Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Views of the Report - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level. The near - month spread weakened, the basis weakened month - on - month, the EW spread continued to weaken, the high - sulfur in the ARA region strengthened, and the FU internal - external spread fluctuated between 8 - 10 US dollars. The low - sulfur cracking weakened month - on - month but was at a historical low year - on - year. The month spread weakened slightly, the LU internal - external spread fell to 7 - 8 US dollars, and the MF0.5 basis stabilized in the second half of the week [3]. - Fundamentally, Singapore's residue inventory increased and was at a historical high year - on - year. Floating storage inventory stabilized after de - stocking and was at a high level year - on - year. ARA residue inventory increased slightly and was at a low level in the same period of history. EIA residue inventory increased slightly at a low level. Fujairah inventory increased month - on - month and was at a low level year - on - year. Middle - East high - sulfur floating storage inventory increased significantly this week [4]. - Recently, the Singapore high - sulfur spot market weakened. The cracking was supported by raw material procurement, and the short - term downside space was limited. It is expected that the 380 cracking will maintain a fluctuating pattern. The FU internal - external spread will be viewed within a range recently, and the 01 contract is bearish in the end. This week, the LU market was still weak. In the fourth quarter, the overseas low - sulfur market is in a pattern of shorting on rallies, and attention should be paid to the quota usage for internal - external spread [4]. 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam**: From October 16 to 22, 2025, the prices of Rotterdam 3.5% HSF O swap M1 and 0.5% VLS FO swap M1 changed by 7.05 and 4.96 respectively. Other indicators such as Rotterdam HSFO - Brent M1 also had corresponding changes [1]. - **Singapore**: During the same period, the prices of Singapore 380cst M1 and 180cst M1 changed by 4.56 and 4.31 respectively. The Singapore VLSFO M1 price increased by 6.43 [1]. - **Singapore Fuel Oil Spot**: From October 16 to 22, 2025, the FOB 380cst price increased by 3.18, and the FOB VLSFO price increased by 5.63. The 380 basis decreased by 0.46 [2]. - **Domestic FU**: The prices of FU 01, FU 05, and FU 09 increased by 44, 36, and 30 respectively from October 16 to 22, 2025 [2]. - **Domestic LU**: The prices of LU 01, LU 05, and LU 09 increased by 66, 65, and 70 respectively during the same period [3].

Group 1: Report Core View - This week, the high-sulfur cracking of Singapore 380cst fluctuated at a high level. The near-month spread weakened, the basis weakened month-on-month, the EW spread continued to weaken, the high-sulfur in the ARA region strengthened, and the FU internal and external prices fluctuated between 8 - 10 US dollars. The low-sulfur cracking weakened month-on-month but was at a historical low year-on-year, the month spread weakened slightly, the LU internal and external prices fell to 7 - 8 US dollars, and the MF0.5 basis stabilized in the second half of the week [5]. - Fundamentally, Singapore's residue inventory increased, reaching a historical high year-on-year. The floating storage stabilized after destocking, also at a high level year-on-year. The ARA residue inventory increased slightly, at a historical low for the same period. The EIA residue inventory increased slightly at a low level. Fujairah's inventory increased month-on-month, at a low level year-on-year. The high-sulfur floating storage in the Middle East increased significantly this week [6]. - Recently, the high-sulfur spot in Singapore has weakened. The cracking is supported by raw material procurement, and the short-term downside space is limited. It is expected that the 380 cracking will maintain a fluctuating pattern. The FU internal and external prices will be viewed in the near-term range, and the 01 contract is bearish