Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View No information provided. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From March 23 - 27, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 10.98, Rotterdam 0.5% VLS FO swap M1 increased by 12.88, Rotterdam HSFO - Brent M1 decreased by 0.23, Rotterdam 10ppm Gasoil swap M1 increased by 28.19, Rotterdam VLSFO - Gasoil M1 decreased by 15.31, Rotterdam VLSFO - HSFO M1 decreased by 0.87, and Rotterdam VLSFO - HSFO M1 increased by 1.90 [1] Singapore Fuel Oil Swap Data - During March 23 - 27, 2026, the price of Singapore 380cst M1 increased by 48.42, Singapore 180cst M1 increased by 48.17, Singapore VLSFO M1 increased by 39.11, Singapore Gasoil M1 increased by 18.49, Singapore 380cst - Brent M1 increased by 4.03, and Singapore VLSFO - Gasoil M1 decreased by 97.71 [1] Singapore Fuel Oil Spot Data - From March 23 - 27, 2026, the FOB 380cst price increased by 54.97, FOB VLSFO price increased by 39.22, 380 - cst basis increased by 9.25, high - sulfur internal - external price difference decreased by 15.2, and low - sulfur internal - external price difference increased by 18.0 [2] Domestic FU Data - During March 23 - 27, 2026, FU 01 increased by 40, FU 05 increased by 71, FU 09 increased by 49, FU 01 - 05 decreased by 31, FU 05 - 09 increased by 22, and FU 09 - 01 increased by 9 [2] Domestic LU Data - From March 23 - 27, 2026, LU 01 increased by 37, LU 05 increased by 91, LU 09 increased by 137, LU 01 - 05 decreased by 54, LU 05 - 09 decreased by 46, and LU 09 - 01 increased by 100 [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No relevant information provided 3. Summary by Related Catalogs Rotterdam Fuel Oil - From March 17 - 23, 2026, the price of Rotterdam 3.5% HSF O swap M1 decreased by 57.66, Rotterdam 0.5% VLS FO swap M1 decreased by 59.25, Rotterdam HSFO - Brent M1 increased by 0.10, Rotterdam 10ppm Gasoil swap M1 decreased by 107.50, Rotterdam VLSFO - Gasoil M1 increased by 48.25, LGO - Brent M1 increased by 4.19, and Rotterdam VLSFO - HSFO M1 decreased by 1.59 [1] Singapore Fuel Oil - From March 17 - 23, 2026, the price of Singapore 380cst M1 decreased by 32.35, Singapore 180cst M1 decreased by 13.77, Singapore VLSFO M1 decreased by 70.47, Singapore Gasoil M1 decreased by 12.68, Singapore 380cst - Brent M1 increased by 2.51, and Singapore VLSFO - Gasoil M1 increased by 23.37 [1] Singapore Fuel Oil Spot - From March 17 - 23, 2026, the FOB 380cst price increased by 44.94, FOB VLSFO price increased by 23.63, 380 - base difference decreased by 7.20, high - sulfur internal - external price difference increased by 14.9, and low - sulfur internal - external price difference decreased by 6.6 [2] Domestic FU - From March 17 - 23, 2026, FU 01 increased by 217, FU 05 increased by 304, FU 09 increased by 281, FU 01 - 05 decreased by 87, FU 05 - 09 increased by 23, and FU 09 - 01 increased by 64 [2] Domestic LU - From March 17 - 23, 2026, LU 01 increased by 151, LU 05 increased by 388, LU 09 increased by 338, LU 01 - 05 decreased by 237, LU 05 - 09 increased by 50, and LU 09 - 01 increased by 187 [3]

Group 1: Rotterdam Fuel Oil Data - Rotterdam 3.5% HSF O swap M1 price changed by 2.74 from 2026/02/25 to 2026/02/26 [1] - Rotterdam 0.5% VLS FO swap M1 price changed by 2.48 from 2026/02/25 to 2026/02/26 [1] - Rotterdam HSFO - Brent M1 spread changed by 0.10 from 2026/02/25 to 2026/02/26 [1] - Rotterdam 10ppm Gasoil swap M1 price changed by 10.39 from 2026/02/25 to 2026/02/26 [1] - Rotterdam VLSFO - Gasoil M1 spread changed by -7.91 from 2026/02/25 to 2026/02/26 [1] - LGO - Brent M1 spread remained unchanged at 25.59 from 2026/02/25 to 2026/02/26 [1] - Rotterdam VLSFO - HSFO M1 spread