报告行业投资评级 未提及 报告的核心观点 - 本周380燃料油裂解震荡，月差环比走弱，基差震荡走弱，欧洲HSFO裂解走强，EW大幅走弱 新加坡0.5低硫裂解低位震荡，月差、基差低位震荡 [6] - 库存方面，新加坡渣油累库，浮仓累库，ARA渣油去库，浮仓累库，EIA渣油小幅去库 [6][10] - 发货方面，本周俄罗斯渣油发货反弹但同比仍偏低，10月整体俄罗斯渣油发货环比下降，沙特渣油发货高位震荡，阿联酋发货环比下滑，本周新加坡到岸中性，国内渣油到岸环比增加 [10] - 本周高低硫内外大幅反弹，外盘低硫格局仍偏弱，高硫新加坡基本偏差，但EW、原料升贴水支撑380裂解，短期偏震荡格局 [10] 各地区燃料油数据总结 鹿特丹地区 |品种|2025/10/27|2025/10/28|2025/10/29|2025/10/30|2025/10/31|变化| | --- | --- | --- | --- | --- | --- | --- | |鹿特丹3.5% HSF O掉期M1|400.43|389.26|390.02|392.05|393.07|1.02| |鹿特丹0.5% VLS FO掉期M1|423.42|411.42|417.07|417.96|416.37|-1.59| |鹿特丹HSFO - Brent M1|-2.15|-2.31|-3.04|-2.63|-2.40|0.23| |鹿特丹10ppm Gasoil掉期M1|705.25|680.86|689.14|691.99|688.48|-3.51| |鹿特丹VLSFO - Gasoil M1|-281.83|-269.44|-272.07|-274.03|-272.11|1.92| |LGO - Brent M1|30.55|28.62|29.11|29.43|28.89|-0.54| |鹿特丹VLSFO - HSFO M1|22.99|22.16|27.05|25.91|23.30|-2.61| [4] 新加坡地区 掉期数据 |品种|2025/10/27|2025/10/28|2025/10/29|2025/10/30|2025/10/31|变化| | --- | --- | --- | --- | --- | --- | --- | |新加坡380cst M1|387.51|383.93|373.72|373.35|375.53|2.18| |新加坡180cst M1|394.51|389.68|380.28|378.91|382.28|3.37| |新加坡VLSFO M1|446.68|443.72|438.46|443.70|449.25|5.55| |新加坡Gasoil M1|90.91|91.15|89.63|90.58|92.03|1.45| |新加坡380cst - Brent M1|-3.68|-3.23|-4.56|-4.93|-4.98|-0.05| |新加坡VLSFO - Gasoil M1|-226.05|-230.79|-224.80|-226.59|-231.77|-5.18| [4] 现货数据 |品种|2025/10/27|2025/10/28|2025/10/29|2025/10/30|2025/10/31|变化| | --- | --- | --- | --- | --- | --- | --- | |FOB 380cst|387.02|383.42|372.68|372.56|-|-| |FOB VLSFO|446.25|441.88|437.28|442.83|-|-| |380基差|-0.90|-1.15|-1.80|-1.95|-|-| |高硫内外价差|8.1|10.2|10.4|9.1|-|-| |低硫内外价差|7.6|13.4|12.6|14.3|-|-| [5] 国内地区 FU合约数据 |品种|2025/10/27|2025/10/28|2025/10/29|2025/10/30|2025/10/31|变化| | --- | --- | --- | --- | --- | --- | --- | |FU 01|2842|2818|2796|2751|2745|-6| |FU 05|2772|2756|2744|2713|2712|-1| |FU 09|2683|2675|2672|2657|2653|-4| |FU 01 - 05|70|62|52|38|33|-5| |FU 05 - 09|89|81|72|56|59|3| |FU 09 - 01|-159|-143|-124|-94|-92|2| [5] LU合约数据 |品种|2025/10/27|2025/10/28|2025/10/29|2025/10/30|2025/10/31|变化| | --- | --- | --- | --- | --- | --- | --- | |LU 01|3257|3273|3246|3255|3268|13| |LU 05|3262|3237|3212|3223|3239|16| |LU 09|3272|3262|3235|3237|3252|15| |LU 01 - 05|-5|36|34|32|29|-3| |LU 05 - 09|-10|-25|-23|-14|-13|1| |LU 09 - 01|15|-11|-11|-18|-16|2| [6]