at the end. This week, the LU market was still weak. In the fourth quarter, the overseas low-sulfur market is in a pattern of shorting on rallies. Pay attention to the quota usage for internal and external trading [6]. Group 2: Data Summary Rotterdam Fuel Oil Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 377.19 | 374.02 | 367.92 | 365.63 | 366.59 | 0.96 | | Rotterdam 0.5% VLS FO Swap M1 | 401.89 | 398.34 | 393.96 | 394.21 | 397.20 | 2.99 | | Rotterdam HSFO - Brent M1 | -2.37 | -2.65 | -2.92 | -3.00 | -3.30 | -0.30 | | Rotterdam 10ppm Gasoil Swap M1 | 613.54 | 617.89 | 607.89 | 614.83 | 617.83 | 3.00 | | Rotterdam VLSFO - Gasoil M1 | -211.65 | -219.55 | -213.93 | -220.62 | -220.63 | -0.01 | | LGO - Brent M1 | 22.69 | 24.14 | 22.57 | 23.69 | 23.78 | 0.09 | | Rotterdam VLSFO - HSFO M1 | 24.70 | 24.32 | 26.04 | 28.58 | 30.61 | 2.03 | [3] Singapore Fuel Oil Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 369.25 | 370.01 | 359.76 | 362.82 | 363.59 | 0.77 | | Singapore 180cst M1 | 376.00 | 378.01 | 369.96 | 370.44 | 372.42 | 1.98 | | Singapore VLSFO M1 | 436.14 | 434.16 | 420.01 | 420.94 | 425.95 | 5.01 | | Singapore Gasoil M1 | 83.06 | 82.66 | 80.60 | 82.11 | 82.70 | 0.59 | | Singapore 380cst - Brent M1 | -3.87 | -3.70 | -3.71 | -3.57 | -3.77 | -0.20 | | Singapore VLSFO - Gasoil M1 | -178.50 | -177.52 | -176.43 | -186.67 | -186.03 | 0.64 | [3][9] Singapore Fuel Oil Spot Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 368.34 | 369.96 | 361.29 | - | 361.52 | - | | FOB VLSFO | 432.14 | 430.47 | 421.95 | - | 421.67 | - | | 380 Basis | -0.75 | -0.50 | -0.65 | - | -1.00 | - | | High - Sulfur Internal - External Spread | 8.9 | 9.7 | 9.0 | 8.0 | 8.6 | 0.6 | | Low - Sulfur Internal - External Spread | 6.3 | 5.7 | 7.0 | 4.9 | 4.3 | -0.6 | [4] Domestic FU Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2683 | 2694 | 2627 | 2646 | 2647 | 1 | | FU 05 | 2653 | 2658 | 2600 | 2616 | 2612 | -4 | | FU 09 | 2600 | 2608 | 2560 | 2575 | 2566 | -9 | | FU 01 - 05 | 30 | 36 | 27 | 30 | 35 | 5 | | FU 05 - 09 | 53 | 50 | 40 | 41 | 46 | 5 | | FU 09 - 01 | -83 | -86 | -67 | -71 | -81 | -10 | [4] Domestic LU Data | Type | 2025/10/15 | 2025/10/16 | 2025/10/17 | 2025/10/20 | 2025/10/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3159 | 3158 | 3064 | 3081 | 3070 | -11 | | LU 05 | 3161 | 3172 | 3099 | 3117 | 3093 | -24 | | LU 09 | 3160 | 3183 | 3110 | 3139 | 3105 | -34 | | LU 01 - 05 | -2 | -14 | -35 | -36 | -23 | 13 | | LU 05 - 09 | 1 | -11 | -11 | -22 | -12 | 10 | | LU 09 - 01 | 1 | 25 | 46 | 58 | 35 | -23 | [5]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level. The near - month spread weakened, the basis weakened month - on - month, the EW spread continued to weaken, the high - sulfur in the ARA region strengthened, and the FU internal - external spread fluctuated between 8 - 10 US dollars. The low - sulfur cracking weakened month - on - month but was at a historical low year - on - year. The month spread weakened slightly, the LU internal - external spread dropped to 7 - 8 US dollars, and the MF0.5 basis stabilized in the second half of the week. From a fundamental perspective, Singapore's residue inventory increased, reaching a historical high year - on - year. The floating storage inventory stabilized after destocking and was at a high level year - on - year. The ARA residue inventory increased slightly and was at a low level in the same period of history. The EIA residue inventory increased slightly at a low level. The inventory in Fujairah increased month - on - month and was at a low level year - on - year. The high - sulfur floating storage in the Middle East increased significantly this week. Recently, the high - sulfur spot in Singapore has weakened, but the cracking is supported by raw material procurement, with limited short - term downside. It is expected that the 380 cracking will maintain a fluctuating pattern, and the FU internal - external spread will be viewed within a range recently, with a bearish outlook for the end of the 01 contract. This week, the LU market remained weak. In the fourth