| 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 | | 2025/08/15 | 390.27 | 452.69 | -4.33 | 635.32 | -182.63 | 21.97 | 62.42 | | 2025/08/18 | 385.76 | 446.79 | -4.74 | 624.64 | -177.85 | 19.81 | 61.03 | | 2025/08/19 | 383.41 | 445.77 | -5.18 | 637.68 | -191.91 | 22.26 | 62.36 | | 2025/08/20 | 386.27 | 447.87 | -5.40 | 647. ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil rebounded and then weakened, the near-month spread oscillated, and the EW spread oscillated. The 9-10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal and external spread slightly weakened to -$0.8. The 0.5 cracking spread in Singapore oscillated and weakened, the 9-10 spread weakened to $2.75/ton, and the LU11 internal and external spread oscillated at $9. [4][5] - This week, inventories on land in Singapore decreased, but they were still not the highest in the same period of history. Floating storage decreased significantly on a month-on-month basis. Saudi Arabia's shipments decreased significantly, and arrivals this week oscillated. Shipments from the UAE rebounded on a month-on-month basis, and net exports increased significantly. Land inventories in Fujairah in the Middle East decreased, while floating storage inventories of high-sulfur and low-sulfur fuel oil increased significantly. ARA residue inventories increased, and residue inventories in the United States decreased, resulting in a large inventory contradiction. [5] - The divergence between the East and West of high-sulfur fuel oil continued. In the heavy crude oil pattern, the cracking spread of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. It is expected to return in both directions in the future. This week, LU remained weak. The basis of the external MF0.5 weakened again and then oscillated. LU quotas were issued, and the internal and external spreads oscillated. In the short term, pay attention to the opportunity for the high-sulfur 380 EW spread to widen. Fundamentally, the supply of high-sulfur fuel oil is expected to increase, and the supply-demand pattern will weaken. [5] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 14th to August 20th, 2025, the prices of Rotterdam 10ppm Gasoil swap M1, Rotterdam 3.5% HSFO swap M1, Rotterdam 0.5% VLSFO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 10ppm Gasoil swap M1 changed from $631.89 to $646.80, with a change of $9.12. [2] Singapore Fuel Oil Data - In the Singapore market, from August 14th to August 20th, 2025, the prices of Singapore 380cst, Singapore 180cst, Singapore VLSFO, etc. also fluctuated. For example, the price of Singapore 380cst changed from $391.90 to $389.37, with a change of -$2.93. The basis and internal and external spreads of Singapore fuel oil also changed. [2][3] Domestic Fuel Oil Data - In the domestic market, from August 14th to August 20th, 2025, the prices of FU (such as FU 01, FU 05, FU 09) and LU (such as LU 01, LU 05, LU 09) futures contracts and their spreads changed. For example, the price of FU 01 changed from 2750 to 2719, with a change of -6. [3][4]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. [2] - The 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [2] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month, Saudi Arabia's shipments were at a historical high in the same period, the arrival volume rebounded this week, and the shipments from the UAE rebounded significantly month - on - month, with a large increase in net exports. [3] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered changes in logistics. In the heavy - quality pattern, the cracking of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. A two - way regression is expected in the future. [3] - The weakening of LU this week was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. [3] - Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [3] 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam Fuel Oil**: From August 8th to 14th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 3.36, Rotterdam 0.5% VLS FO swap M1 changed by 5.58, Rotterdam HSFO - Brent M1 changed by - 0.67, etc. [1] - **Singapore Fuel Oil Swap**: During the same period, the price of Singapore 380cst M1 changed, and other related swap prices also had corresponding changes. For example, Singapore 380cst M1 price changed from 407.04 on August 8th to 394.13 on August 14th. [1] - **Singapore Fuel Oil Spot**: From August 8th to 14th, the FOB 380cst price changed by - 1.32, FOB VLSFO changed by 0.91, etc. [2] - **Domestic FU**: The prices of FU 01, FU 05, and FU 09 all decreased from August 8th to 14th, with changes of - 22, - 15, and - 30 respectively. [2] - **Domestic LU**: The prices of LU 01, LU 05, and LU 09 also had certain changes, with LU 01 and LU 09 changing by - 13, and LU 05 changing by - 