<p>周三，燃料油现货交易势头减缓，此前经历了几天的活跃交易，高硫燃料油（HSFO）市场在近期下跌后找到了支撑。</p>
<p>新加坡 380 重油现货差价反弹至每公吨低于 7 美元的折扣，此前在上一交易日触及多年低点。</p>
<p>与此同时，超低硫燃料油（VLSFO）的现货差价接近平价，与上一交易日基本持平。</p>
<p>截至周三，VLSFO 的下游燃料油溢价低于每吨 10 美元，较上周略有下降，数据来自市场来源。</p>
<p>在原油价格支撑下，HSFO 和 VLSFO 的裂解价差均较前一日下跌。VLSFO 的裂解价差（LFO05SGBRTCMc1）跌至每桶低于 4 美元的溢价，而 380 重油的裂解价差（FO380BRTCKMc1）收于每桶近 7.85 美元的折扣，LSEG 汇编的数据表明。</p>
<p>库存数据</p>
<p>- 富查伊拉重油库存（FUJHD04）在截至 12 月 1 日的一周内上升 11.9%，达到 1250 万桶（197 万吨），根据 S&amp;P Global Commodity Insights 发布的 FOIZ 数据。</p>
<p>其他新闻</p>
<p>- 周三，油价连续第二个交易日下跌，交易员们在等待可能增加供应的俄乌和平谈判结果。</p>
<p>- 据周二的路透社扩展调查显示，美国原油库存预计上周下降，而馏分油和汽油库存可能上升。</p>
<p>- Motiva Enterprises 计划在今年 12 月对其位于德克萨斯州波特阿瑟的日处理能力为 640,500 桶的炼油厂进行焦化装置的维护，并计划在 2026 年 9 月对大型原油蒸馏装置进行检修，知情人士表示。</p>
<p>- Valero Energy 计划在 2 月份对其位于德克萨斯州波特阿瑟的日处理能力为 380,000 桶的炼油厂的大型原油蒸馏装置进行升级，知情人士表示。</p>
<p>窗口交易</p>
<p>- 180 重油：无交易</p>
<p>- 380 重油：无交易</p>
<p>- 0.5% VLSFO：无交易</p>
<p>评估</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>燃料油</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>现货（$/吨）</td>
<td>亚洲收盘</td>
<td>变动</td>
<td>前收盘</td>
<td>RIC</td>
</tr>
<tr>
<td>货物 - 0.5% VLSFO</td>
<td>418.67</td>
<td>-5.32</td>
<td>423.98</td>
<td>(MFO05-SIN)</td>
</tr>
<tr>
<td>差价 - 0.5% VLSFO</td>
<td>0.05</td>
<td>0.05</td>
<td>0.00</td>
<td>(MFO05-SIN-DIF)</td>
</tr>
<tr>
<td>货物 - 180cst</td>
<td>340.33</td>
<td>-4.26</td>
<td>344.58</td>
<td>(FO180-SIN)</td>
</tr>
<tr>
<td>差价 - 180cst</td>
<td>-6.85</td>
<td>-0.10</td>
<td>-6.75</td>
<td>(FO180-SIN-DIF)</td>
</tr>
<tr>
<td>货物 - 380cst</td>
<td>334.01</td>
<td>-3.61</td>
<td>337.62</td>
<td>(FO380-SIN)</td>
</tr>
<tr>
<td>差价 - 380cst</td>
<td>-7.15</td>
<td>0.95</td>
<td>-8.10</td>
<td>(FO380-SIN-DIF)</td>
</tr>
<tr>
<td>燃料（离岸）溢价 - 380cst</td>
<td>1.50</td>
<td>0.00</td>
<td>1.50</td>
<td></td>
</tr>
<tr>
<td>燃料（离岸）溢价 - 0.5% VLSFO</td>
<td>3.50</td>
<td>0.00</td>
<td>3.50</td>
<td></td>
</tr>
</tbody>
</table>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>有关衍生品价格的列表，请参阅 ENSWAP/INFO 或以下 RIC：</td>
<td></td>
</tr>
<tr>
<td>180cst M1</td>
<td>(FO180SGSWMc1)</td>
</tr>
<tr>
<td>180cst M1/M2</td>
<td>(FO180SGSDMc1)</td>
</tr>
<tr>
<td>380cst M1</td>
<td>(FO380SGSWMc1)</td>
</tr>
<tr>
<td>380cst M1/M2</td>
<td>(FO380SGSDMc1)</td>
</tr>
<tr>
<td>0.5% VLSFO M1</td>
<td>(LFO05FSGMc1)</td>
</tr>
<tr>
<td>0.5% VLSFO M1/M2</td>