quarter, the overseas low - sulfur market has a pattern of short - selling on rallies, and attention should be paid to the quota usage for the internal - external spread [3][4] 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From October 13th to October 17th, 2025, the price of Rotterdam 3.5% HSFO swap M1 decreased by 6.10, the price of Rotterdam 0.5% VLSFO swap M1 decreased by 4.38, the Rotterdam HSFO - Brent M1 decreased by 0.27, the Rotterdam 10ppm Gasoil swap M1 decreased by 10.00, the Rotterdam VLSFO - GO M1 increased by 5.62, the LGO - Brent M1 decreased by 1.57, and the Rotterdam VLSFO - HSFO M1 increased by 1.72 [1] Singapore Fuel Oil Swap Data - From October 13th to October 17th, 2025, the price of Singapore 380cst M1 decreased by 10.25, the price of Singapore 180cst M1 decreased by 8.05, the price of Singapore VLSFO M1 decreased by 14.15, the price of Singapore GO M1 decreased by 2.06, the Singapore 380cst - Brent M1 decreased by 0.01, and the Singapore VLSFO - GO M1 increased by 1.09 [1] Singapore Fuel Oil Spot Data - From October 13th to October 17th, 2025, the FOB price of 380cst decreased by 8.67, the FOB price of VLSFO decreased by 8.52, the 380 basis decreased by 0.15, the high - sulfur internal - external spread decreased by 0.7, and the low - sulfur internal - external spread increased by 1.3 [2] Domestic FU Data - From October 13th to October 17th, 2025, the price of FU 01 decreased by 67, the price of FU 05 decreased by 58, the price of FU 09 decreased by 48, the FU 01 - 05 spread decreased by 9, the FU 05 - 09 spread decreased by 10, and the FU 09 - 01 spread increased by 19 [2] Domestic LU Data - From October 13th to October 17th, 2025, the price of LU 01 decreased by 94, the price of LU 05 decreased by 73, the price of LU 09 decreased by 73, the LU 01 - 05 spread decreased by 21, the LU 05 - 09 spread remained unchanged, and the LU 09 - 01 spread increased by 21 [3]

Report Summary Report Industry Investment Rating No relevant content provided. Core View of the Report - This week, the high - sulfur cracking of Singapore 380cst was oscillating at a high level, the 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 out, the LU internal - external spread fell to 7 - 9 US dollars, and the MF0.5 basis weakened [3][4]. - From the fundamental perspective, Singapore's residue oil inventory decreased, which was at a high level compared to the same period. The floating storage decreased significantly. The ARA residue oil inventory decreased at a historical low level for the same period. The EIA residue oil inventory slightly increased at a low level. The inventory in Fujairah slightly increased, which was at a low level compared to the same period. The high - sulfur floating storage in the Middle East decreased significantly this week [4]. - Recently, the high - sulfur spot in Singapore has weakened, but the cracking is supported by raw material procurement. The short - term downward space is limited. 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 when the price is low. Pay attention to the quota usage [4]. Summary by Related Catalog Rotterdam Fuel Oil Data - The prices of Rotterdam 3.5% HSF, Rotterdam 0.5% VLS, and other indicators have fluctuated from September 30, 2025, to October 13, 2025. For example, the price of Rotterdam 3.5% HSF dropped from 390.14 on September 30 to 378.78 on October 13 [1]. Singapore Fuel Oil Data - The prices of Singapore 380cst M1, Singapore 180cst M1, etc., have also changed during the same period. For instance, the price of Singapore 380cst M1 decreased from 399.48 on September 30 to 376.28 on October 13 [1]. Singapore Fuel Oil Spot Data - From September 30 to October 14, 2025, the FOB 380cst price decreased from 400.31 to 363.63, and the FOB VLSFO price dropped from 470.02 to 432.26 [2]. Domestic FU Data - From September 30 to October 14, 2025, the prices of FU 01, FU 05, and FU 09 decreased. For example, the price of FU 01 decreased from 2867 to 2700 [2]. Domestic LU Data - From September 30 to October 14, 2025, the prices of LU 01, LU 05, and LU 09 decreased. For example, the price of LU 01 decreased from 3398 to 3196 [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: 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 had wide - range fluctuations recently, and the domestic and foreign near - months of FU fluctuated. 