| | | | | 燃料油早报 | | 研究中心能化团队 2026/02/27 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/02/12 | 365.76 | 414.02 | -9.75 | 652.39 | -238.37 | 22.08 | 48.26 | | 2026/02/13 | 364.24 | 414.02 | -9.60 | 649.91 | -235.89 | 21.51 | 49.78 | | 2026/02/24 | 385.38 | 439.67 | -10.15 | 705.91 | -266.24 | 26.01 | 54.29 | ...

| | | | 燃料油早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心能化团队 2026/02/26 | | | 燃 料 油 | | | | | | | | 鹿特丹3.5% HSF 日期 | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/02/11 379.35 | 426.72 | -9.44 | 671.86 | -245.14 | 22.75 | 47.37 | | 2026/02/12 365.76 | 414.02 | -9.75 | 652.39 | -238.37 | 22.08 | 48.26 | | 2026/02/24 | 385.38 | 439.67 | -10.15 | 705.91 | -266.24 | 26.01 | 54.29 | | ...

| | | | | 燃料油早报 | | 研究中心能化团队 2026/02/25 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/02/10 | 375.29 | 420.18 | -9.00 | 657.32 | -237.14 | 21.50 | 44.89 | | 2026/02/11 | 379.35 | 426.72 | -9.44 | 671.86 | -245.14 | 22.75 | 47.37 | | 2026/02/12 | 365.76 | 414.02 | -9.75 | 652.39 | -238.37 | 22.08 | 48.26 | | ...

| | | 燃料油早报 研究中心能化团队 2026/02/12 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/02/05 | 365.13 | 411.49 | -9.29 | 658.02 | -246.53 | 22.58 | 46.36 | | 2026/02/06 | 371.54 | 418.28 | -9.32 | 668.55 | -250.27 | 23.46 | 46.74 | | 2026/02/09 | 375.60 | 422.78 | -9.21 | 665.89 | -243.11 | 22.24 | 47.18 | | 2026/02/10 ...

燃料油早报 研究中心能化团队 2026/02/11 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/02/04 | 363.79 | 413.32 | -9.48 | 657.55 | -244.23 | 20.61 | 49.53 | | 2026/02/05 | 365.13 | 411.49 | -9.29 | 658.02 | -246.53 | 22.58 | 46.36 | | 2026/02/06 | 371.54 | 418.28 | -9.32 | 668.55 | -250.27 | 23.46 | 46.74 | | 2026/02/09 | 375. ...

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the near - month contract of Singapore 380cst continued to strengthen, reaching a five - year high. After the crack spread rose, it entered a consolidation phase. Short - term arbitrage logistics tightened, and Singapore's residue inventory decreased significantly. The low - sulfur crack spread of MF0.5 declined, reaching a historical low, and the month - to - month spread was at a historical low for the same period. In terms of inventory, Singapore's fuel oil inventory decreased significantly, EIA residue inventory continued to decline, ARA residue inventory increased, and Fujairah's inventory increase accelerated. Under the new situation in Venezuela, heavy - oil logistics is tilted towards the United States, Canadian heavy oil is seeking new buyers, and the price of Merey crude oil has risen. Recently, the situation in Iran and arbitrage logistics have affected 380, the high - sulfur spot market has tightened, and the crack spread has rebounded. In the short term, high - sulfur fuel oil has the strongest driving force among oil products. However, attention should be paid to over - heating of domestic and foreign sentiment, and the overseas low - sulfur market remains weak [3][4] Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From January 29 to February 4, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 10.79, Rotterdam 0.5% VLS FO swap M1 increased by 12.25, Rotterdam HSFO - Brent M1 increased by - 0.14, Rotterdam 10ppm Gasoil swap M1 increased by 18.00, Rotterdam VLSFO - Gasoil M1 increased by - 5.75, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 increased by 1.46 [1] Singapore Fuel Oil Swap Data - From January 29 to February 4, 2026, Singapore 380cst M1 increased by 22.59, Singapore 180cst M1 increased by 24.27, Singapore VLSFO M1 increased by 19.86, Singapore Gasoil M1 increased by 2.99, Singapore 380cst - Brent M1 increased by 0.90, and Singapore VLSFO - Gasoil M1 increased by - 2.27 [1][9] Singapore Fuel Oil Spot Data - From January 29 to February 4, 2026, FOB 380cst increased by 12.26, FOB VLSFO increased by 11.71, the 380 basis decreased by 0.86, the high - sulfur domestic - foreign price difference decreased by 0.3, and the low - sulfur domestic - foreign price difference increased by 0.2 [2] Domestic