| 安期货 | | --- | | GAN FUTURES | 燃料油早报 | 国 内 F U | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | FU 01 | FU 05 | FU 09 | FU 01-05 | FU 05-09 | FU 09-01 | | 2026/02/03 | 2572 | 2693 | 2623 | -121 | 70 | 51 | | 2026/02/04 | 2621 | 2779 | 2692 | -158 | 87 | 71 | | 2026/02/05 | 2626 | 2804 | 2710 | -178 | 94 | 84 | | 2026/02/06 | 2640 | 2831 | 2739 | -191 | 92 | 99 | | 2026/02/09 | 2621 | 2794 | 2701 | -173 | 93 | 80 | | 变化 | -19 | -37 | -38 | 18 | 1 | -19 | 国 内 L U | 日期 | LU 01 | LU 05 | LU 09 ...

Industry Investment Rating - Not provided Core Viewpoints - This week, the near - month of Singapore 380cst strengthened significantly, with both cracking and monthly spreads strengthening. Short - term arbitrage logistics tightened to a 6 - month low, and Singapore residue oil inventory 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 monthly spread was at a low level for the same period in history. In terms of inventory, EIA residue oil had a slight de - stocking, ARA residue oil 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 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] Data Summary Rotterdam Fuel Oil Data - The prices of Rotterdam 3.5% HSF O swap M1, 0.5% VLS FO swap M1, 10ppm Gasoil swap M1, etc. from January 23 to January 29, 2026, are presented, with price changes of 13.39, 12.57, 23.95 respectively during this period [1] Singapore Fuel Oil Data - The prices of Singapore 380cst M1, 180cst M1, VLSFO M1, GO M1, etc. from January 23 to January 29, 2026, are shown, with price changes of 21.91, 14.11, 16.24 respectively during this period [1] - The FOB prices of Singapore 380cst and VLSFO, 380 basis, high - sulfur internal - external price difference, and low - sulfur internal - external price difference from January 23 to January 29, 2026, are provided, with changes of 14.86, 10.09, 1.25, 8.1, 3.2 respectively during this period [2] Domestic FU Data - The prices of domestic FU 01, FU 05, FU 09, and their spreads from January 23 to January 29, 2026, are given, with price changes of 66, 80, 74 respectively during this period [2] Domestic LU Data - The prices of domestic LU 01, LU 05, LU 09, and their spreads from January 23 to January 29, 2026, are presented, with price changes of 50, 79, 63 respectively during this period [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and it weakened slightly after the holiday. The 380 monthly spread rebounded from the low point but remained weak year - on - year. The high - sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [3]. - In terms of inventory, there was a significant build - up of residual fuel oil in Singapore, a significant drawdown of high - sulfur floating storage, a slight build - up of residual fuel oil in ARA, a drawdown of residual fuel oil in Fujairah, a drawdown of high - sulfur floating storage, and a slight build - up of residual fuel oil in EIA. The recent conflict escalation in Venezuela has a short - term positive and long - term negative impact on heavy crude oil. Attention should be paid to the duration of logistics interruption. The arrival premium of Merey crude oil at the end of December remained around - 12. The high - sulfur spot market remained loose, and attention should be paid to the boost brought by the premium of heavy raw materials. The low - sulfur market maintained a weak oscillation pattern [10]. 