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 fluctuated. Fundamentally, the residual oil in Singapore decreased, the floating storage fluctuated, the ARA residual oil inventory decreased slightly, the EIA residual oil decreased slightly, the Fujairah 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. Supported by the reshaped logistics and the demand for high - sulfur marine fuel in Singapore, the EW spread has been repaired. Recently, the 380 cracking level has been supported by the refinery's raw material procurement, and the short - term downward space is limited. It is expected that the 380 cracking will maintain a fluctuating pattern, and the domestic FU will have a short - term internal and external fluctuating and bullish trend. This week, the LU disk 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 domestic and foreign spreads of LU can be expanded on dips. Pay attention to the quota usage [4][5] Group 3: Summary by Related Catalog Rotterdam Fuel Oil - From September 22 - 26, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 386.97 to 412.75, a change of 5.02; the price of Rotterdam 0.5% VLS FO swap M1 increased from 427.29 to 447.68, a change of 4.71; Rotterdam HSFO - Brent M1 decreased from - 4.97 to - 4.79, a change of - 0.69; Rotterdam 10ppm Gasoil swap M1 increased from 664.85 to 705.52, a change of 9.10; Rotterdam VLSFO - Gasoil M1 decreased from - 237.56 to - 257.84, a change of - 4.39; LGO - Brent M1 increased from 24.40 to 26.82, a change of 0.57; Rotterdam VLSFO - HSFO M1 decreased from 40.32 to 34.93, a change of - 0.31 [2] Singapore Fuel Oil Swap - From September 22 - 26, 2025, the price of Singapore 380cst M1 increased from 393.02 to 412.16, a change of 4.84; the price of Singapore 180cst M1 increased from 403.27 to 421.41, a change of 5.15; the price of Singapore VLSFO M1 increased from 465.33 to 479.10, a change of 3.43; the price of Singapore Gasoil M1 increased from 87.43 to 91.66, a change of 1.77; Singapore 380cst - Brent M1 increased from - 4.47 to - 3.78, a change of 0.05; Singapore VLSFO - Gasoil M1 decreased from - 181.65 to - 199.18, a change of - 9.66 [2] Singapore Fuel Oil Spot - From September 22 - 26, 2025, the FOB 380cst price increased from 393.48 to 413.20, a change of 5.67; the FOB VLSFO price increased from 463.33 to 478.80, a change of 4.92; the 380 basis increased from 0.60 to 1.35, a change of 0.10; the high - sulfur internal - external spread decreased from 6.0 to 7.2, a change of - 0.4; the low - sulfur internal - external spread increased from 9.7 to 11.1, a change of 0.9 [3] Domestic FU - From September 22 - 26, 2025, the price of FU 01 increased from 2784 to 2918, a change of 31; the price of FU 05 increased from 2743 to 2855, a change of 25; the price of FU 09 increased from 2697 to 2757, a change of 19; FU 01 - 05 increased from 41 to 63, a change of 6; FU 05 - 09 increased from 46 to 98, a change of 6; FU 09 - 01 decreased from - 87 to - 161, a change of - 12 [3] Domestic LU - From September 22 - 26, 2025, the price of LU 01 increased from 3351 to 3464, a change of 33; the price of LU 05 increased from 3342 to 3440, a change of 51; the price of LU 09 increased from 3306 to 3400, a change of 37; LU 01 - 05 decreased from 9 to 24, a change of - 18; LU 05 - 09 increased from 36 to 40, a change of 14; LU 09 - 01 increased from - 45 to - 64, a change of 4 [4]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst fluctuated, the near-month spread fluctuated, the basis strengthened, the EW spread fluctuated at a high level, and the internal and external spreads of FU near-month were more volatile due to delivery factors. The low-sulfur cracking weakened rapidly, the spread accelerated to weaken, the internal and external spread of LU was compressed to $6-7 per ton, and the MF0.5 basis fluctuated. From a fundamental perspective, Singapore's residue decreased by 871,000 barrels, floating storage decreased slightly, ARA residue inventory increased significantly, and EIA residue continued to accumulate. The high-sulfur peak season in the Middle East has passed. