Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and the EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal - external spread rebounded slightly, and the domestic market had a large amount of delivery goods, maintaining a loose pattern. The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread fluctuated around $4.5. The LU internal - external spread weakened slightly and then fluctuated, with the 09 around $16. [6][7] - This week, Singapore's on - land inventory increased significantly, the window was under delivery pressure, and the near - month contract was under pressure. Saudi Arabia's shipments increased month - on - month. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high. Although the high - sulfur supply and demand were in the peak season, the East - West and internal - external spreads had dropped rapidly. The external low - sulfur valuation was high, and the LU internal - external spread was at a high level. Attention should be paid to the domestic production situation. [7] - The Singapore Hi - 5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU internal - external spread rebounded slightly, the LU valuation was high. Attention could be paid to the short - term valuation regression opportunity of FU - LU, with the risk of continuous weakening of the external 380cst. [7] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 16 to July 22, 2025, for Rotterdam 3.5% HSF O swap M1, the price decreased from 410.02 to 418.59, a change of - 3.62; for Rotterdam 0.5% VLS FO swap M1, it decreased from 462.35 to 464.51, a change of - 5.40; and other indicators also had corresponding changes. [4] Singapore Fuel Oil Swap Data - During the same period, for Singapore 380cst M1, the price decreased from 405.67 to 408.54, a change of - 2.62; for Singapore 180cst M1, it decreased from 417.60 to 423.78, a change of - 1.43; and other indicators also changed accordingly. [4] Singapore Fuel Oil Spot Data - From July 16 to July 22, 2025, the FOB 380cst price decreased from 400.29 to 401.08, a change of - 3.89; the FOB VLSFO price increased from 496.46 to 498.63, a change of 1.08; and other indicators also had corresponding changes. [5] Domestic FU Data - During the same period, the FU 01 price increased from 2854 to 2894, a change of 8; the FU 05 price increased from 2804 to 2845, a change of 17; and other indicators also changed accordingly. [5] Domestic LU Data - From July 16 to July 22, 2025, the LU 01 price decreased from 3546 to 3525, a change of - 25; the LU 05 price decreased from 3467 to 3470, a change of - 30; and other indicators also had corresponding changes. [6]