主力合约收跌1.23%，布伦特原油主力合约跌1.29% [4] - London basic metals收盘多数下跌，LME期锡、期镍、期铜均有不同程度跌幅 [5] - International agricultural product futures涨跌不一，美大豆、美玉米等有涨有跌 [6] Important Information Macro - Information - China's central bank will conduct 500 billion yuan of MLF operations on May 23, 2025 [9] - CFFEX is promoting the dual functions of financial futures [9] - SHFE will improve its product system and promote the R & D and listing of new varieties [9] - US initial jobless claims for the week ending May 17 were 227,000, a four - week low [10] - Iran vows a "devastating response" to any Israeli attack [11] - Trump's tax reform bill passed the House and is sent to the Senate, and the Senate passed a bill to end California's ban on fuel - powered vehicles [12] - Fed Governor Waller expects a rate cut in the second half of 2025 if tariffs decline [13] Energy and Chemical Futures - OPEC + is discussing a possible large - scale production increase in July [16] - China's urea production increased, and domestic soda ash inventory decreased [16] - Singapore's fuel oil, light distillate, and middle distillate inventories all rose [16] - SHFE adjusted the trading fees of natural rubber futures RU2509 contract [17] - US natural gas inventory increased, with a year - on - year decrease of 12.3% [17] - The US was not persuaded to lower the oil price cap at the G7 meeting [18] Metal Futures - Freeport Indonesia's Manyar smelter will resume production in June and reach full capacity in December [20] - CBA expects gold prices to reach $3,750 per ounce in Q4 due to rising safe - haven demand and a weakening dollar [22] - SHFE adjusted the trading fees of alumina futures AO2509 contract [22] - The global lead market had a supply shortage in March 2025 [22] Black - Series Futures - Rebar production increased, factory inventory rose, social inventory decreased, and apparent demand declined [24] - China's cumulative power generation installed capacity increased by 15.9% year - on - year as of the end of April [24] - Steel social inventory in 21 cities decreased in mid - May, with a narrowing decline [24] - Global crude steel production in April 2025 decreased by 0.3% year - on - year [25] - The average profit per ton of coke in independent coking plants varied by region [26] Agricultural Product Futures - Malaysia's palm oil production and exports are expected to increase in May [28] - Nigeria's palm oil prices may rise due to Indonesia's export tax increase [28] - Market rumors suggest the US government may grant small refinery exemptions, reducing biodiesel production and oil consumption [29] - IGC maintains the 2025/26 global soybean production forecast, with increased trade and consumption [29] - US soybean export net sales data for different periods [30] - Canada's rapeseed exports increased, and commercial inventory was reported [30] - The proportion of US soybean and corn planting areas affected by drought [30] - US cotton ON - call unpriced orders data [31] - Argentina's soybean sales accelerated in the first two weeks of May [31] Financial Market Finance - The CSRC will optimize the listing environment for technology companies and implement a more flexible IPO adjustment mechanism [33] - A - shares closed lower on Thursday, with some sectors rising and others falling [35] - Hong Kong stocks declined, but two new stocks had a strong performance in the dark - market trading [35] - CATL's H - shares will be included in MSCI indices [36] - Lenovo Group's Q4 revenue and profit increased [36] Industry - China's cumulative power generation installed capacity increased, with significant growth in solar and wind power [37] - The Cyberspace Administration of China will launch a special campaign to rectify online "black - mouth" against enterprises [37] - The world's first "Intelligent Grading of Humanoid Robots" standard was released [39] - Shanghai introduced measures to promote the high - quality development of the technology service industry [39] - A group standard for all - solid - state batteries was released [39] - TOP100 real - estate enterprises' land reserves decreased in 2024 [39] - China's narrow - sense passenger car retail sales are expected to increase in May [40] - The "JD Takeaway" platform was interviewed by the market supervision department [40] Overseas - Fed Governor Waller suggests a possible rate cut in the second half of 2025 if tariffs stabilize [41] - US manufacturing and service PMI data in May [43] - Harvard University's international student enrollment qualification was revoked [43] - US existing - home sales decreased in April, with a rising median price [43] - US initial jobless claims decreased to a four - week low [43] - Eurozone's May PMI data, with a decline in the composite PMI [44] - European Central Bank's meeting minutes and market expectations for a rate cut [44] - Japan's core machinery orders increased significantly in March [44] - Thailand's court ruled that Yingluck Shinawatra should pay compensation [46] International Stocks - US stocks closed mixed, with the S&P 500 and Nasdaq recording three - day losses [47] - European stocks closed lower due to concerns about bond yields and tax reform [47] - Berkshire Hathaway's Greg Abel met with Japanese trading company executives [48] - Kraken plans to allow non - US customers to trade stocks in token form [48] Commodity - International precious metal futures declined, affected by the US fiscal deficit, inflation, and the dollar [50] - International oil prices weakened, pressured by OPEC + production increase expectations and US inventory [50] - London basic metals mostly fell, with supply - chain changes [50] - OPEC + is discussing a production increase in July [51] - SHFE adjusted the trading fees of alumina and natural rubber futures contracts [51] Bond - China's bond market continued to fluctuate, with the central bank conducting reverse - repurchase operations [52] - A member of the Bank of Japan's council believes no intervention in the bond market is necessary [54] - US Treasury yields declined across the board [54] - European bond yields showed mixed trends [54] Foreign Exchange - The on - shore RMB against the US dollar rose, and the central parity rate was adjusted up [55] - The RMB ranked fifth in global payment currency in April [55] - Japan's foreign - exchange official stated that exchange rates should be determined by the market [55] - The US dollar index rose, and most non - US currencies fell [57] Upcoming Economic Data and Events - Economic data release schedule including UK consumer confidence, Japan's CPI, etc. [59] - Event schedule including Trump's dinner invitation, central bank operations, and corporate earnings reports [61]