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provides support, and the EW spread has completed the repair. The internal and external spreads of domestic high-sulfur increased again due to the influence of the delivery warehouse, and the short-term internal and external spread was repaired. This week, LU accelerated its decline, and the external MF0.5 basis was weakly operating. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity for the low-sulfur to high-sulfur spread to widen in the fourth quarter can be noted [3][4]. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From September 11 - 17, 2025, the prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 3.5% HSF O swap M1 changed from 375.09 to 384.75, with a change of -0.89 [1]. Singapore Fuel Oil Swap and Spot Data - From September 11 - 17, 2025, the prices of Singapore 380cst M1, Singapore 180cst M1, etc. also fluctuated. For instance, the price of Singapore 380cst M1 changed from 392.94 to 397.55. In the Singapore fuel oil spot market, the FOB 380cst price changed from 392.94 to 397.68, with a change of 4.47 [1][2]. Domestic FU and LU Data - From September 11 - 17, 2025, for domestic FU, the prices of FU 01, FU 05, and FU 09 all increased to varying degrees, such as FU 01 increasing from 2802 to 2831, with a change of 36. For domestic LU, the prices of LU 01 and LU 05 increased significantly, while LU 09 increased slightly. For example, LU 01 increased from 3364 to 3432, with a change of 64 [2][3].

Report Summary Investment Rating - Not provided in the report Core Viewpoints - This week, the high-sulfur cracking of Singapore 380cst fluctuated weakly, the near-month spread continued to strengthen, the basis rebounded and then fluctuated, the EW spread continued to strengthen, and the FU internal and external spread was affected by the delivery warehouse. The low-sulfur cracking fluctuated, the monthly spread fluctuated weakly, and the LU internal and external spread fluctuated around 9 US dollars. The MF0.5 basis fluctuated [5]. - Fundamentally, Singapore's residual oil inventories increased significantly, floating storage decreased slightly, ARA residual oil inventories increased significantly, floating storage inventories increased significantly, and EIA residual oil decreased slightly. The global supply and demand of high-sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high-sulfur marine fuel in Singapore provided support, the EW spread repair was completed, and the domestic high-sulfur spot was still in excess. Be wary of overheated sentiment [6]. - This week, LU remained weak, and the external MF0.5 basis remained volatile. Due to the support of gasoline and diesel cracking in Europe and the United States, the opportunity of the low-sulfur to high-sulfur spread widening in the fourth quarter can be concerned [6]. Data Summary Rotterdam Fuel Oil Swap Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | Rotterdam 3.5% HSFO Swap M1 | -3.05 | | Rotterdam 0.5% VLSFO Swap M1 | -6.29 | | Rotterdam HSFO - Brent M1 | 0.43 | | Rotterdam 10ppm Gasoil Swap M1 | -14.80 | | Rotterdam VLSFO - GO M1 | 8.51 | | LGO - Brent M1 | -0.89 | | Rotterdam VLSFO - HSFO M1 | -3.24 | [3] Singapore Fuel Oil Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | Singapore 380cst M1 | -6.62 | | Singapore 180cst M1 | -8.09 | | Singapore VLSFO M1 | -6.87 | | Singapore GO M1 | -1.33 | | Singapore 380cst - Brent M1 | -0.35 | | Singapore VLSFO - GO M1 | 2.97 | [3] Singapore Fuel Oil Spot Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | FOB 380cst | -3.96 | | FOB VLSFO | -2.86 | | 380 Basis | -0.75 | [4] Domestic FU Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | FU 01 | 16 | | FU 05 | 13 | | FU 09 | 5 | | FU 01 - 05 | 3 | | FU 05 - 09 | 8 | | FU 09 - 01 | -11 | [4] Domestic LU Data | Index | Change from 2025/09/05 - 2025/09/11 | | --- | --- | | LU 01 | -6 | | LU 05 | -6 | | LU 09 | -10 | | LU 01 - 05 | 0 | | LU 05 - 09 | 4 | | LU 09 - 01 | -4 | [5]