3. Data Summaries Rotterdam Fuel Oil - The prices of Rotterdam 3.5% HSF O swap M1, Rotterdam 0.5% VLS FO swap M1, Rotterdam HSFO - Brent M1, Rotterdam 10ppm Gasoil swap M1, Rotterdam VLSFO - Gasoil M1, LGO - Brent M1, and Rotterdam VLSFO - HSFO M1 from 2026/01/08 to 2026/01/14 showed different changes. For example, the price of Rotterdam 3.5% HSF O swap M1 decreased by 1.20, while Rotterdam HSFO - Brent M1 increased by 0.42 [1]. Singapore Fuel Oil - The prices of Singapore 380cst M1, Singapore 180cst M1, Singapore VLSFO M1, Singapore Gasoil M1, Singapore 380cst - Brent M1, and Singapore VLSFO - Gasoil M1 changed from 2026/01/08 to 2026/01/14. For instance, the price of Singapore 380cst M1 increased by 16.62 from 2026/01/13 to 2026/01/14 [1][9]. Singapore Fuel Oil Spot - The FOB 380cst, FOB VLSFO, 380 basis, high - sulfur domestic - foreign price difference, and low - sulfur domestic - foreign price difference of Singapore fuel oil spot had changes from 2026/01/08 to 2026/01/14. The high - sulfur domestic - foreign price difference decreased by 0.4, and the low - sulfur domestic - foreign price difference increased by 0.2 [2]. Domestic FU - The prices of FU 01, FU 05, FU 09, FU 01 - 05, FU 05 - 09, and FU 09 - 01 in the domestic market changed from 2026/01/08 to 2026/01/14. For example, the price of FU 01 increased by 62 [2]. Domestic LU - The prices of LU 01, LU 05, LU 09, LU 01 - 05, LU 05 - 09, and LU 09 - 01 in the domestic market changed from 2026/01/08 to 2026/01/14. The price of LU 01 increased by 47 [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and it weakened slightly after the holiday. The 380 monthly spread rebounded from its low but remained weak year - on - year. The high - sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [3]. - In terms of inventory, Singapore's residual fuel oil had a significant inventory build - up, the high - sulfur floating storage had a significant drawdown, ARA's residual fuel oil had a slight inventory build - up, Fujairah's residual fuel oil had an inventory drawdown, the high - sulfur floating storage had an inventory drawdown, and EIA's residual fuel oil had a slight inventory build - up. The conflict in Venezuela escalated over the weekend, having a short - term positive and long - term negative impact on heavy crude oil. Attention should be paid to the duration of logistics interruption. The arrival premium of Merey crude oil at the end of December remained around - 12. The high - sulfur spot market remained loose, and attention should be paid to the boost brought by the premium and discount of heavy raw materials recently. The low - sulfur market maintained a weak oscillation pattern [10]. 3. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 19.81, Rotterdam 0.5% VLS FO swap M1 increased by 9.97, Rotterdam HSFO - Brent M1 increased by 1.23, Rotterdam 10ppm Gasoil swap M1 increased by 26.90, Rotterdam VLSFO - Gasoil M1 decreased by 16.93, LGO - Brent M1 remained unchanged, and Rotterdam VLSFO - HSFO M1 decreased by 9.84 [1]. Singapore Fuel Oil Swap Data - From January 7 to January 13, 2026, the price of Singapore 380cst M1 increased by 26.04, Singapore 180cst M1 increased by 23.27, Singapore VLSFO M1 increased by 10.53, Singapore Gasoil M1 increased by 3.65, Singapore 380cst - Brent M1 increased by 1.87, and Singapore VLSFO - Gasoil M1 decreased by 16.48 [1][9]. Singapore Fuel Oil Spot Data - From January 7 to January 13, 2026, the high - sulfur internal - external price difference decreased by 1.0, and the low - sulfur internal - external price difference increased by 3.6. The data for FOB 380cst, FOB VLSFO, and 380 basis on January 13 were not provided [2]. Domestic FU Data - From January 7 to January 13, 2026, FU 01 increased by 15, FU 05 increased by 4, FU 09 increased by 15, FU 01 - 05 increased by 11, FU 05 - 09 decreased by 11, and FU 09 - 01 remained unchanged [2]. Domestic LU Data - From January 7 to January 13, 2026, LU 01 increased by 24, LU 05 increased by 44, LU 09 increased by 31, LU 01 - 05 decreased by 20, LU 05 - 09 increased by 13, and LU 09 - 01 increased by 7 [3].