<td>(LFO05FSGSMc1)</td>
</tr>
<tr>
<td>裂解 180cst-布伦特 M1</td>
<td>(FO180BRTCKMc1)</td>
</tr>
<tr>
<td>裂解 180cst-迪拜 M1</td>
<td>(FO180SGCKMc1)</td>
</tr>
<tr>
<td>裂解 380cst-布伦特 M1</td>
<td>(FO380BRTCKMc1)</td>
</tr>
<tr>
<td>裂解 380cst-迪拜 M1</td>
<td>(FO380DUBCKMc1)</td>
</tr>
<tr>
<td>裂解 0.5% VLSFO-布伦特 M1</td>
<td>(LFO05SGBRTCMc1)</td>
</tr>
<tr>
<td>裂解 0.5% VLSFO-迪拜 M1</td>
<td>(LFO05SGDUBCMc1)</td>
</tr>
<tr>
<td>粘度 180cst/380cst M1</td>
<td>(FOVISSGDFMc1)</td>
</tr>
<tr>
<td>Hi-5 0.5% VLSFO/380cst M1</td>
<td>(FO05-380SGMc1)</td>
</tr>
<tr>
<td>GoFo 10PPM/0.5% VLSFO M1</td>
<td>(GO10FO05FSGMc1)</td>
</tr>
<tr>
<td>东西方 M1</td>
<td>(FOSGEWMc1)</td>
</tr>
<tr>
<td>驳船 M1</td>
<td>(HFOFARAAMc1)</td>
</tr>
<tr>
<td>驳船 M1/M2</td>
<td>(HFOFARAASMc1)</td>
</tr>
<tr>
<td>裂解 驳船 - 布伦特 M1</td>
<td>(HFOFARAACMc1)</td>
</tr>
</tbody>
</table>

瓦莱罗能源

<p>HSFO 市场在近期下跌后趋于稳定，新加坡 380 重质燃料油现货差价收窄至每公吨不足 7 美元的折扣。VLSFO 现货差价保持在平价附近稳定。富查伊拉重油库存上升了 11.9%，达到 1250 万桶。由于俄罗斯与乌克兰的和平谈判，油价小幅下滑。美国原油库存可能下降，而馏分油和汽油库存则有所上升。Motiva 和 Valero 计划对其德克萨斯州炼油厂进行维护和升级。HSFO 和 VLSFO 没有报告交易</p>

<p>Spot trading momentum for fuel oil slowed on Wednesday following several sessions of brisk activity, with the high sulphur fuel oil (HSFO) market finding a floor after its recent declines.</p>
<div class="lb-trans"><p>周三，燃料油现货交易势头减缓，此前经历了几天的活跃交易，高硫燃料油（HSFO）市场在近期下跌后找到了支撑。</p>
</div><p>The Singapore 380-cst HSFO cash differential rebounded to a discount narrower than $7 a metric ton, after hitting a multi-year low in the previous session.</p>
<div class="lb-trans"><p>新加坡 380 重油现货差价反弹至每公吨低于 7 美元的折扣，此前在上一交易日触及多年低点。</p>
</div><p>Meanwhile, cash differential for very low sulphur fuel oil (VLSFO) was pegged near parity, broadly stable from the previous session.</p>
<div class="lb-trans"><p>与此同时，超低硫燃料油（VLSFO）的现货差价接近平价，与上一交易日基本持平。</p>
</div><p>Downstream bunker premiums for VLSFO were at premiums below $10 a ton over cargo quotes as of Wednesday, slightly softer from the previous week, based on data from market sources.</p>
<div class="lb-trans"><p>截至周三，VLSFO 的下游燃料油溢价低于每吨 10 美元，较上周略有下降，数据来自市场来源。</p>
</div><p>Cracks for both HSFO and VLSFO traded lower from the previous day amid supported crude prices. VLSFO's crack (LFO05SGBRTCMc1) dipped below a premium of $4 a barrel, while 380-cst HSFO's crack (FO380BRTCKMc1) closed near a discount of $7.85 a barrel, data compiled by LSEG showed.</p>