changed by -0.26 from 2026/02/25 to 2026/02/26 [1] Group 2: Singapore Fuel Oil Data - Singapore 380cst M1 price changed by 3.34 from 2026/02/25 to 2026/02/26 [1] - Singapore 180cst M1 price changed by 7.34 from 2026/02/25 to 2026/02/26 [1] - Singapore VLSFO M1 price changed by 9.50 from 2026/02/25 to 2026/02/26 [1] - Singapore Gasoil M1 price changed by 0.27 from 2026/02/25 to 2026/02/26 [1] - Singapore 380cst - Brent M1 spread changed by 0.39 from 2026/02/25 to 2026/02/26 [1] - Singapore VLSFO - Gasoil M1 spread changed by 7.50 from 2026/02/25 to 2026/02/26 [1] Group 3: Singapore Fuel Oil Spot Data - Singapore FOB 380cst price changed by 5.46 from 2026/02/25 to 2026/02/26 [2] - Singapore FOB VLSFO price changed by 5.63 from 2026/02/25 to 2026/02/26 [2] - 380cst basis changed by 0.80 from 2026/02/25 to 2026/02/26 [2] - High - sulfur internal - external price difference changed by -1.5 from 2026/02/25 to 2026/02/26 [2] - Low - sulfur internal - external price difference changed by -2.0 from 2026/02/25 to 2026/02/26 [2] Group 4: Domestic FU Data - FU 01 price changed by 17 from 2026/02/25 to 2026/02/26 [2] - FU 05 price changed by 44 from 2026/02/25 to 2026/02/26 [2] - FU 09 price changed by 33 from 2026/02/25 to 2026/02/26 [2] - FU 01 - 05 spread changed by -27 from 2026/02/25 to 2026/02/26 [2] - FU 05 - 09 spread changed by 11 from 2026/02/25 to 2026/02/26 [2] - FU 09 - 01 spread changed by 16 from 2026/02/25 to 2026/02/26 [2] Group 5: Domestic LU Data - LU 01 price changed by -7 from 2026/02/25 to 2026/02/26 [3] - LU 05 price changed by 24 from 2026/02/25 to 2026/02/26 [3] - LU 09 price changed by 27 from 2026/02/25 to 2026/02/26 [3] - LU 01 - 05 spread changed by -31 from 2026/02/25 to 2026/02/26 [3] - LU 05 - 09 spread changed by -3 from 2026/02/25 to 2026/02/26 [3] - LU 09 - 01 spread changed by 34 from 2026/02/25 to 2026/02/26 [3]

Group 1: Rotterdam Fuel Oil Data - Rotterdam 3.5% HSF O swap M1 price on 2026/02/09 was 375.60, and on 2026/02/13 was 364.24, with a change of -1.52 [1] - Rotterdam 0.5% VLS FO swap M1 price remained unchanged at 414.02 from 2026/02/12 to 2026/02/13 [1] - Rotterdam HSFO - Brent M1 spread on 2026/02/09 was -9.21, and on 2026/02/13 was -9.60, with a change of 0.15 [1] - Rotterdam 10ppm Gasoil swap M1 price on 2026/02/09 was 665.89, and on 2026/02/13 was 649.91, with a change of -2.48 [1] - Rotterdam VLSFO - Gasoil M1 spread on 2026/02/09 was -243.11, and on 2026/02/13 was -235.89, with a change of 2.48 [1] - LGO - Brent M1 on 2026/02/09 was 22.24, and on 2026/02/13 was 21.51, with a change of -0.57 [1] - Rotterdam VLSFO - HSFO M1 on 2026/02/09 was 47.18, and on 2026/02/13 was 49.78, with a change of 1.52 [1] Group 2: Singapore Fuel Oil Data - Singapore 380cst M1 price on 2026/02/09 was 394.76, and on 2026/02/11 was 409.92 [1] - Singapore 180cst M1 price on 2026/02/09 was 401.40, and on 2026/02/11 was 414.66 [1] - Singapore VLSFO M1 price on 2026/02/09 was 453.81, and on 2026/02/11 was 468.70 [1] - Singapore Gasoil M1 price on 2026/02/09 was 86.24, and on 2026/02/11 was 87.84 [1] - Singapore 380cst - Brent M1 spread on 2026/02/09 was -4.72, and on 2026/02/11 was -4.25 [1] - Singapore VLSFO - Gasoil M1 spread on 2026/02/09 was -184.37, and on 2026/02/11 was -181.32 [1] Group 3: Singapore Fuel Oil Spot Data - FOB 380cst price on 2026/02/09 was 416.35, and on 2026/02/13 was 430.67, with a change of -5.87 [2] - FOB VLSFO price on 2026/02/09 was 453.06, and on 2026/02/13 was 456.39, with a change of -11.50 [2] - 380cst basis on 2026/02/09 was 13.25, and on 2026/02/13 was 16.05, with a change of 1.00 [2] - High - sulfur internal - external spread on 2026/02/09 was 12.9, and on 2026/02/13 was 12.6, with a change of -2.1 [2] - Low - sulfur internal - external spread on 2026/02/09 was 17.1, and on 2026/02/13 was 20.7, with a change of -1.6 [2] Group 4: Domestic FU Data - FU 01 price on 2026/02/09 was 2621, and on 2026/02/13 was 2623, with a change of -33 [2] - FU 05 price on 2026/02/09 was 2794, and on 2026/02/13 was 2840, with a change of -48 [2] - FU 09 price on 2026/02/09 was 2701, and on 2026/02/13 was 2710, with a change of -47 [2] - FU 01 - 05 spread on 2026/02/09 was -173, and on 2026/02/13 was -217, with a change of 15 [2] - FU 05 - 09 spread on 2026/02/09 was 93, and on 2026/02/13 was 130, with a change of -1 [2] - FU 09 - 01 spread on 2026/02/09 was 80, and on 2026/02/13 was 87, with a change of -14 [2] Group 5: Domestic LU Data - LU 01 price on 2026/02/09 was 3265, and on 2026/02/13 was 3260, with a change of -57 [3] - LU 05 price on 2026/02/09 was 3249, and on 2026/02/13 was 3261, with a change of -94 [3] - LU 09 price on 2026/02/09 was 3226, and on 2026/02/13 was 3232, with a change of -101 [3] - LU 01 - 05 spread on 2026/02/09 was 16, and on 2026/02/13 was -1, with a change of 37 [3] - LU 05 - 09 spread on 2026/02/09 was 23, and on 2026/02/13 was 29, with a change of 7 [3] - LU 09 - 01 spread on 2026/02/09 was -39, and on 2026/02/13 was -28, with a change of -44 [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - During the holiday, the high - sulfur cracking in Singapore strengthened, the monthly spread strengthened, the EW strengthened, and the basis weakened. The low - sulfur cracking strengthened, the basis strengthened, and the high - low sulfur price spread showed a volatile trend [3]. 3. Summary by Relevant Data Rotterdam Fuel Oil Data | Product | Initial Value (2025/04/25) | Final Value (2025/04/30) | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 409.51 | 394.65 | -14.03 [1] | | Rotterdam 0.5% VLS FO Swap M1 | 441.52 | 422.85 | -18.67 [1] | | Rotterdam HSFO - Brent M1 | -1.11 | -0.52 | 0.59 [1] | | Rotterdam 10ppm Gasoil Swap M1 | 603.68 | 580.80 | -22.88 [1] | | Rotterdam VLSFO - Gasoil M1 | -162.16 | -157.95 | 4.21 [1] | | LGO - Brent M1 | 16.49 | 18.60 | 2.11 [1] | | Rotterdam VLSFO - HSFO M1 | 32.01 | 28.20 | -3.81 [1] | Singapore Fuel Oil Futures Data | Product | Initial Value (2025/04/25) | Final Value (2025/05/06) | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 425.73 | 395.23 | -30.5 [1] | | Singapore 180cst M1 | 439.85 | 406.48 | -33.37 [1] | | Singapore VLSFO M1 | 482.08 | 461.63 | -20.45 [1] | | Singapore Gasoil M1 | 81.74 | 76.55 | -5.19 [1] | | Singapore 380cst - Brent M1 | 1.36 | 1.19 | -0.17 [1] | | Singapore VLSFO - Gasoil M1 | -122.80 | -104.84 | 17.96 [1] | Singapore Fuel Oil Spot Data | Product | Initial Value (2025/04/25) | Final Value (2025/05/06) | Change | | --- | --- | --- | --- | | FOB 380cst | 426.37 | 395.61 | -30.76 [2] | | FOB VLSFO | 487.09 | 473.66 | -13.43 [2] | | 380 Basis | 2.15 | -1.80 | -3.95 [2] | | High - Sulfur Domestic - Foreign Spread | 9.3 | 10.0 | 0.7 [2] | | Low - Sulfur Domestic - Foreign Spread | 4.0 | 6.8 | 2.8 [2] | Domestic FU Data | Product | Initial Value (2025/04/25) | Final Value (2025/05/06) | Change | | --- | --- | --- | --- | | FU 01 | 2745 | 2572 | -173 [2] | | FU 05 | 3051 | 2555 | -496 [2] | | FU 09 | 2878 | 2696 | -182 [2] | | FU 01 - 05 | -306 | 17 | 323 [2] | | FU 05 - 09 | 173 | -141 | -314 [2] | | FU 09 - 01 | 133 | 124 | -9 [2] | Domestic LU Data | Product | Initial Value (2025/04/25) | Final Value (2025/05/06) | Change | | --- | --- | --- | --- | | LU 01 | 3374 | 3218 | -156 [3] | | LU 05 | 3663 | 3247 | -416 [3] | | LU 09 | 3409 | 3268 | -141 [3] | | LU 01 - 05 | -289 | -29 | 260 [3] | | LU 05 - 09 | 254 | -21 | -275 [3] | | LU 09 - 01 | 35 | 50 | 15 [3] |