| | | | | 燃料油早报 | | 研究中心能化团队 2026/01/12 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF O掉期 M1 | 鹿特丹0.5% VLS FO掉期 M1 | 鹿特丹HSFO-Br ent M1 | 鹿特丹10ppm G asoil掉期 M1 | 鹿特丹VLSFO-G O M1 | LGO-Brent M1 | 鹿特丹VLSFO-H SFO M1 | | 2026/01/05 | 328.36 | 377.83 | -9.43 | 600.70 | -222.87 | 21.06 | 49.47 | | 2026/01/06 | 327.72 | 377.00 | -9.51 | 593.30 | -216.30 | 21.18 | 49.28 | | 2026/01/07 | 315.72 | 370.14 | -10.22 | 580.60 | -210.46 | 20.31 | 54.42 | | 2026/01/08 | 311 ...

Group 1: Report Core View - Before the holiday, the 380 cracking spread fluctuated, and after the holiday, it weakened slightly. The 380 monthly spread rebounded from its low point but remained weak year-on-year. The high-sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [5]. - In terms of inventory, Singapore's residual oil significantly increased in inventory, the high-sulfur floating storage significantly decreased in inventory, ARA's residual oil slightly increased in inventory, Fujairah's residual oil decreased in inventory, the high-sulfur floating storage decreased in inventory, and EIA's residual oil slightly increased in inventory. The conflict in Venezuela escalated over the weekend, which has a short-term positive and long-term negative impact on heavy crude oil. Attention should be paid to the duration of logistics interruption. The arrival premium of Merey crude oil at the end of December remained around -12. The high-sulfur spot market remained loose. Attention should be paid to the boost brought by the premium of heavy raw materials recently. The low-sulfur market maintained a weak oscillation pattern [6]. Group 2: Rotterdam Fuel Oil Data - From December 25 to December 31, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 1.66, Rotterdam 0.5% VLS FO swap M1 changed by 0.83, Rotterdam HSFO - Brent M1 changed by 0.38, Rotterdam 10ppm Gasoil swap M1 changed by -6.29, Rotterdam VLSFO - Gasoil M1 changed by 7.12, LGO - Brent M1 changed by -0.16, and Rotterdam VLSFO - HSFO M1 changed by -0.83 [3]. Group 3: Singapore Fuel Oil Data Swap Data - From December 25 to December 31, 2025, the price of Singapore 380cst M1 changed by 0.51, Singapore 180cst M1 changed by -1.75, Singapore VLSFO M1 changed by -4.87, Singapore Gasoil M1 changed by 0.26, Singapore 380cst - Brent M1 changed by 0.30, and Singapore VLSFO - Gasoil M1 changed by -6.80 [3]. Spot Data - From December 26 to December 31, 2025, the price of Singapore FOB 380cst changed by -0.04, FOB VLSFO changed by -2.74, 380 basis changed by -0.55, high - sulfur domestic - foreign price difference changed by -1.6, and low - sulfur domestic - foreign price difference changed by 0.0 [4]. Group 4: Domestic FU Data - From December 25 to December 31, 2025, the price of FU 01 changed by -75, FU 05 changed by -20, FU 09 changed by -18, FU 01 - 05 changed by -55, FU 05 - 09 changed by -2, and FU 09 - 01 changed by 57 [4]. Group 5: Domestic LU Data - From December 25 to December 31, 2025, the price of LU 01 changed by -245, LU 05 changed by -40, LU 09 changed by -32, LU 01 - 05 changed by -205, LU 05 - 09 changed by -8, and LU 09 - 01 changed by 213 [5].

