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].

Group 1: Report Information - The report is the Fuel Oil Morning Report by the Energy and Chemicals Team of the Research Center on March 5, 2026 [2] Group 2: Rotterdam Fuel Oil Swap Data - From February 26 to March 4, 2026, the Rotterdam 3.5% HSF O swap M1 changed from 397.76 to 471.68, with a change of -20.13; the Rotterdam 0.5% VLS FO swap M1 changed from 449.83 to 508.77, with a change of -17.84; the Rotterdam HSFO - Brent M1 changed from -9.51 to -4.55, with a change of -2.09; the Rotterdam 10ppm Gasoil swap M1 changed from 726.59 to 900.25, with a change of 3.12; the Rotterdam VLSFO - Gasoil M1 changed from -276.76 to -391.48, with a change of -20.96; the LGO - Brent M1 remained unchanged at 39.10; the Rotterdam VLSFO - HSFO M1 changed from 52.07 to 37.09, with a change of 2.29 [3] Group 3: Singapore Fuel Oil Swap Data - From February 26 to March 4, 2026, the Singapore 380cst M1 changed from 420.67 to 519.63; the Singapore 180cst M1 changed from 425.23 to 533.49; the Singapore VLSFO M1 changed from 492.73 to 570.78; the Singapore Gasoil M1 changed from 92.08 to 117.80; the Singapore 380cst - Brent M1 changed from -4.59 to 2.89; the Singapore VLSFO - Gasoil M1 changed from -188.66 to -300.94 [3] Group 4: Singapore Fuel Oil Spot Data - From February 26 to March 4, 2026, the Singapore FOB 380cst changed from 425.78 to 562.58, with a change of 40.03; the FOB VLSFO changed from 494.07 to 617.10, with a change of 17.01; the 380 - basis changed from 5.40 to 13.80, with a change of 3.65; the high - sulfur internal - external price difference changed from 15.8 to 34.8, with a change of -1.9; the low - sulfur internal - external price difference changed from 18.3 to 54.7, with a change of -0.6 [4] Group 5: Domestic FU Data - From February 26 to March 4, 2026, the domestic FU 01 changed from 2748 to 3243, with a change of 83; the FU 05 changed from 2987 to 3888, with a change of 415; the FU 09 changed from 2872 to 3457, with a change of 115; the FU 01 - 05 changed from -239 to -645, with a change of -332; the FU 05 - 09 changed from 115 to 431, with a change of 300; the FU 09 - 01 changed from 124 to 214, with a change of 32 [4] Group 6: Domestic LU Data - From February 26 to March 4, 2026, the domestic LU 01 changed from 3446 to 3850, with a change of 177; the LU 05 changed from 3460 to 4376, with a change of 264; the LU 09 changed from 3437 to 3944, with a change of 143; the LU 01 - 05 changed from -14 to -526, with a change of -87; the LU 05 - 09 changed from 23 to 432, with a change of 121; the LU 09 - 01 changed from -9 to 94, with a change of -34 [5]

1. Report Information - Report Name: Fuel Oil Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center - Date: March 2, 2026 2. Core Data and Changes Rotterdam Market - **3.5% HSF O Swap M1**: Price changed from 364.24 on February 13, 2026 to 399.61 on February 27, 2026, with a change of 1.85 [3]. - **0.5% VLS FO Swap M1**: Price changed from 414.02 to 457.77, a change of 7.94 [3]. - **HSFO - Brent M1**: Spread changed from -9.60 to -9.37, a change of 0.14 [3]. - **10ppm Gasoil Swap M1**: Price changed from 649.91 to 728.55, a change of 1.96 [3]. - **VLSFO - GO M1**: Spread changed from -235.89 to -270.78, a change of 5.98 [3]. - **LGO - Brent M1**: Spread changed from 21.51 to 24.78, a change of -3.90 [3]. - **VLSFO - HSFO M1**: Spread changed from 49.78 to 58.16, a change of 6.09 [3]. Singapore Market (Futures) - **380cst M1**: Price changed from 409.78 to 421.22, a change of 0.55 [3]. - **180cst M1**: Price changed from 417.11 to 426.29, a change of 1.06 [3]. - **VLSFO M1**: Price changed from 458.18 to 502.98, a change of 10.25 [3]. - **GO M1**: Price changed from 85.84 to 92.45, a change of 0.37 [3]. - **380cst - Brent M1**: Spread changed from -2.33 to -5.15, a change of -0.56 [3]. - **VLSFO - GO M1**: Spread changed from -177.04 to -181.15, a change of 7.51 [3]. Singapore Market (Spot) - **FOB 380cst**: Price changed from 430.67 to 426.14, a change of 0.36 [4]. - **FOB VLSFO**: Price changed from 456.39 to 504.57, a change of 10.50 [4]. - **380 Basis**: Changed from 16.05 to 5.10, a change of -0.30 [4]. - **High - Sulfur Domestic - Foreign Spread**: Changed from 12.6 to 19.1, a change of 3.3 [4]. - **Low - Sulfur Domestic - Foreign Spread**: Changed from 20.7 to 19.6, a change of 1.3 [4]. Domestic Market (FU) - **FU 01**: Price changed from 2623 to 2729, a change of -19 [4]. - **FU 05**: Price changed from 2840 to 2960, a change of -27 [4]. - **FU 09**: Price changed from 2710 to 2855, a change of -17 [4]. - **FU 01 - 05**: Spread changed from -217 to -231, a change of 8 [4]. - **FU 05 - 09**: Spread changed from 130 to 105, a change of -10 [4]. - **FU 09 - 01**: Spread changed from 87 to 126, a change of 2 [4]. Domestic Market (LU) - **LU 01**: Price changed from 3260 to 3427, a change of -19 [5]. - **LU 05**: Price changed from 3261 to 3500, a change of 40 [5]. - **LU 09**: Price changed from 3232 to 3407, a change of -30 [5]. - **LU 01 - 05**: Spread changed from -1 to -73, a change of -59 [5]. - **LU 05 - 09**: Spread changed from 29 to 93, a change of 70 [5]. - **LU 09 - 01**: Spread changed from -28 to -20, a change of -11 [5].

Group 1: Rotterdam Fuel Oil Data - Rotterdam 3.5% HSF O swap M1 price on 2026/02/09 was 375.60, and on 2026/02/13 was 364.24, with a change of -1.52 [1] - Rotterdam 0.5% VLS FO swap M1 price remained unchanged at 414.02 from 2026/02/12 to 2026/02/13 [1] - Rotterdam HSFO - Brent M1 spread on 2026/02/09 was -9.21, and on 2026/02/13 was -9.60, with a change of 0.15 [1] - Rotterdam 10ppm Gasoil swap M1 price on 2026/02/09 was 665.89, and on 2026/02/13 was 649.91, with a change of -2.48 [1] - Rotterdam VLSFO - Gasoil M1 spread on 2026/02/09 was -243.11, and on 2026/02/13 was -235.89, with a change of 2.48 [1] - LGO - Brent M1 on 2026/02/09 was 22.24, and on 2026/02/13 was 21.51, with a change of -0.57 [1] - Rotterdam VLSFO - HSFO M1 on 2026/02/09 was 47.18, and on 2026/02/13 was 49.78, with a change of 1.52 [1] Group 2: Singapore Fuel Oil Data - Singapore 380cst M1 price on 2026/02/09 was 394.76, and on 2026/02/11 was 409.92 [1] - Singapore 180cst M1 price on 2026/02/09 was 401.40, and on 2026/02/11 was 414.66 [1] - Singapore VLSFO M1 price on 2026/02/09 was 453.81, and on 2026/02/11 was 468.70 [1] - Singapore Gasoil M1 price on 2026/02/09 was 86.24, and on 2026/02/11 was 87.84 [1] - Singapore 380cst - Brent M1 spread on 2026/02/09 was -4.72, and on 2026/02/11 was -4.25 [1] - Singapore VLSFO - Gasoil M1 spread on 2026/02/09 was -184.37, and on 2026/02/11 was -181.32 [1] Group 3: Singapore Fuel Oil Spot Data - FOB 380cst price on 2026/02/09 was 416.35, and on 2026/02/13 was 430.67, with a change of -5.87 [2] - FOB VLSFO price on 2026/02/09 was 453.06, and on 2026/02/13 was 456.39, with a change of -11.50 [2] - 380cst basis on 2026/02/09 was 13.25, and on 2026/02/13 was 16.05, with a change of 1.00 [2] - High - sulfur internal - external spread on 2026/02/09 was 12.9, and on 2026/02/13 was 12.6, with a change of -2.1 [2] - Low - sulfur internal - external spread on 2026/02/09 was 17.1, and on 2026/02/13 was 20.7, with a change of -1.6 [2] Group 4: Domestic FU Data - FU 01 price on 2026/02/09 