FU Data - From January 29 to February 4, 2026, FU 01 increased by 49, FU 05 increased by 86, FU 09 increased by 69, FU 01 - 05 decreased by 37, FU 05 - 09 increased by 17, and FU 09 - 01 increased by 20 [2] Domestic LU Data - From January 29 to February 4, 2026, LU 01 increased by 100, LU 05 increased by 95, LU 09 increased by 86, LU 01 - 05 increased by 5, LU 05 - 09 increased by 9, and LU 09 - 01 decreased by 14 [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - This week, the near - month of Singapore 380cst strengthened significantly, with both cracking and time - spreads strengthening. Short - term arbitrage logistics tightened to a 6 - month low, and Singapore residue inventory dropped significantly to a 13 - week low. The 0.5 low - sulfur cracking strengthened on Friday compared to the previous week, at a historical low year - on - year, and the time - spread was at a low level for the same period in history [3]. - In terms of inventory, EIA residue had a slight de - stocking, ARA residue 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 Ma Rui crude oil has risen, and trading is light. Recently, the Iranian situation and arbitrage logistics have affected 380. High - sulfur spot has tightened, 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 [4]. Group 3: Data Summaries Rotterdam Fuel Oil Data - From January 20 to January 26, 2026, for Rotterdam 3.5% HSF O swap M1, the price changed from 344.17 to 345.19, with a change of - 8.76; for Rotterdam 0.5% VLS FO swap M1, it changed from 387.29 to 395.04, with a change of - 1.27; for Rotterdam HSFO - Brent M1, it changed from - 9.82 to - 10.50, with a change of - 1.32; for Rotterdam 10ppm Gasoil swap M1, it changed from 645.50 to 654.90, with a change of 1.85; for Rotterdam VLSFO - Gasoil M1, it changed from - 258.21 to - 259.86, with a change of - 3.12; for LGO - Brent M1, it changed from 23.87 to 24.07, with a change of 0.22; for Rotterdam VLSFO - HSFO M1, it changed from 43.12 to 49.85, with a change of 7.49 [1]. Singapore Fuel Oil Swap Data - From January 20 to January 26, 2026, for Singapore 380cst M1, the price changed from 355.91 to 383.00, with a change of 6.33; for Singapore 180cst M1, it changed from 364.98 to 388.08, with a change of 9.50; for Singapore VLSFO M1, it changed from 423.67 to 443.41, with a change of 8.07; for Singapore Gasoil M1, it changed from 82.46 to 84.82, with a change of 0.78; for Singapore 380cst - Brent M1, it changed from - 6.65 to - 4.52, with a change of - 0.09; for Singapore VLSFO - Gasoil M1, it changed from - 186.53 to - 184.26, with a change of 2.30 [1][10]. Singapore Fuel Oil Spot Data - From January 20 to January 26, 2026, for FOB 380cst, the price changed from 355.87 to 397.16, with a change of 15.28; for FOB VLSFO, it changed from 425.98 to 445.54, with a change of 11.11; the 380 basis changed from - 0.80 to 4.55, with a change of 2.25; the high - sulfur internal - external price difference changed from 10.8 to 14.8, with a change of 3.0; the low - sulfur internal - external price difference changed from 16.9 to 18.7, with a change of 0.7 [2]. Domestic FU Data - From January 20 to January 26, 2026, for FU 01, the price changed from 2467 to 2589, with a change of 72; for FU 05, it changed from 2507 to 2745, with a change of 122; for FU 09, it changed from 2487 to 2646, with a change of 84; for FU 01 - 05, it changed from - 40 to - 156, with a change of - 50; for FU 05 - 09, it changed from 20 to 99, with a change of 38; for FU 09 - 01, it changed from 20 to 57, with a change of 12 [2]. Domestic LU Data - From January 20 to January 26, 2026, for LU 01, the price changed from 3120 to 3248, with a change of 65; for LU 05, it changed from 3066 to 3194, with a change of 88; for LU 09, it changed from 3085 to 3211, with a change of 90; for LU 01 - 05, it changed from 54 to 54, with a change of - 23; for LU 05 - 09, it changed from - 19 to - 17, with a change of - 2; for LU 09 - 01, it changed from - 35 to - 37, with a change of 25 [3].