<div class="lb-trans"><p>在原油价格支撑下，HSFO 和 VLSFO 的裂解价差均较前一日下跌。VLSFO 的裂解价差（LFO05SGBRTCMc1）跌至每桶低于 4 美元的溢价，而 380 重油的裂解价差（FO380BRTCKMc1）收于每桶近 7.85 美元的折扣，LSEG 汇编的数据表明。</p>
</div><p>INVENTORY DATA</p>
<div class="lb-trans"><p>库存数据</p>
</div><p>- Fujairah heavy fuel inventories (FUJHD04) rose 11.9% to 12.5 million barrels (1.97 million tons) in the week to December 1, showed FOIZ data published by S&amp;P Global Commodity Insights.</p>
<div class="lb-trans"><p>- 富查伊拉重油库存（FUJHD04）在截至 12 月 1 日的一周内上升 11.9%，达到 1250 万桶（197 万吨），根据 S&amp;P Global Commodity Insights 发布的 FOIZ 数据。</p>
</div><p>OTHER NEWS</p>
<div class="lb-trans"><p>其他新闻</p>
</div><p>- Oil prices slipped for a second consecutive session on Wednesday, as traders awaited the outcome of Russia-Ukraine peace talks that could boost supply.</p>
<div class="lb-trans"><p>- 周三，油价连续第二个交易日下跌，交易员们在等待可能增加供应的俄乌和平谈判结果。</p>
</div><p>- U.S. crude oil stockpiles were expected to have fallen last week, while distillate and gasoline inventories likely rose, an extended Reuters poll showed on Tuesday.</p>
<div class="lb-trans"><p>- 据周二的路透社扩展调查显示，美国原油库存预计上周下降，而馏分油和汽油库存可能上升。</p>
</div><p>- Motiva Enterprises plans to perform maintenance on a coker in December of this year and overhaul the large crude distillation unit in September 2026 at its 640,500 barrel-per-day Port Arthur, Texas refinery, said people familiar with plant operations.</p>
<div class="lb-trans"><p>- Motiva Enterprises 计划在今年 12 月对其位于德克萨斯州波特阿瑟的日处理能力为 640,500 桶的炼油厂进行焦化装置的维护，并计划在 2026 年 9 月对大型原油蒸馏装置进行检修，知情人士表示。</p>
</div><p>- Valero Energy plans to perform upgrades to the large crude distillation unit at its 380,000 barrel-per-day Port Arthur, Texas refinery in February, said people familiar with the plant's operations.</p>
<div class="lb-trans"><p>- Valero Energy 计划在 2 月份对其位于德克萨斯州波特阿瑟的日处理能力为 380,000 桶的炼油厂的大型原油蒸馏装置进行升级，知情人士表示。</p>
</div><p>WINDOW TRADES</p>
<div class="lb-trans"><p>窗口交易</p>
</div><p>- 180-cst HSFO: No trade</p>
<div class="lb-trans"><p>- 180 重油：无交易</p>
</div><p>- 380-cst HSFO: No trade</p>
<div class="lb-trans"><p>- 380 重油：无交易</p>
</div><p>- 0.5% VLSFO: No trade</p>
<div class="lb-trans"><p>- 0.5% VLSFO：无交易</p>
</div><p>ASSESSMENTS</p>