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 weakened in a fluctuating manner, the nearby monthly spread continued to strengthen, the basis fluctuated after a rebound, the EW spread continued to strengthen, and the FU internal - external spread was affected by the delivery warehouse. The low - sulfur cracking fluctuated, the monthly spread weakened in a fluctuating manner, and the LU internal - external spread fluctuated around 9 US dollars. The MF0.5 basis fluctuated [6]. - Fundamentally, Singapore's residual oil inventories increased significantly, floating storage decreased slightly, ARA residual oil inventories increased significantly, floating storage inventories increased significantly, and EIA residual oil decreased slightly. 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, the EW spread repair was completed, and the domestic high - sulfur spot was still in excess. One should be vigilant against over - heating sentiment. This week, LU remained weak, the external MF0.5 basis remained volatile. Due to the support of European and American gasoline and diesel cracking, one can pay attention to the opportunity of the low - sulfur to high - sulfur spread widening in the fourth quarter [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 376.87 | 366.78 | 372.49 | 379.86 | 382.27 | 2.41 | | Rotterdam 0.5% VLS FO Swap M1 | 442.59 | 431.93 | 439.86 | 439.55 | 439.10 | - 0.45 | | Rotterdam HSFO - Brent M1 | - 7.25 | - 6.98 | - 7.20 | - 6.70 | - 6.95 | - 0.25 | | Rotterdam 10ppm Gasoil Swap M1 | 665.68 | 651.05 | 662.46 | 670.83 | 670.27 | - 0.56 | | Rotterdam VLSFO - Gasoil M1 | - 223.09 | - 219.12 | - 222.60 | - 231.28 | - 231.17 | 0.11 | | LGO - Brent M1 | 24.02 | 23.59 | 24.62 | 25.35 | 24.25 | - 1.10 | | Rotterdam VLSFO - HSFO M1 | 65.72 | 65.15 | 67.37 | 59.69 | 56.83 | - 2.86 | [4] Singapore Fuel Oil Swap Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 387.61 | 388.79 | 388.46 | 395.12 | 396.58 | 1.46 | | Singapore 180cst M1 | 398.86 | 398.59 | 397.67 | 399.61 | 406.58 | 6.97 | | Singapore VLSFO M1 | 475.19 | 471.33 | 468.78 | 471.70 | 468.91 | - 2.79 | | Singapore Gasoil M1 | 86.84 | 86.70 | 86.66 | 87.38 | 87.92 | 0.54 | | Singapore 380cst - Brent M1 | - 5.59 | - 5.05 | - 4.94 | - 4.25 | - 4.55 | - 0.30 | | Singapore VLSFO - Gasoil M1 | - 167.43 | - 170.25 | - 172.50 | - 174.91 | - 181.70 | - 6.79 | [4] Singapore Fuel Oil Spot Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 387.09 | 388.16 | 388.92 | 396.64 | 396.90 | 0.26 | | FOB VLSFO | 474.28 | 468.87 | 468.99 | 469.80 | 466.00 | - 3.80 | | 380 Basis | - 1.00 | - 0.95 | - 0.50 | 0.25 | 0.35 | 0.10 | | High - sulfur Internal - external Spread | 6.0 | 7.3 | 8.0 | 6.4 | - | - | | Low - sulfur Internal - external Spread | 9.4 | 9.4 | 7.9 | 9.8 | - | - | [5] Domestic FU Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2760 | 2759 | 2767 | 2766 | 2786 | 20 | | FU 05 | 2721 | 2719 | 2721 | 2724 | 2741 | 17 | | FU 09 | 2694 | 2695 | 2679 | 2678 | 2697 | 19 | | FU 01 - 05 | 39 | 40 | 46 | 42 | 45 | 3 | | FU 05 - 09 | 27 | - | 42 | 46 | 44 | - 2 | | FU 09 - 01 | - 66 | - 64 | - 88 | - 88 | - 89 | - 1 | [5] Domestic LU Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3395 | 3375 | 3385 | 3367 | 3370 | 3 | | LU 05 | 3359 | 3343 | 3347 | 3335 | 3339 | 4 | | LU 09 | 3341 | 3321 | 3344 | 3330 | 3331 | 1 | | LU 01 - 05 | 36 | 32 | 38 | 32 | 31 | - 1 | | LU 05 - 09 | 18 | 22 | 3 | 5 | 8 | 3 | | LU 09 - 01 | - 54 | - 54 | - 41 | - 37 | - 39 | - 2 | [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst fluctuated strongly, the near - month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on the delivery warehouse, FU10 rose sharply and then fell. The low - sulfur cracking weakened, the spread fluctuated, the LU internal - external spread fluctuated around $10, and the MF0.5 basis began to rebound [3][4]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA residue began to accumulate. 