Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - This week, the high - sulfur cracking in Singapore oscillated, the monthly spread ran at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday. The HSFO cracking in Europe oscillated and weakened, and the EW oscillated. The 0.5% cracking in Singapore weakened, with the monthly spread and basis oscillating at low levels [3]. - In terms of inventory, there was a slight increase in Singapore residue, a slight decrease in high - sulfur floating storage, a slight increase in ARA residue, a significant increase in Fujairah residue, a decrease in high - sulfur floating storage, and a slight increase in EIA residue [3][4]. - 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 21 and its subsequent shutdown, the external low - sulfur market faces support, but the short - term strengthening space is limited. The global heavy oil has entered the off - season for inventory accumulation. The external cracking is subject to crude oil fluctuations, and there is no improvement on the spot side. FU01 should be treated bearishly. The low - sulfur valuation is low but lacks a driving force [4]. 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam**: From December 2 to December 8, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 348.23 to 349.63, with a change of 0.82; the price of Rotterdam 0.5% VLS FO swap M1 increased from 390.52 to 393.57, with a change of 1.90; other price indicators also had corresponding changes [1]. - **Singapore**: The price of Singapore 380cst M1 increased from 349.17 to 351.64, with a change of 2.60; the price of Singapore 180cst M1 increased from 356.17 to 359.58, with a change of 3.79; other price indicators also changed [1]. - **Singapore Fuel Oil Spot**: From December 2 to December 8, 2025, the FOB 380cst price increased from 337.62 to 343.53, with a change of 2.71; the FOB VLSFO price increased from 423.98 to 425.03, with a change of 3.30; other indicators also had corresponding changes [2]. - **Domestic FU**: The price of FU 01 increased from 2469 to 2508, with a change of 53; the price of FU 05 increased from 2532 to 2573, with a change of 48; other price indicators also changed [2]. - **Domestic LU**: The price of LU 01 increased from 3030 to 3071, with a change of 53; the price of LU 05 increased from 3053 to 3091, with a change of 54; other price indicators also changed [3]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore weakened on Friday after fluctuating, with the monthly spread running at a historical low and the basis weakening and then oscillating 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, Singapore's residue oil had a slight inventory build - up, high - sulfur floating storage had a significant inventory build - up, ARA's residue oil had inventory draw - down, Fujairah's residue oil had inventory build - up, high - sulfur floating storage oscillated at a high level, and EIA's residue oil had a slight inventory draw - down [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. After the fire at Al Zour refinery on October 21st and its subsequent shutdown, the RFCC unit of Dangote refinery is expected to enter maintenance in December, and VGO exports are expected to increase. The global heavy oil has entered the off - season with inventory build - up. The external cracking is subject to 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. Data Summaries Rotterdam Fuel Oil Swap Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 339.09 | 345.00 | 351.22 | 353.76 | 351.92 | -1.84 | | Rotterdam 0.5% VLS FO Swap M1 | 385.63 | 390.40 | 390.78 | 391.86 | 395.42 | 3.56 | | Rotterdam HSFO - Brent M1 | -8.01 | -7.55 | -7.41 | -7.40 | -7.51 | -0.11 | | Rotterdam 10ppm Gasoil Swap M1 | 648.85 | 639.56 | 651.68 | 658.00 | 643.93 | -14.07 | | Rotterdam VLSFO - Gasoil M1 | -263.22 | -249.16 | -260.90 | -266.14 | -248.51 | 17.63 | | LGO - Brent M1 | 25.67 | 24.29 | 25.79 | 26.28 | 25.52 | -0.76 | | Rotterdam VLSFO - HSFO M1 | 46.54 | 45.40 | 39.56 | 38.10 | 43.50 | 5.40 | [1] Singapore Fuel