Report Industry Investment Rating - The report is bearish on the fuel oil market [3][8] Core观点 - This week, the 380 cracking spread weakened, the month spread oscillated at a low level, the basis oscillated at a low level, the high - sulfur cracking spread in Europe weakened, and the high - sulfur EW continued to strengthen. The 0.5% cracking spread in Singapore oscillated at a low level, the month spread oscillated at a historical low level, and the 5GO recovered as diesel weakened. In terms of inventory, Singapore's residual oil inventory increased, the high - sulfur floating storage decreased, the residual oil inventory in Fujairah decreased, the high - sulfur floating storage decreased significantly, the high - sulfur floating storage in Europe decreased slightly, and the high - sulfur floating storage in the US increased slightly. The low - sulfur floating storage in Singapore decreased, and the low - sulfur floating storage in Europe increased. Global residual oil entered the off - season for inventory accumulation. The external market cracking spread should pay attention to crude oil fluctuations, and there is no improvement in the spot market. The low - sulfur valuation is low but there is no driving force [3][8] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 22 to 26, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 5.21, the price of Rotterdam 0.5% VLS FO swap M1 decreased by 4.19, the Rotterdam HSFO - Brent M1 increased by 0.21, the Rotterdam 10ppm Gasoil swap M1 decreased by 7.25, the Rotterdam VLSFO - GO M1 increased by 3.06, and the Rotterdam VLSFO - HSFO M1 increased by 1.02 [1] Singapore Fuel Oil Swap Data - From December 22 to 26, 2025, the price of Singapore 380cst M1 increased by 0.57, the price of Singapore 180cst M1 increased by 0.32, the price of Singapore VLSFO M1 increased by 1.22, the price of Singapore GO M1 decreased by 0.15, the Singapore 380cst - Brent M1 increased by 0.20, and the Singapore VLSFO - GO M1 increased by 2.33 [1] Singapore Fuel Oil Spot Data - From December 22 to 26, 2025, the FOB 380cst price and FOB VLSFO price data have no clear overall change trend, the 380 basis decreased from - 2.80 to - 1.60, and the high - sulfur and low - sulfur internal and external price difference data are incomplete [2] Domestic FU Data - From December 22 to 26, 2025, FU 01 increased by 27, FU 05 increased by 3, FU 09 increased by 2, FU 01 - 05 increased by 24, FU 05 - 09 increased by 1, and FU 09 - 01 decreased by 25 [2] Domestic LU Data - From December 22 to 26, 2025, LU 01 increased by 141, LU 05 decreased by 2, LU 09 increased by 1, LU 01 - 05 increased by 143, LU 05 - 09 decreased by 3, and LU 09 - 01 decreased by 140 [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore fluctuated, the monthly spread strengthened slightly, the basis weakened, the HSFO cracking in Europe declined, and the EW strengthened this week. The 0.5% cracking in Singapore rebounded, the monthly spread fluctuated, and the basis oscillated at a low level. In terms of inventory, Singapore's residual oil decreased slightly, ARA's residual oil increased, Fujairah's residual oil increased, and EIA's residual oil inventory remained flat. The price difference between high - and low - sulfur in the external market rebounded. Singapore's high - sulfur was supported by EW and refinery purchases, but the spot basis weakened rapidly. It is expected to be in a volatile pattern in the short term, and the short - term downward space for low - sulfur is limited [3][4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data (Swap M1) - From November 6th to 12th, the price of 3.5% HSF decreased by 16.44, the price of 0.5% VLS decreased by 17.53, the HSFO - Brent M1 decreased by 0.18, the 10ppm Gasoil decreased by 3.88, the VLSFO - Gasoil decreased by 21.41, the