4. [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. The 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [3][4] - This week, Singapore's on - land inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month. Saudi Arabia's shipments were at a historical high in the same period, arrivals rebounded this week, UAE's shipments rebounded significantly month - on - month, and net exports increased significantly. [4] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered logistics changes. In the heavy - quality pattern, the cracking of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. It is expected to return in both directions later. [4] - This week, the weakening of LU was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Pay attention to the subsequent release of LU quotas. Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [4] 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data - From August 6th to 12th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from $411.10 to $394.34, a decrease of $6.98; the price of Rotterdam 0.5% VLS FO swap M1 decreased from $464.89 to $451.49, a decrease of $3.11. [1] Singapore Fuel Oil Swap Data - From August 6th to 12th, 2025, the price of Singapore 380cst M1 decreased from $413.20 to $395.15, a decrease of $2.51; the price of Singapore VLSFO M1 decreased from $494.45 to $478.30, a decrease of $3.32. [1][6] Singapore Fuel Oil Spot Data - From August 6th to 12th, 2025, the FOB price of 380cst increased from $406.83 to $396.64, an increase of $4.91; the FOB price of VLSFO increased from $495.11 to $483.55, an increase of $1.88. [2] Domestic FU Data - From August 6th to 12th, 2025, the price of FU 01 increased from 2859 to 2800, an increase of 19; the price of FU 05 increased from 2818 to 2770, an increase of 23. [2] Domestic LU Data - From August 6th to 12th, 2025, the price of LU 01 increased from 3496 to 3457, an increase of 39; the price of LU 05 increased from 3437 to 3417, an increase of 25. [3]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - This week, the high-sulfur cracking spread fluctuated downward, the near-month spread declined, and the EW was in a low-level oscillation. The 380 8-9 month spread dropped to $3.25, the basis oscillated at a low level, the FU09 domestic and foreign spread weakened significantly, and the domestic delivery volume was large, maintaining a loose pattern. The Singapore 0.5 cracking spread declined slightly, the month spread oscillated, and the 8-9 month spread oscillated around $6. The LU domestic and foreign spreads remained strong, with the 09 oscillating around $17. This week, Singapore's onshore inventory increased, the window was under delivery pressure, and the near month was under pressure. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, the high-sulfur supply and demand was still in the peak season, the domestic and foreign spreads had dropped rapidly, the foreign low-sulfur valuation was high, and the LU domestic and foreign spreads were running at a high level. Attention should be paid to the domestic production situation. [3][4] Data Summary Rotterdam Fuel Oil Swap Data - From July 2, 2025, to July 8, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by $5.66, the price of Rotterdam 0.5% VLS FO swap M1 increased by $4.57, the Rotterdam HSFO-Brent M1 decreased by $0.02, the Rotterdam 10ppm Gasoil swap M1 increased by $13.76, the Rotterdam VLSFO-GO M1 decreased by $9.19, the LGO-Brent M1 increased by $1.28, and the Rotterdam VLSFO-HSFO M1 decreased by $1.09. [1] Singapore Fuel Oil Swap Data - From July 2, 2025, to July 8, 2025, the price of Singapore 380cst M1 increased by $7.37, the price of Singapore 180cst M1 increased by $6.98, the price of Singapore VLSFO M1 increased by $6.99, the price of Singapore GO M1 decreased by $0.43, the Singapore 380cst-Brent M1 increased by $0.19, and the Singapore VLSFO-GO M1 increased by $10.17. [1] Singapore Fuel Oil Spot Data - From July 2, 2025, to July 8, 2025, the FOB 380cst price increased by $9.62, the FOB VLSFO price increased by $5.90, the 380 basis increased by $1.25, the high-sulfur domestic and foreign spread decreased by $2.3, and the low-sulfur domestic and foreign spread increased by $0.6. [2] Domestic FU Data - From July 2, 2025, to July 8, 2025, the price of FU 01 increased by 21, the price of FU 05 increased by 13, the price of FU 09 increased by 25, the FU 01-05 spread increased by 8, the FU 05-09 spread decreased by 12, and the FU 09-01 spread increased by 4. [2] Domestic LU Data - From July 2, 2025, to July 8, 2025, the price of LU 01 increased by 31, the price of LU 05 increased by 44, the price of LU 09 increased by 44, the LU 01-05 spread decreased by 13, the LU 05-09 spread remained unchanged, and the LU 09-01 spread increased by 13. [3]