was 2621, and on 2026/02/13 was 2623, with a change of -33 [2] - FU 05 price on 2026/02/09 was 2794, and on 2026/02/13 was 2840, with a change of -48 [2] - FU 09 price on 2026/02/09 was 2701, and on 2026/02/13 was 2710, with a change of -47 [2] - FU 01 - 05 spread on 2026/02/09 was -173, and on 2026/02/13 was -217, with a change of 15 [2] - FU 05 - 09 spread on 2026/02/09 was 93, and on 2026/02/13 was 130, with a change of -1 [2] - FU 09 - 01 spread on 2026/02/09 was 80, and on 2026/02/13 was 87, with a change of -14 [2] Group 5: Domestic LU Data - LU 01 price on 2026/02/09 was 3265, and on 2026/02/13 was 3260, with a change of -57 [3] - LU 05 price on 2026/02/09 was 3249, and on 2026/02/13 was 3261, with a change of -94 [3] - LU 09 price on 2026/02/09 was 3226, and on 2026/02/13 was 3232, with a change of -101 [3] - LU 01 - 05 spread on 2026/02/09 was 16, and on 2026/02/13 was -1, with a change of 37 [3] - LU 05 - 09 spread on 2026/02/09 was 23, and on 2026/02/13 was 29, with a change of 7 [3] - LU 09 - 01 spread on 2026/02/09 was -39, and on 2026/02/13 was -28, with a change of -44 [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]

Report Summary 1) Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2) Core Viewpoints of the Report - This week, the cracking of Singapore 380 strengthened, and the monthly spread rebounded significantly. The high - sulfur cracking in Europe rebounded, and the monthly spread also rebounded significantly. 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 monthly spread strengthened slightly, and the basis oscillated at a low level [3][4]. - In terms of inventory, Singapore's residual oil had a slight inventory build - up, with the inventory at a historical high year - on - year. ARA's residual oil had a slight inventory drawdown, and Fujairah's residual oil had an inventory build - up [4]. - This week, the situation in Iran affected the global heavy oil valuation. In the short term, the driving force of high - sulfur fuel oil was stronger than that of low - sulfur fuel oil. The high - sulfur spot market tightened, the cracking rebounded, and the short - term downside space was limited. The external market of low - sulfur fuel oil remained weak [4]. 3) Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 342.84 | 333.76 | 341.06 | 336.61 | 335.92 | -0.69 | | Rotterdam 0.5% VLS FO Swap M1 | 397.96 | 384.56 | 389.58 | 385.89 | 385.56 | -0.33 | | Rotterdam HSFO - Brent M1 | -11.23 | -10.45 | -10.09 | -10.43 | -10.35 | 0.08 | | Rotterdam 10ppm Gasoil Swap M1 | 639.10 | 621.40 | 634.20 | 630.80 | 633.90 | 3.10 | | Rotterdam VLSFO - Gasoil M1 | -241.14 | -236.84 | -244.62 | -244.91 | -248.34 | -3.43 | | LGO - Brent M1 | 21.50 | 21.81 | 23.19 | 22.94 | 22.94 | 0.00 | | Rotterdam VLSFO - HSFO M1 | 55.12 | 50.80 | 48.52 | 49.28 | 49.64 | 0.36 | [1] Singapore Fuel Oil Swap Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 360.39 | 359.16 | 356.84 | 359.12 | 357.08 | -2.04 | | Singapore 180cst M1 | 366.14 | 363.46 | 363.27 | 364.49 | 364.98 | 0.49 | | Singapore VLSFO M1 | 428.26 | 426.98 | 426.45 | 427.95 | 426.15 | -1.80 | | Singapore Gasoil M1 | 82.45 | 81.65 | 81.51 | 82.07 | 82.61 | 0.54 | | Singapore 380cst - Brent M1 | -7.37 | -7.10 | -6.79 | -6.30 | -6.58 | -0.28 | | Singapore VLSFO - Gasoil M1 | -181.87 | -177.23 | -176.72 | -179.37 | -185.16 | -5.79 | [1] Singapore Fuel Oil Spot Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 358.10 | 358.88 | 358.34 | 359.26 | - | - | | FOB VLSFO | 431.74 | 429.02 | 429.37 | 431.00 | - | - | | 380 Basis | -1.50 | -1.45 | -1.65 | -1.45 | - | - | | High - Sulfur Domestic - Foreign Spread | 