LGO - Brent M1 remained unchanged, and the VLSFO - HSFO decreased by 1.09 [1] Singapore Fuel Oil Data (Swap M1) - From November 6th to 12th, the price of 380cst increased by 3.78, the price of 180cst increased by 5.56, the price of VLSFO increased by 3.60, the price of Gasoil increased by 2.64, the 380cst - Brent M1 decreased by 0.58, and the VLSFO - Gasoil decreased by 15.93 [1] Singapore Fuel Oil Spot Data - From November 6th to 12th, the FOB price of 380cst increased by 2.48, the FOB price of VLSFO increased by 2.73, the 380 basis decreased by 0.01, the high - sulfur internal - external price difference increased by 1.4, and the low - sulfur internal - external price difference decreased by 4.2 [2] Domestic FU Data - From November 6th to 12th, the price of FU 01 increased by 22, the price of FU 05 increased by 18, the price of FU 09 increased by 12, the FU 01 - 05 increased by 4, the FU 05 - 09 increased by 6, and the FU 09 - 01 decreased by 10 [2] Domestic LU Data - From November 6th to 12th, the price of LU 01 increased by 49, the price of LU 05 increased by 42, the price of LU 09 increased by 40, the LU 01 - 05 increased by 7, the LU 05 - 09 increased by 2, and the LU 09 - 01 decreased by 9 [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the cracking of 380 fuel oil oscillated, the monthly spread weakened month - on - month, the basis oscillated and weakened, the cracking of European HSFO strengthened, and the EW weakened significantly. The cracking of Singapore 0.5 low - sulfur fuel oil oscillated at a low level, and the monthly spread and basis oscillated at a low level [6]. - In terms of inventory, Singapore's residual oil inventory increased, floating storage increased, ARA's residual oil inventory decreased, floating storage increased, and EIA's residual oil inventory decreased slightly. In terms of shipments, Russia's residual oil shipments rebounded this week but were still low year - on - year. Overall, Russia's residual oil shipments decreased month - on - month in October. Saudi Arabia's residual oil shipments oscillated at a high level, UAE's shipments decreased month - on - month. Singapore's arrivals were neutral this week, and domestic residual oil arrivals increased month - on - month [6][7]. - This week, the domestic - foreign spread of high - and low - sulfur fuel oil rebounded significantly. The external low - sulfur market remained weak, the fundamentals of high - sulfur fuel oil in Singapore were poor, but EW and raw material premiums supported the 380 cracking. In the short term, it is in a volatile pattern [7]. 3. Summary by Related Data Rotterdam Fuel Oil Swap Data | Type | Change | | ---- | ---- | | Rotterdam 3.5% HSF O Swap M1 | -1.59 | | Rotterdam 0.5% VLS FO Swap M1 | -4.56 | | Rotterdam HSFO - Brent M1 | 0.58 | | Rotterdam 10ppm Gasoil Swap M1 | 0.66 | | Rotterdam VLSFO - Gasoil M1 | -5.22 | | LGO - Brent M1 | 2.43 | | Rotterdam VLSFO - HSFO M1 | -2.97 | [4] Singapore Fuel Oil Swap Data | Type | Change | | ---- | ---- | | Singapore 380cst M1 | -3.82 | | Singapore 180cst M1 | -3.81 | | Singapore VLSFO M1 | -1.45 | | Singapore GO M1 | 0.73 | | Singapore 380cst - Brent M1 | 0.00 | | Singapore VLSFO - Gasoil M1 | -6.85 | [4] Singapore Fuel Oil Spot Data | Type | Change | | ---- | ---- | | FOB 380cst | -3.99 | | FOB VLSFO | -1.07 | | 380 Basis | 0.00 | | High - sulfur Domestic - Foreign Spread | -0.1 | | Low - sulfur Domestic - Foreign Spread | 1.6 | [5] Domestic FU Data | Type | Change | | ---- | ---- | | FU 01 | -21 | | FU 05 | -7 | | FU 09 | -6 | | FU 01 - 05 | -14 | | FU 05 - 09 | -1 | | FU 09 - 01 | 15 | [5] Domestic LU Data | Type | Change | | ---- | ---- | | LU 01 | 7 | | LU 05 | -1 | | LU 09 | -8 | | LU 01 - 05 | 8 | | LU 05 - 09 | 7 | | LU 09 - 01 | -15 | [6]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - This week, the crack spread of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month - on - month, and the basis fluctuated at a low level. The high - low sulfur price difference is at a historically low level. The crack spread of Singapore 0.5 low - sulfur fuel oil weakened, and the monthly spread and basis fluctuated at historically low levels. [3] - In terms of inventory, Singapore residue oil was de - stocked, the high - sulfur floating storage was higher than the historical average for the same period, and the low - sulfur floating storage increased slightly. Fujeirah's heavy - quality inventory increased significantly to 8,520 thousand tons, the high - sulfur floating storage was de - stocked but still at a historically high level year - on - year. ARA ports were de - stocked, and the inventory was at a historically low level year - on - year. [3][4] - In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low - sulfur fuel oil strengthened slightly. Saudi Arabia's shipments declined month - on - month, and the UAE's shipments increased month - on - month. Recently, the weak fundamentals of low - sulfur fuel oil continued, and it is expected to maintain a low - level oscillation pattern. High - sulfur fuel oil has started to accumulate inventory globally. The crack spread of Singapore is still supported by procurement demand, but in the medium term, it faces downward pressure due to factors such as Russian sanctions. FU fluctuated mainly and weakened slightly this week. [4] 3) Summaries by Related Catalogs Rotterdam Fuel Oil | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | Change | | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 400.88 | 400.43 | 389.26 | 2.73 | | Rotterdam 0.5% VLS FO Swap M1 | 424.62 | 423.42 | 411.42 | 2.03 | | Rotterdam HSFO - Brent M1 | - 2.65 | - 2.15 | - 2.31 | 0.54 | | Rotterdam 10ppm Gasoil Swap M1 | 688.86 | 705.25 | 680.86 | 3.19 | | Rotterdam VLSFO - Gasoil M1 | - 264.24 | - 281.83 | - 269.44 | - 1.16 | | LGO - Brent M1 | 28.32 | 30.55 | 28.62 | 0.32 | | Rotterdam VLSFO - HSFO M1 | 23.74 | 22.99 | 22.16 | - 0.70 | [1] Singapore Fuel Oil Swap | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 394.15 | 387.51 | 383.93 | 373.72 | 373.35 | - 0.37 | | Singapore 180cst M1 | 402.15 | 394.51 | 389.68 | 380.28 | 378.91 | - 1.37 | | Singapore VLSFO M1 | 448.43 | 446.68 | 443.72 | 438.46 | 443.70 | 5.24 | | Singapore Gasoil M1 | 90.28 | 90.91 | 91.15 | 89.63 | 90.58 | 0.95 | | Singapore 380cst - Brent M1 | - 3.30 | - 3.68 | - 3.23 | - 4.56 | - 4.63 | - 0.07 | | Singapore VLSFO - Gasoil M1 | - 219.64 | - 226.05 | - 230.79 | - 224.80 | - 226.59 | - 1.79 | [1] Singapore Fuel Oil Spot | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 392.86 | 387.02 | 383.42 | 372.68 | 372.56 | - 0.12 | | FOB VLSFO | 445.23 | 446.25 | 441.88 | 437.28 | 442.83 | 5.55 | | 380 Basis | - 1.35 | - 0.90 | - 1.15 | - 1.80 | - 1.95 | - 0.15 | | High - sulfur Domestic - Foreign Spread | 7.9 | 8.1 | 10.2 | 10.4 | 9.1 | - 1.3 | | Low - sulfur Domestic - Foreign Spread | 7.2 | 7.6 | 13.4 | 12.6 | 14.3 | 1.7 | [2] Domestic FU | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2814 | 2842 | 2818 | 2796 | 2751 | - 45 | | FU 05 | 2741 | 2772 | 2756 | 2744 | 2713 | - 31 | | FU 09 | 2663 | 2683 | 2675 | 2672 | 2657 | - 15 | | FU 01 - 05 | - | 70 | 62 | 52 | 38 | - 14 | | FU 05 - 09 | 78 | 89 | 81 | 72 | 56 | - 16 | | FU 09 - 01 | - 151 | - 159 | - 143 | - 124 | - 94 | 30 | [2] Domestic LU | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3224 | 3257 | 3273 | 3246 | 3255 | 9 | | LU 05 | 3230 | 3262 | 3237 | 3212 | 3223 | 11 | | LU 09 | 3235 | 3272 | 3262 | 3235 | 3237 | 2 | | LU 01 - 05 | - 6 | - 5 | 36 | 34 | 32 | - 2 | | LU 05 - 09 | - 5 | - 10 | - 25 | - 23 | - 14 | 9 | | LU 09 - 01 | 11 | 15 | - 11 | - 11 | - 18 | - 7 | [3]