Report Overview Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst weakened, and the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton). The LU maintained a weak trend, with the external MF0.5 basis oscillating at a low level and LU internal - external spread oscillating. The low - sulfur cracking weakened, and the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton). The LU internal - external spread strengthened slightly to 10 USD. [5][6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. In July, Singapore's high - sulfur bunkering volume increased by 15% month - on - month and 10% year - on - year. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. The US residue inventory increased slightly but remained at the lowest level in the same period of history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to logistics reshaping, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still being repaired. The FU delivery volume was still relatively large, and attention should be paid to subsequent delivery changes. The new round of sanctions had a relatively large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be monitored. [6] Data Summary Rotterdam Fuel Oil Swap Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 386.27 | 382.78 | - 11.30 | | Rotterdam 0.5% VLS FO Swap M1 | 447.87 | 451.36 | - 9.65 | | Rotterdam HSFO - Brent M1 | - 5.40 | - 6.40 | - 0.35 | | Rotterdam 10ppm Gasoil Swap M1 | 647.20 | 652.30 | - 15.02 | | Rotterdam VLSFO - Gasoil M1 | - 199.33 | - 200.94 | 5.37 | | LGO - Brent M1 | 22.39 | 22.75 | - 0.40 | | Rotterdam VLSFO - HSFO M1 | 61.60 | 68.58 | 1.65 | [3] Singapore Fuel Oil Swap Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | | --- | --- | --- | | Singapore 380cst M1 | 388.83 | 393.61 | | Singapore 180cst M1 | 402.12 | 407.23 | | Singapore VLSFO M1 | 475.48 | 480.94 | | Singapore Gasoil M1 | 84.72 | 85.48 | | Singapore 380cst - Brent M1 | - 4.63 | - 4.69 | | Singapore VLSFO - Gasoil M1 | - 151.45 | - 151.61 | [3] Singapore Fuel Oil Spot Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | FOB 380cst | 386.10 | 396.25 | - 0.90 | | FOB VLSFO | 474.94 | 489.51 | 1.10 | | 380 Basis | - 2.65 | - 2.00 | 0.55 | | High - sulfur Internal - External Spread | - 1.8 | 4.1 | - 0.4 | | Low - sulfur Internal - External Spread | 8.9 | 9.5 | - 1.1 | [4] Domestic FU Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | FU 01 | 2719 | 2842 | 11 | | FU 05 | 2712 | 2799 | 9 | | FU 09 | 2687 | 2827 | - 18 | | FU 01 - 05 | 7 | 43 | 2 | | FU 05 - 09 | 25 | - 28 | 27 | | FU 09 - 01 | - 32 | - 15 | - 29 | [4] Domestic LU Data | Name | Price on 2025/08/20 | Price on 2025/08/26 | Change | | --- | --- | --- | --- | | LU 01 | 3411 | 3488 | - 3 | | LU 05 | 3376 | 3451 | 2 | | LU 09 | 3422 | 3460 | 57 | | LU 01 - 05 | 35 | 37 | - 5 | | LU 05 - 09 | - 46 | - 9 | - 55 | | LU 09 - 01 | 11 | - 28 | 60 | [5]

Report Summary 1. Report Industry Investment Rating - The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shengang), the near - month internal - external spread of FU fluctuated greatly, and the 09 contract once returned above par. [5][6] - The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the internal - external spread of LU strengthened slightly to 10 USD. [6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. The high - sulfur bunker volume in Singapore in July increased by 15% month - on - month and 10% year - on - year. [6] - The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. [6] - US residue inventory increased slightly but remained at the lowest level in the same period of history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still recovering. There was still a large amount of FU delivery cargo, and attention should be paid to subsequent delivery changes. [6] - The new round of sanctions had a large potential impact on domestic heavy crude oil, providing a certain support for the valuation of Asian fuel oil. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and the internal - external spread of LU oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be concerned. [6] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 18th to 22nd, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 7.74, Rotterdam 0.5% VLS FO swap M1 changed by 8.57, Rotterdam HSFO - Brent M1 changed by 0.41, Rotterdam 10ppm Gasoil swap M1 changed by 11.52, Rotterdam VLSFO - G M1 changed by - 2.95, LGO - Brent M1 changed by 0.07, and Rotterdam VLSFO - HSFO M1 changed by 0.83. [3] Singapore Fuel Oil Swap Data - From August 18th to 22nd, 2025, the price of Singapore 380cst M1 changed by 2.60, Singapore 180cst M1 changed by 2.04, Singapore VLSFO M1 changed by 2.59, Singapore GO M1 changed by 0.94, Singapore 380cst - Brent M1 changed by 0.04, and Singapore VLSFO - GO M1 changed by - 4.37. [3] Singapore Fuel Oil Spot Data - From August 18th to 22nd, 2025, the FOB 380cst price changed by 2.46, FOB VLSFO price changed by 4.18, 380 basis changed by - 0.60, high - sulfur internal - external spread changed by 4.3, and low - sulfur internal - external spread changed by 3.7. [4] Domestic FU Data - From August 18th to 22nd, 2025, FU 01 changed by 33, FU 05 changed by 17, FU 09 changed by 38, FU 01 - 05 changed by 16, FU 05 - 09 changed by - 21, and FU 09 - 01 changed by 5. [4] Domestic LU Data - From August 18th to 22nd, 2025, LU 01 changed by 19, LU 05 changed by - 29, LU 09 changed by 12, LU 01 - 05 changed by 48, LU 05 - 09 changed by - 41, and LU 09 - 01 changed by - 7. [5]