Oil Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 345.55 | 341.18 | 342.10 | 348.03 | 347.90 | -0.13 | | Singapore 180cst M1 | 352.99 | 353.51 | 350.60 | 356.03 | 355.44 | -0.59 | | Singapore VLSFO M1 | 423.05 | 416.41 | 422.25 | 421.50 | 425.66 | 4.16 | | Singapore GO M1 | 86.59 | 84.88 | 84.90 | 86.78 | 85.73 | -1.05 | | Singapore 380cst - Brent M1 | -7.95 | -7.91 | -8.58 | -8.40 | -8.14 | 0.26 | | Singapore VLSFO - Gasoil M1 | -217.72 | -211.70 | -206.01 | -220.67 | -208.74 | 11.93 | [1] Singapore Fuel Oil Spot Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 342.03 | 336.87 | 338.12 | 343.20 | 338.62 | -4.58 | | FOB VLSFO | 422.33 | 416.44 | 422.42 | 421.10 | 425.18 | 4.08 | | 380 Basis | -3.25 | -3.45 | -4.68 | -5.37 | -7.00 | -1.63 | | High - sulfur Domestic - Foreign Spread | 5.2 | 3.9 | 6.0 | 3.9 | 6.1 | 2.2 | | Low - sulfur Domestic - Foreign Spread | 4.5 | 5.8 | 2.0 | 3.7 | 1.2 | -2.5 | [2] Domestic FU Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2491 | 2467 | 2471 | 2501 | 2495 | -6 | | FU 05 | 2538 | 2516 | 2516 | 2554 | 2552 | -2 | | FU 09 | 2516 | 2494 | 2488 | 2525 | 2527 | 2 | | FU 01 - 05 | -47 | -49 | -45 | -53 | -57 | -4 | | FU 05 - 09 | 22 | 22 | 28 | 29 | 25 | -4 | | FU 09 - 01 | 25 | 27 | 17 | 24 | 32 | 8 | [2] Domestic LU Data | Product | 2025/11/25 | 2025/11/26 | 2025/11/27 | 2025/11/28 | 2025/12/01 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3015 | 3023 | 3023 | 3027 | 3049 | 22 | | LU 05 | 3055 | 3023 | 3042 | 3047 | 3068 | 21 | | LU 09 | 3095 | 3073 | 3082 | 3085 | 3095 | 10 | | LU 01 - 05 | -40 | 0 | -19 | -20 | -19 | 1 | | LU 05 - 09 | -40 | -50 | -40 | -38 | -27 | 11 | | LU 09 - 01 | 80 | 50 | 59 | 58 | 46 | -12 | [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report Core View - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level, the monthly spread of nearby months weakened, the basis oscillated at a low level, the EW spread weakened rapidly, the high - sulfur in the ARA region strengthened, and the FU internal - external spread oscillated between 8 - 10 US dollars. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period, the monthly spread was weakly sorted, the LU internal - external spread dropped to 7 - 9 US dollars, and the MF0.5 basis weakened. From the fundamental perspective, Singapore's residue oil inventory decreased (compared to a high level), floating storage decreased significantly, ARA residue oil inventory decreased at a historical low for the same period, EIA residue oil inventory slightly increased at a low level, Fujeirah slightly increased inventory (compared to a low level), and the Middle - East high - sulfur floating storage decreased significantly this week. Recently, the Singapore high - sulfur spot market has weakened, and the cracking is supported by raw material procurement, with limited short - term downward space. It is expected that the 380 cracking will maintain an oscillating pattern, and the FU internal - external spread should be viewed within a range. 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 weakened again. In the fourth quarter, the LU internal - external spread 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 September 29, 2025, to October 13, 2025, for Rotterdam 0.5% VLS FO swap M1, the price changed from 430.72 to 378.78, a decrease of 51.94; for Rotterdam 3.5% HSF O swap M1, it changed from 393.32 to 408.50, an increase of 15.18; for Rotterdam HSFO - Brent M1, it changed from - 5.01 to - 3.49, an increase of 1.52; for Rotterdam 10ppm Gasoil swap M1, it changed from 675.28 to 630.08, a decrease of 45.2; for Rotterdam VLSFO - Gasoil M1, it changed from - 244.56 to - 221.58, an increase of 22.98; for LGO - Brent M1, it changed from 24.98 to 23.27, a decrease of 1.71; for Rotterdam VLSFO - HSFO M1, it changed from 37.40 to 29.72, a decrease of 7.68 [1]. Singapore Fuel Oil Swap Data - From September 29, 2025, to October 13, 2025, for Singapore 380cst M1, the price changed from 409.64 to 376.28, a decrease of 33.36; for Singapore 180cst M1, it changed from 418.64 to 382.83, a decrease of 