报告行业投资评级 未提及 报告的核心观点 - 本周新加坡高硫裂解震荡，月差小幅走强，基差走弱，欧洲HSFO裂解回落，EW本周走强 新加坡0.5%裂解反弹，月差震荡、基差低位震荡 [3] - 库存方面，新加坡渣油小幅去库、ARA渣油累库、富查伊拉渣油累库，EIA渣油库存走平 [3] - 外盘高低硫价差反弹，新加坡高硫受EW、炼厂采买支撑，但现货基差加速走弱，短期偏震荡格局，低硫短期下行空间有限 [4] 各目录内容总结 鹿特丹燃料油掉期价格 | 品种 | 2025/11/07 | 2025/11/10 | 2025/11/11 | 2025/11/12 | 2025/11/13 | 变化 | | --- | --- | --- | --- | --- | --- | --- | | 鹿特丹3.5% HSF掉期M1 | 370.65 | 371.28 | 381.44 | 365.00 | 365.44 | 0.44 | | 鹿特丹0.5% VLS FO掉期M1 | 414.33 | 414.78 | 422.72 | 405.19 | 405.76 | 0.57 | | 鹿特丹HSFO - Brent M1 | -4.91 | -4.71 | -4.85 | -5.03 | -5.15 | -0.12 | | 鹿特丹10ppm Gasoil掉期M1 | 693.94 | 690.87 | 715.93 | 692.85 | 688.57 | -4.28 | | 鹿特丹VLSFO - Gasoil M1 | -279.61 | -276.09 | -293.21 | -287.66 | -282.81 | 4.85 | | LGO - Brent M1 | 30.87 | 30.17 | 32.12 | 31.72 | 31.72 | 0.00 | | 鹿特丹VLSFO - HSFO M1 | 43.68 | 43.50 | 41.28 | 40.19 | 40.32 | 0.13 | [1] 新加坡燃料油掉期价格 | 品种 | 2025/11/07 | 2025/11/10 | 2025/11/11 | 2025/11/12 | 2025/11/13 | 变化 | | --- | --- | --- | --- | --- | --- | --- | | 新加坡380cst M1 | 372.96 | 372.25 | 370.79 | 373.45 | 360.44 | -13.01 | | 新加坡180cst M1 | 376.74 | 378.38 | 376.79 | 382.35 | 366.44 | -15.91 | | 新加坡VLSFO M1 | 450.47 | 452.80 | 451.40 | 454.24 | 439.87 | -14.37 | | 新加坡Gasoil M1 | 92.11 | 91.16 | 91.54 | 93.80 | 90.58 | -3.22 | | 新加坡380cst - Brent M1 | -4.89 | -5.25 | -5.20 | -5.78 | -5.94 | -0.16 | | 新加坡VLSFO - Gasoil M1 | -231.14 | -221.78 | -226.00 | -239.88 | -230.42 | 9.46 | [1] 新加坡燃料油现货价格 | 品种 | 2025/11/07 | 2025/11/10 | 2025/11/11 | 2025/11/12 | 2025/11/13 | 变化 | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 364.45 | 362.23 | 362.75 | 365.23 | 351.45 | -13.78 | | FOB VLSFO | 449.61 | 451.20 | 449.84 | 452.57 | 438.13 | -14.44 | | 380基差 | -6.00 | -6.53 | -6.00 | -6.01 | -6.03 | -0.02 | | 高硫内外价差 | 3.5 | 5.9 | 3.6 | 5.0 | 3.7 | -1.3 | | 低硫内外价差 | 7.7 | 9.4 | 10.7 | 6.5 | 7.5 | 1.0 | [2] 国内FU合约价格 | 品种 | 2025/11/07 | 2025/11/10 | 2025/11/11 | 2025/11/12 | 2025/11/13 | 变化 | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2695 | 2693 | 2671 | 2693 | 2595 | -98 | | FU 05 | 2699 | 2695 | 2681 | 2699 | 2618 | -81 | | FU 09 | 2653 | 2652 | 2637 | 2649 | 2586 | -63 | | FU 01 - 05 | -4 | -2 | -10 | -6 | -23 | -17 | | FU 05 - 09 | 46 | 43 | 44 | 50 | 32 | -18 | | FU 09 - 01 | -42 | -41 | -34 | -44 | -9 | 35 | [2] 国内LU合约价格 | 品种 | 2025/11/07 | 2025/11/10 | 2025/11/11 | 2025/11/12 | 2025/11/13 | 变化 | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3274 | 3280 | 3262 | 3311 | 3164 | -147 | | LU 05 | 3255 | 3263 | 3236 | 3278 | 3154 | -124 | | LU 09 | 3240 | 3259 | 3233 | 3273 | 3170 | -103 | | LU 01 - 05 | 19 | 17 | 26 | 33 | 10 | -23 | | LU 05 - 09 | 15 | 4 | 3 | 5 | -16 | -21 | | LU 09 - 01 | -34 | -21 | -29 | -38 | 6 | 44 | [3]