<div class="lb-trans"><p>评估</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>FUEL OIL</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>CASH ($/T)</td>
<td>ASIA CLOSE</td>
<td>CHANGE</td>
<td>PREV CLOSE</td>
<td>RIC</td>
</tr>
<tr>
<td>Cargo - 0.5% VLSFO</td>
<td>418.67</td>
<td>-5.32</td>
<td>423.98</td>
<td>(MFO05-SIN)</td>
</tr>
<tr>
<td>Diff - 0.5% VLSFO</td>
<td>0.05</td>
<td>0.05</td>
<td>0.00</td>
<td>(MFO05-SIN-DIF)</td>
</tr>
<tr>
<td>Cargo - 180cst</td>
<td>340.33</td>
<td>-4.26</td>
<td>344.58</td>
<td>(FO180-SIN)</td>
</tr>
<tr>
<td>Diff - 180cst</td>
<td>-6.85</td>
<td>-0.10</td>
<td>-6.75</td>
<td>(FO180-SIN-DIF)</td>
</tr>
<tr>
<td>Cargo - 380cst</td>
<td>334.01</td>
<td>-3.61</td>
<td>337.62</td>
<td>(FO380-SIN)</td>
</tr>
<tr>
<td>Diff - 380cst</td>
<td>-7.15</td>
<td>0.95</td>
<td>-8.10</td>
<td>(FO380-SIN-DIF)</td>
</tr>
<tr>
<td>Bunker (Ex-wharf) Premium - 380cst</td>
<td>1.50</td>
<td>0.00</td>
<td>1.50</td>
<td></td>
</tr>
<tr>
<td>Bunker (Ex-wharf) Premium - 0.5% VLSFO</td>
<td>3.50</td>
<td>0.00</td>
<td>3.50</td>
<td></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>燃料油</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>现货（$/吨）</td>
<td>亚洲收盘</td>
<td>变动</td>
<td>前收盘</td>
<td>RIC</td>
</tr>
<tr>
<td>货物 - 0.5% VLSFO</td>
<td>418.67</td>
<td>-5.32</td>
<td>423.98</td>
<td>(MFO05-SIN)</td>
</tr>
<tr>
<td>差价 - 0.5% VLSFO</td>
<td>0.05</td>
<td>0.05</td>
<td>0.00</td>
<td>(MFO05-SIN-DIF)</td>
</tr>
<tr>
<td>货物 - 180cst</td>
<td>340.33</td>
<td>-4.26</td>
<td>344.58</td>
<td>(FO180-SIN)</td>
</tr>
<tr>
<td>差价 - 180cst</td>
<td>-6.85</td>
<td>-0.10</td>
<td>-6.75</td>
<td>(FO180-SIN-DIF)</td>
</tr>
<tr>
<td>货物 - 380cst</td>
<td>334.01</td>
<td>-3.61</td>
<td>337.62</td>
<td>(FO380-SIN)</td>
</tr>
<tr>
<td>差价 - 380cst</td>
<td>-7.15</td>
<td>0.95</td>
<td>-8.10</td>
<td>(FO380-SIN-DIF)</td>
</tr>
<tr>
<td>燃料（离岸）溢价 - 380cst</td>
<td>1.50</td>
<td>0.00</td>
<td>1.50</td>
<td></td>
</tr>
<tr>
<td>燃料（离岸）溢价 - 0.5% VLSFO</td>
<td>3.50</td>
<td>0.00</td>
<td>3.50</td>
<td></td>
</tr>
</tbody>
</table>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>For a list of derivatives prices, please refer to ENSWAP/INFO or the RICs below:</td>
<td></td>
</tr>
<tr>
<td>180cst M1</td>
<td>(FO180SGSWMc1)</td>
</tr>
<tr>
<td>180cst M1/M2</td>
<td>(FO180SGSDMc1)</td>
</tr>
<tr>
<td>380cst M1</td>
<td>(FO380SGSWMc1)</td>
</tr>