13.0 | 13.9 | 13.7 | 12.6 | 10.8 | -1.8 | | Low - Sulfur Domestic - Foreign Spread | 16.0 | 14.9 | 15.3 | 15.6 | 16.9 | 1.3 | [2] Domestic FU Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2513 | 2510 | 2485 | 2478 | 2467 | -11 | | FU 05 | 2578 | 2566 | 2520 | 2526 | 2507 | -19 | | FU 09 | 2546 | 2533 | 2498 | 2500 | 2487 | -13 | | FU 01 - 05 | -65 | -56 | -35 | -48 | -40 | 8 | | FU 05 - 09 | 32 | 33 | 22 | 26 | 20 | -6 | | FU 09 - 01 | 33 | 23 | 13 | 22 | 20 | -2 | [2] Domestic LU Data | Type | 2026/01/14 | 2026/01/15 | 2026/01/16 | 2026/01/19 | 2026/01/20 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3159 | 3166 | 3088 | 3136 | 3120 | -16 | | LU 05 | 3087 | 3074 | 3041 | 3052 | 3066 | 14 | | LU 09 | 3112 | 3090 | 3056 | 3073 | 3085 | 12 | | LU 01 - 05 | 72 | 92 | 47 | 84 | 54 | -30 | | LU 05 - 09 | -25 | -16 | -15 | -21 | -19 | 2 | | LU 09 - 01 | -47 | -76 | -32 | -63 | -35 | 28 | [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, the cracking of Singapore 380 strengthened, and the monthly spread rebounded significantly. The high - sulfur cracking in Europe rebounded, and the monthly spread also rebounded significantly. 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 monthly spread strengthened slightly, and the basis oscillated at a low level. In terms of inventory, Singapore residue oil had a small inventory build - up, with the inventory at a historical high year - on - year, ARA residue oil had a small inventory draw - down, and Fujairah residue oil had an inventory build - up. 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 was limited, while the low - sulfur external market remained weak [3][4] 3. Summary by Relevant Catalog Rotterdam Fuel Oil Swap Data - From January 13 to 19, 2026, for Rotterdam 3.5% HSF O swap M1, the price changed from 338.39 to 336.42, a decrease of 4.64; for Rotterdam 0.5% VLS FO swap M1, it changed from 393.07 to 385.25, a decrease of 4.33; for Rotterdam HSFO - Brent M1, it changed from - 11.61 to - 10.40, a change of - 0.31; for Rotterdam 10ppm Gasoil swap M1, it changed from 634.60 to 636.65, an increase of 2.45; for Rotterdam VLSFO - Gasoil M1, it changed from - 241.53 to - 251.40, a decrease of 6.78; for LGO - Brent M1, it changed from 21.98 to 23.36, an increase of 0.17; for Rotterdam VLSFO - HSFO M1, it changed from 54.68 to 48.83, a decrease of 0.31 [1] Singapore Fuel Oil Swap Data - During January 13 - 19, 2026, for Singapore 380cst M1, the price changed from 346.25 to 360.61, an increase of 3.77; for Singapore 180cst M1, it changed from 353.19 to 365.42, an increase of 2.15; for Singapore VLSFO M1, it changed from 422.84 to 429.94, an increase of 3.49; for Singapore GO M1, it changed from 81.26 to 83.40, an increase of 1.89; for Singapore 380cst - Brent M1, it changed from - 8.90 to - 6.58, a change of 0.21; for Singapore VLSFO - Gasoil M1, it changed from - 178.48 to - 187.22, a decrease of 10.50 [1] Singapore Fuel Oil Spot Data - From January 13 to 19, 2026, for FOB 380cst, the price changed from 344.30 to 359.26, an increase of 0.92; for FOB VLSFO, it changed from 424.25 to 431.00, an increase of 1.63; the 380 basis changed from - 1.80 to - 1.45, an increase of 0.20; the high - sulfur internal - external price difference changed from 13.4 to 12.6, a decrease of 1.1; the low - sulfur internal - external price difference changed from 15.8 to 15.6, an increase of 0.3 [2] Domestic FU Data - Between January 13 and 19, 2026, for FU 01, the price changed from 2451 to 2478, a change of - 7; for FU 05, it changed from 2469 to 2526, an increase of 6; for FU 09, it changed from 2467 to 2500, an increase of 