Report Industry Investment Rating - No relevant information provided. Core Viewpoints of the Report - This week, the near - month of Singapore 380cst has strengthened significantly, with both cracking and calendar spreads strengthening. Short - term arbitrage logistics have tightened to a 6 - month low, and Singapore residue inventory has 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 calendar spread is at a low level for the same period in history. In terms of inventory, EIA residue has slightly reduced inventory, ARA residue has increased inventory, and Fujairah has slightly increased inventory. 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]. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 19 to January 23, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased from 336.61 to 345.50, with a change of 0.57; the price of Rotterdam 0.5% VLS FO swap M1 increased from 385.89 to 388.38, with a change of 2.30; the Rotterdam HSFO - Brent M1 changed from - 10.43 to - 9.41, with a change of - 0.15; the Rotterdam 10ppm Gasoil swap M1 decreased from 630.80 to 646.25, with a change of - 2.20; the Rotterdam VLSFO - Gasoil M1 changed from - 244.91 to - 257.87, with a change of 4.50; the LGO - Brent M1 remained unchanged at 25.00; the Rotterdam VLSFO - HSFO M1 increased from 49.28 to 42.88, with a change of 1.73 [1]. Singapore Fuel Oil Swap Data - From January 19 to January 23, 2026, the price of Singapore 380cst M1 and 180cst M1 data for January 23 are missing. The Singapore VLSFO M1 data for January 23 is missing. The Singapore Gasoil M1 data for January 23 is missing. The Singapore 380cst - Brent M1 changed from - 6.30 to - 4.78, with a change of 0.77 [1]. Singapore Fuel Oil Spot Data - From January 19 to January 23, 2026, the FOB 380cst data for January 23 is missing, and the FOB VLSFO data for January 23 is missing. The 380 - basis data for January 23 is missing. The high - sulfur internal - external spread decreased from 12.6 to 11.8, with a change of - 0.7; the low - sulfur internal - external spread increased from 15.6 to 18.0, with a change of 2.0 [2]. Domestic FU Data - From January 19 to January 23, 2026, FU 01 increased from 2478 to 2517, with a change of 2; FU 05 increased from 2526 to 2623, with a change of 41; FU 09 increased from 2500 to 2562, with a change of 17; FU 01 - 05 changed from - 48 to - 106, with a change of - 39; FU 05 - 09 changed from 26 to 61, with a change of 24; FU 09 - 01 changed from 22 to 45, with a change of 15 [2]. Domestic LU Data - From January 19 to January 23, 2026, LU 01 decreased from 3136 to 3183, with a change of - 3; LU 05 decreased from 3052 to 3106, with a change of - 20; LU 09 decreased from 3073 to 3121, with a change of - 16; LU 01 - 05 changed from 84 to 77, with a change of 17; LU 05 - 09 changed from - 21 to - 15, with a change of - 4; LU 09 - 01 changed from - 63 to - 62, with a change of - 13 [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - This week, the cracking spread of Singapore 380 strengthened, the monthly spread rebounded significantly. The high-sulfur cracking spread in Europe rebounded, and the monthly spread also rebounded significantly. The high-sulfur EW was in a high-level oscillation. The cracking spread of Singapore 0.5% was at a historical low for the same period, rebounding month-on-month. The monthly spread strengthened slightly, and the basis oscillated at a low level. In terms of inventory, Singapore's residual oil had a slight inventory build, at a historical high year-on-year, ARA's residual oil had a slight inventory draw, and Fujairah's residual oil had an inventory build. 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, and the cracking spread rebounded. The short-term downside space was limited, and the low-sulfur external market remained weak [3][4] 3. Summary by Relevant Content Rotterdam Fuel Oil Swap Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 319.41 | 338.39 | 342.84 | 333.76 | 341.06 | 7.30 | | Rotterdam 0.5% VLS FO swap M1 | 381.51 | 393.07 | 397.96 | 384.56 | 389.58 | 5.02 | | Rotterdam HSFO - Brent M1 | -12.48 | -11.61 | -11.23 | -10.45 | -10.09 | 0.36 | | Rotterdam 10ppm Gasoil swap M1 | 606.35 | 634.60 | 639.10 | 621.40 | 634.20 | 12.80 | | Rotterdam VLSFO - Gasoil M1 | -224.84 | -241.53 | -241.14 | -236.84 | -244.62 | -7.78 | | LGO - Brent M1 | 