<tr>
<td>380cst M1/M2</td>
<td>(FO380SGSDMc1)</td>
</tr>
<tr>
<td>0.5% VLSFO M1</td>
<td>(LFO05FSGMc1)</td>
</tr>
<tr>
<td>0.5% VLSFO M1/M2</td>
<td>(LFO05FSGSMc1)</td>
</tr>
<tr>
<td>Cracks 180cst-Brent M1</td>
<td>(FO180BRTCKMc1)</td>
</tr>
<tr>
<td>Cracks 180cst-Dubai M1</td>
<td>(FO180SGCKMc1)</td>
</tr>
<tr>
<td>Cracks 380cst-Brent M1</td>
<td>(FO380BRTCKMc1)</td>
</tr>
<tr>
<td>Cracks 380cst-Dubai M1</td>
<td>(FO380DUBCKMc1)</td>
</tr>
<tr>
<td>Cracks 0.5% VLSFO-Brent M1</td>
<td>(LFO05SGBRTCMc1)</td>
</tr>
<tr>
<td>Cracks 0.5% VLSFO-Dubai M1</td>
<td>(LFO05SGDUBCMc1)</td>
</tr>
<tr>
<td>Visco 180cst/380cst M1</td>
<td>(FOVISSGDFMc1)</td>
</tr>
<tr>
<td>Hi-5 0.5% VLSFO/380cst M1</td>
<td>(FO05-380SGMc1)</td>
</tr>
<tr>
<td>GoFo 10PPM/0.5% VLSFO M1</td>
<td>(GO10FO05FSGMc1)</td>
</tr>
<tr>
<td>East-West M1</td>
<td>(FOSGEWMc1)</td>
</tr>
<tr>
<td>Barges M1</td>
<td>(HFOFARAAMc1)</td>
</tr>
<tr>
<td>Barges M1/M2</td>
<td>(HFOFARAASMc1)</td>
</tr>
<tr>
<td>Crack Barges-Brent M1</td>
<td>(HFOFARAACMc1)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>有关衍生品价格的列表，请参阅 ENSWAP/INFO 或以下 RIC：</td>
<td></td>
</tr>
<tr>
<td>180cst M1</td>
<td>(FO180SGSWMc1)</td>
</tr>
<tr>
<td>180cst M1/M2</td>
<td>(FO180SGSDMc1)</td>
</tr>
<tr>
<td>380cst M1</td>
<td>(FO380SGSWMc1)</td>
</tr>
<tr>
<td>380cst M1/M2</td>
<td>(FO380SGSDMc1)</td>
</tr>
<tr>
<td>0.5% VLSFO M1</td>
<td>(LFO05FSGMc1)</td>
</tr>
<tr>
<td>0.5% VLSFO M1/M2</td>
<td>(LFO05FSGSMc1)</td>
</tr>
<tr>
<td>裂解 180cst-布伦特 M1</td>
<td>(FO180BRTCKMc1)</td>
</tr>
<tr>
<td>裂解 180cst-迪拜 M1</td>
<td>(FO180SGCKMc1)</td>
</tr>
<tr>
<td>裂解 380cst-布伦特 M1</td>
<td>(FO380BRTCKMc1)</td>
</tr>
<tr>
<td>裂解 380cst-迪拜 M1</td>
<td>(FO380DUBCKMc1)</td>
</tr>
<tr>
<td>裂解 0.5% VLSFO-布伦特 M1</td>
<td>(LFO05SGBRTCMc1)</td>
</tr>
<tr>
<td>裂解 0.5% VLSFO-迪拜 M1</td>
<td>(LFO05SGDUBCMc1)</td>
</tr>
<tr>
<td>粘度 180cst/380cst M1</td>
<td>(FOVISSGDFMc1)</td>
</tr>
<tr>
<td>Hi-5 0.5% VLSFO/380cst M1</td>
<td>(FO05-380SGMc1)</td>
</tr>
<tr>
<td>GoFo 10PPM/0.5% VLSFO M1</td>
<td>(GO10FO05FSGMc1)</td>
</tr>
<tr>
<td>东西方 M1</td>
<td>(FOSGEWMc1)</td>
</tr>
<tr>
<td>驳船 M1</td>
<td>(HFOFARAAMc1)</td>
</tr>
<tr>
<td>驳船 M1/M2</td>
<td>(HFOFARAASMc1)</td>
</tr>
<tr>
<td>裂解 驳船 - 布伦特 M1</td>
<td>(HFOFARAACMc1)</td>
</tr>
</tbody>
</table>
</div>

HSFO 市场在近期的下跌之后找到了支撑点