2; for FU 01 - 05, it changed from - 18 to - 48, a decrease of 13; for FU 05 - 09, it changed from 2 to 26, an increase of 4; for FU 09 - 01, it changed from 16 to 22, an increase of 9 [2] Domestic LU Data - From January 13 to 19, 2026, for LU 01, the price changed from 3112 to 3136, an increase of 48; for LU 05, it changed from 3063 to 3052, an increase of 11; for LU 09, it changed from 3081 to 3073, an increase of 17; for LU 01 - 05, it changed from 49 to 84, an increase of 37; for LU 05 - 09, it changed from - 18 to - 21, a decrease of 6; for LU 09 - 01, it changed from - 31 to - 63, a decrease of 31 [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the crack spread of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month-on-month, and the basis fluctuated at a low level. The price difference between high and low sulfur fuels is at a historically low level compared to the same period. The crack spread of Singapore 0.5 low-sulfur fuel weakened, and the monthly spread and basis fluctuated at historically low levels. In terms of inventory, the residue oil in Singapore decreased, the high-sulfur floating storage was higher than the historical average for the same period, and the low-sulfur floating storage increased slightly. [3] - The heavy fuel inventory in Fujairah increased significantly to 8,520 thousand tons. The high-sulfur floating storage decreased, but it was still at a historically high level compared to the same period. The ARA port decreased its inventory, and the inventory was at a historically low level compared to the same period. In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low-sulfur fuel oil strengthened slightly. The shipment from Saudi Arabia decreased month-on-month, and the shipment from the UAE increased month-on-month. Recently, the weak fundamentals of low-sulfur fuel oil continued, and it is expected to maintain a low-level fluctuation pattern. High-sulfur fuel oil began to accumulate inventory globally. The crack spread of Singapore is still supported by purchasing demand, but it faces downward pressure in the medium term due to factors such as sanctions on Russia. The domestic and international prices of FU mainly fluctuated, and weakened slightly this week. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From October 20 to October 24, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 365.63 to 400.88, with a change of 4.13. The price of Rotterdam 0.5% VLS FO swap M1 increased from 394.21 to 424.62, with a change of 3.74. [1] Singapore Fuel Oil Swap Data - From October 20 to October 24, 2025, the price of Singapore 380cst M1 increased from 362.82 to 394.15, with a change of 9.62. The price of Singapore 180cst M1 increased from 370.44 to 402.15, with a change of 9.62. The price of Singapore VLSFO M1 increased from 420.94 to 448.43, with a change of 6.17. [1] Singapore Fuel Oil Spot Data - From October 20 to October 24, 2025, the FOB price of 380cst increased from - to 392.86, with a change of 8.86. The FOB price of VLSFO increased from - to 445.23, with a change of 6.73. [2] Domestic FU Fuel Oil Data - From October 20 to October 24, 2025, the price of FU 01 increased from 2646 to 2814, with a change of 62. The price of FU 05 increased from 2616 to 2741, with a change of 40. The price of FU 09 increased from 2575 to 2663, with a change of 23. [2] Domestic LU Fuel Oil Data - From October 20 to October 24, 2025, the price of LU 01 increased from 3081 to 3224, with a change of 31. The price of LU 05 increased from 3117 to 3230, with a change of 10. The price of LU 09 increased from 3139 to 3235, with a change of 1. [3]