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 being repaired. The domestic high - sulfur spot was still in excess, and over - heated sentiment should be vigilant. The new round of sanctions had a large potential impact on the domestic heavy crude oil supply, providing some support for the Asian fuel oil valuation [4]. - This week, LU maintained a volatile trend, and the external MF0.5 basis began to rebound. Opportunities for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter could be focused on [4]. 3. Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam Fuel Oil Data**: From August 28 to September 3, the prices of Rotterdam 3.5% HSF O swap M1 decreased by $8.64, Rotterdam 0.5% VLSFO swap M1 decreased by $8.39, and other price - related indicators also had corresponding changes [1]. - **Singapore Fuel Oil Data**: The prices of Singapore 380cst M1 and other related fuel oil products also changed during the same period. For example, from August 28 to September 3, the price of Singapore 380cst M1 decreased by $11.56, and the price of Singapore VLSFO M1 decreased by $11.75 [1][9]. - **Singapore Fuel Oil Spot Data**: From August 28 to September 3, the FOB 380cst price decreased by $6.17, and the FOB VLSFO price decreased by $6.40 [2]. - **Domestic FU Data**: From August 28 to September 3, the price of FU 01 decreased by 7, the price of FU 05 decreased by 10, and the price of FU 09 decreased by 8 [2]. - **Domestic LU Data**: From August 28 to September 3, the price of LU 01 decreased by 17, the price of LU 05 decreased by 10, and the price of LU 09 increased by 13 [3].

Group 1: Report Industry Investment Rating - No relevant content found Group 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 and external spread of FU fluctuated greatly, and the 09 contract once returned above par. The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the LU internal and 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. Singapore's high - sulfur bunkering volume in July 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. US residue inventory increased slightly but was at the lowest level in the same period in 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, the EW spread was still recovering, and the delivery volume of FU was still relatively large. Attention should be paid to subsequent delivery changes. The new round of sanctions had a large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and LU internal and external prices oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be focused on. [6] Group 3: Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From August 19 to August 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 4.01, Rotterdam 0.5% VLS FO swap M1 increased by 6.04, Rotterdam HSFO - Brent M1 decreased by 0.41, Rotterdam 10ppm Gasoil swap M1 increased by 8.62, Rotterdam VLSFO - Gasoil M1 decreased by 2.58, LGO - Brent M1 increased by 0.11, and Rotterdam VLSFO - HSFO M1 increased by 2.03. [3] Singapore Fuel Oil Data - From August 19 to August 25, 2025, the price of Singapore 380cst M1 increased by 9.69, Singapore 180cst M1 increased by 11.54, Singapore VLSFO M1 increased by 8.51, Singapore Gasoil M1 increased by 1.10, Singapore 380cst - Brent M1 increased by 0.42, and Singapore VLSFO - Gasoil M1 increased by 0.37. [3] - For Singapore fuel oil spot, from August 19 to August 25, 2025, FOB 380cst increased by 6.57, FOB VLSFO increased by 5.85, 380 basis decreased by 0.80, high - sulfur internal and external spread increased by 3.7, and low - sulfur internal and external spread remained unchanged. [4] Domestic FU Data - From August 19 to August 25, 2025, FU 01 increased by 62, FU 05 increased by 42, FU 09 increased by 109, FU 01 - 05 increased by 20, FU 05 - 09 decreased by 67, and FU 09 - 01 increased by 47. [4] Domestic LU Data - From August 19 to August 25, 2025, LU 01 increased by 29, LU 05 increased by 65, LU 09 decreased by 65, LU 01 - 05 decreased by 36, LU 05 - 09 increased by 130, and LU 09 - 01 decreased by 94. [5]