19.89 | 21.98 | 21.50 | 21.81 | 23.19 | 1.38 | | Rotterdam VLSFO - HSFO M1 | 62.10 | 54.68 | 55.12 | 50.80 | 48.52 | -2.28 | [1] Singapore Fuel Oil Swap Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 338.12 | 346.25 | 360.39 | 359.16 | 356.84 | | Singapore 180cst M1 | 346.55 | 353.19 | 366.14 | 363.46 | 363.27 | | Singapore VLSFO M1 | 418.09 | 422.84 | 428.26 | 426.98 | 426.45 | | Singapore Gasoil M1 | 79.92 | 81.26 | 82.45 | 81.65 | 81.51 | | Singapore 380cst - Brent M1 | -9.22 | -8.90 | -7.37 | -7.10 | -6.79 | | Singapore VLSFO - Gasoil M1 | -173.32 | -178.48 | -181.87 | -177.23 | -176.72 | [1] Singapore Fuel Oil Spot Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 337.29 | 344.30 | 358.10 | 358.88 | 358.34 | -0.54 | | FOB VLSFO | 417.42 | 424.25 | 431.74 | 429.02 | 429.37 | 0.35 | | 380 Basis | -1.22 | -1.80 | -1.50 | -1.45 | -1.65 | -0.20 | | High - Sulfur Domestic - Foreign Spread | 14.4 | 13.4 | 13.0 | 13.9 | 13.7 | -0.2 | | Low - Sulfur Domestic - Foreign Spread | 12.2 | 15.8 | 16.0 | 14.9 | 15.3 | 0.4 | [2] Domestic FU Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2436 | 2451 | 2513 | 2510 | 2485 | -25 | | FU 05 | 2465 | 2469 | 2578 | 2566 | 2520 | -46 | | FU 09 | 2452 | 2467 | 2546 | 2533 | 2498 | -35 | | FU 01 - 05 | -29 | -18 | -65 | -56 | -35 | 21 | | FU 05 - 09 | 13 | 2 | 32 | 33 | 22 | -11 | | FU 09 - 01 | 16 | 16 | 33 | 23 | 13 | -10 | [2] Domestic LU Data | Type | 2026/01/12 | 2026/01/13 | 2026/01/14 | 2026/01/15 | 2026/01/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3088 | 3112 | 3159 | 3166 | 3088 | -78 | | LU 05 | 3019 | 3063 | 3087 | 3074 | 3041 | -33 | | LU 09 | 3050 | 3081 | 3112 | 3090 | 3056 | -34 | | LU 01 - 05 | 69 | 49 | 72 | 92 | 47 | -45 | | LU 05 - 09 | -31 | -18 | -25 | -16 | -15 | 1 | | LU 09 - 01 | -38 | -31 | -47 | -76 | -32 | 44 | [3]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - This week, the high - sulfur cracking spread fluctuated, the monthly spread and basis fluctuated at low levels. The European high - sulfur cracking spread weakened, the monthly spread weakened, and the EW strengthened. The 0.5% cracking spread in Singapore fluctuated at a historical low, the monthly spread and basis fluctuated at low levels, and the VLSFO cracking spread in Singapore further weakened [3]. - In terms of inventory, Singapore residual fuel oil stocks increased, high - sulfur floating storage stocks increased, ARA residual fuel oil stocks increased significantly, Fujairah residual fuel oil stocks continued to increase significantly, high - sulfur floating storage stocks decreased, and EIA residual fuel oil stocks decreased [3][4]. - This week, the cracking spreads of foreign gasoline and diesel continued to decline, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at the Al Zour refinery on October 21, it shut down, providing support for foreign low - sulfur fuel oil, but the short - term upside space is limited [4]. - Global residual fuel oil has entered the off - season with inventory accumulation. The foreign cracking spread is affected by crude oil price fluctuations, and the spot market shows no improvement, so it is regarded as bearish. The valuation of low - sulfur fuel oil is low, but there is no driving force for now [4]. 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - The prices of Rotterdam 3.5% HSFO swap M1, Rotterdam 0.5% VLSFO swap M1, and other related swap products changed from December 11 to December 17, 2025. For example, the Rotterdam 3.5% HSFO swap M1 increased by 14.80, and the Rotterdam 0.5% VLSFO swap M1 increased by 9.01 [1]. Singapore Fuel Oil Swap and Spot Data - The prices of Singapore 380cst M1, Singapore 180cst M1, Singapore VLSFO M1, and other swap products changed from December 11 to December 17, 2025. For example, the Singapore 380cst M1 increased by 15.19 [1]. - The FOB prices of Singapore 380cst and FOB VLSFO in the spot market also changed during the same period. The FOB 380cst increased by 5.22, while the FOB VLSFO decreased by 2.42 [2]. Domestic Fuel Oil Futures Data - For domestic FU futures, from December 11 to December 17, 2025, the prices of FU 01, FU 05, and FU 09 changed. For example, FU 01 increased by 16 [2]. - For domestic LU futures, from December 11 to December 17, 2025, the prices of LU 01, LU 05, and LU 09 decreased. For example, LU 01 decreased by 36 [3].