35.81; for Singapore VLSFO M1, it changed from 477.13 to 443.88, a decrease of 33.25; for Singapore Gasoil M1, it changed from 90.86 to 84.47, a decrease of 6.39; for Singapore 380cst - Brent M1, it changed from - 3.88 to - 3.93, a decrease of 0.05; for Singapore VLSFO - Gasoil M1, it changed from - 195.23 to - 181.20, an increase of 14.03 [1]. Singapore Fuel Oil Spot Data - From September 29, 2025, to October 13, 2025, for FOB 380cst, the price changed from 410.90 to 374.29, a decrease of 36.61; for FOB VLSFO, it changed from 477.90 to 438.87, a decrease of 39.03; the 380 basis changed from 0.95 to - 0.50, a decrease of 1.45; the high - sulfur internal - external spread changed from 8.8 to 9.8, an increase of 1; the low - sulfur internal - external spread changed from 10.8 to 5.8, a decrease of 5 [2]. Domestic FU Data - From September 29, 2025, to October 13, 2025, for FU 01, the price changed from 2919 to 2737, a decrease of 182; for FU 05, it changed from 2852 to 2697, a decrease of 155; for FU 09, it changed from 2748 to 2644, a decrease of 104; for FU 01 - 05, it changed from 67 to 40, a decrease of 27; for FU 05 - 09, it changed from 104 to 53, a decrease of 51; for FU 09 - 01, it changed from - 171 to - 93, an increase of 78 [2]. Domestic LU Data - From September 29, 2025, to October 13, 2025, for LU 01, the price changed from 3469 to 3226, a decrease of 243; for LU 05, it changed from 3423 to 3220, a decrease of 203; for LU 09, it changed from 3390 to 3208, a decrease of 182; for LU 01 - 05, it changed from 46 to 6, a decrease of 40; for LU 05 - 09, it changed from 33 to 12, a decrease of 21; for LU 09 - 01, it changed from - 79 to - 18, an increase of 61 [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 Industry Investment Rating - Not provided 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 recently had wide - range oscillations. The domestic FU is expected to oscillate more in the short - term. The low - sulfur cracking rebounded slightly but is at a historically low level compared to the same period. The LU disk remained weak this week. The third batch of export quotas was issued as expected. In the fourth quarter, the spread between domestic and foreign LU can be widened on dips, and attention should be paid to the quota usage [3][4]. Summary by Relevant Data Rotterdam Fuel Oil Swap Data - From September 19 to September 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 382.97 to 407.73, with a change of 4.00; Rotterdam 0.5% VLS FO swap M1 increased from 427.48 to 442.97, with a change of 4.43; Rotterdam HSFO - Brent M1 increased from - 5.82 to - 4.10, with a change of 0.37; Rotterdam 10ppm Gasoil swap M1 increased from 668.48 to 696.42, with a change of 9.65; Rotterdam VLSFO - Gasoil M1 decreased from - 241.00 to - 253.45, with a change of - 5.22; LGO - Brent M1 increased from 24.80 to 26.25, with a change of 1.60; Rotterdam VLSFO - HSFO M1 decreased from 44.51 to 35.24, with a change of 0.43 [1]. Singapore Fuel Oil Swap Data - From September 19 to September 25, 2025, the price of Singapore 380cst M1 increased from 390.12 to 407.32, with a change of 2.17; Singapore 180cst M1 increased from 400.69 to 416.26, with a change of 1.61; Singapore VLSFO M1 increased from 465.21 to 475.67, with a change of 7.11; Singapore Gasoil M1 increased from 87.81 to 89.89, with a change of 1.23; Singapore 380cst - Brent M1 increased from - 5.13 to - 3.83, with a change of - 0.66; Singapore VLSFO - Gasoil M1 decreased from - 184.58 to - 189.52, with a change of - 2.00 [1]. Singapore Fuel Oil Spot Data - From September 19 to September 25, 2025, the FOB 380cst price increased from 390.94 to 407.53, with a change of 0.71; FOB VLSFO increased from 464.79 to 473.88, with a change of 7.81; the 380 basis decreased from 0.40 to 1.25, with a change of - 0.20; the high - sulfur domestic - foreign spread increased from 6.0 to 7.6, with a change of 0.7; the low - sulfur domestic - foreign spread increased from 9.7 to 10.2, with a change of 0.8 [2]. Domestic FU Data - From September 19 to September 25, 2025, FU 01 increased from 2796 to 2887, with a change of 27; FU 05 increased from 2754 to 2830, with a change of 22; FU 09 increased from 2699 to 2738, with a change of 12; FU 01 - 05 increased from 42 to 57, with a change of 5; FU 05 - 09 increased from 55 to 92, with a change of 10; FU 09 - 01 decreased from - 97 to - 149, with a change of - 15 [2]. Domestic LU Data - From September 19 to September 25, 2025, LU 01 increased from 3362 to 3431, with a change of 64; LU 05 increased from 3337 to 3389, with a change of 42; LU 09 increased from 3308 to 3363, with a change of 44; LU 01 - 05 increased from 25 to 42, with a change of 22; LU 05 - 09 decreased from 29 to 26, with a change of - 2; LU 09 - 01 decreased from - 54 to - 68, with a change of - 20 [3]. Fundamental Data - In terms of fundamentals, 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, and the short - term downward space is limited [4].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 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 recently showed wide - range oscillations. The domestic FU showed an oscillating and slightly bullish trend in the short term. The low - sulfur cracking spread rebounded slightly but was at a historically low level compared to the same period. The month - spread was weakly sorted. The domestic and foreign prices of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated [3][4]. - 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 the reshaping of logistics and the demand for high - sulfur marine fuel in Singapore, the EW spread has been repaired. Recently, refinery feedstock purchases have supported the 380 cracking level, with limited short - term downside space, and the 380 cracking spread is expected to maintain an oscillating pattern [4]. - This week, the LU market remained weak. The issuance of the third batch of export quotas was in line with expectations, and the MF0.5 basis of the outer market oscillated at a low level. In the fourth quarter, one can buy on dips to widen the domestic and foreign spreads of LU, and pay attention to the quota usage [4]. 3) Summary by Related Catalogs Rotterdam Fuel Oil Swap Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/22) | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 383.35 | 386.97 | 5.78 | | Rotterdam 0.5% VLS FO Swap M1 | 434.21 | 427.29 | 3.12 | | Rotterdam HSFO - Brent M1 | - 6.64 | - 4.97 | 0.17 | | Rotterdam 10ppm Gasoil Swap M1 | 677.55 | 664.85 | 5.62 | | Rotterdam VLSFO - G O M1 | - 243.34 | - 237.56 | - 2.50 | | LGO - Brent M1 | 25.18 | 24.40 | - 0.91 | | Rotterdam VLSFO - HSFO M1 | 50.86 | 40.32 | - 2.66 | [1] Singapore Fuel Oil Swap Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/24) | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 396.06 | 405.15 | 10.91 | | Singapore 180cst M1 | 407.26 | 414.65 | 12.15 | | Singapore VLSFO M1 | 472.28 | 468.56 | 5.45 | | Singapore GO M1 | 88.34 | 88.66 | 2.00 | | Singapore 380cst - Brent M1 | - 4.97 | - 3.17 | 0.57 | | Singapore VLSFO - G O M1 | - 181.44 | - 187.52 | - 9.35 | [1] Singapore Fuel Oil Spot Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/24) | Change | | --- | --- | --- | --- | | FOB 380cst | 397.47 | 406.82 | 11.62 | | FOB VLSFO | 472.07 | 466.07 | 4.92 | | 380 Basis | 0.60 | 1.45 | 0.45 | | High - Sulfur Domestic - Foreign Spread | 7.5 | 6.9 | - 2.8 | | Low - Sulfur Domestic - Foreign Spread | 9.7 | 9.4 | - 0.5 | [2] Domestic FU Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/24) | Change | | --- | --- | --- | --- | | FU 01 | 2798 | 2860 | 101 | | FU 05 | 2754 | 2808 | 90 | | FU 09 | 2698 | 2726 | 53 | | FU 01 - 05 | 44 | 52 | 11 | | FU 05 - 09 | 56 | 82 | 37 | | FU 09 - 01 | - 100 | - 134 | - 48 | [2] Domestic LU Data | Product | Initial Value (2025/09/18) | Final Value (2025/09/24) | Change | | --- | --- | --- | --- | | LU 01 | 3385 | 3367 | 42 | | LU 05 | 3368 | 3347 | 45 | | LU 09 | 3322 | 3319 | 33 | | LU 01 - 05 | 17 | 20 | - 3 | | LU 05 - 09 | 46 | 28 | 12 | | LU 09 - 01 | - 63 | - 48 | - 9 | [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]