<p>週三，燃料油現貨交易勢頭減緩，此前經歷了幾天的活躍交易，高硫燃料油（HSFO）市場在近期下跌後找到了支撐。</p>
<p>新加坡 380 重油現貨差價反彈至每公噸低於 7 美元的折扣，此前在上一交易日觸及多年低點。</p>
<p>與此同時，超低硫燃料油（VLSFO）的現貨差價接近平價，與上一交易日基本持平。</p>
<p>截至週三，VLSFO 的下游燃料油溢價低於每噸 10 美元，較上週略有下降，數據來自市場來源。</p>
<p>在原油價格支撐下，HSFO 和 VLSFO 的裂解價差均較前一日下跌。VLSFO 的裂解價差（LFO05SGBRTCMc1）跌至每桶低於 4 美元的溢價，而 380 重油的裂解價差（FO380BRTCKMc1）收於每桶近 7.85 美元的折扣，LSEG 彙編的數據表明。</p>
<p>庫存數據</p>
<p>- 富查伊拉重油庫存（FUJHD04）在截至 12 月 1 日的一週內上升 11.9%，達到 1250 萬桶（197 萬噸），根據 S&amp;P Global Commodity Insights 發佈的 FOIZ 數據。</p>
<p>其他新聞</p>
<p>- 週三，油價連續第二個交易日下跌，交易員們在等待可能增加供應的俄烏和平談判結果。</p>
<p>- 據週二的路透社擴展調查顯示，美國原油庫存預計上週下降，而餾分油和汽油庫存可能上升。</p>
<p>- Motiva Enterprises 計劃在今年 12 月對其位於德克薩斯州波特阿瑟的日處理能力為 640,500 桶的煉油廠進行焦化裝置的維護，並計劃在 2026 年 9 月對大型原油蒸餾裝置進行檢修，知情人士表示。</p>
<p>- Valero Energy 計劃在 2 月份對其位於德克薩斯州波特阿瑟的日處理能力為 380,000 桶的煉油廠的大型原油蒸餾裝置進行升級，知情人士表示。</p>
<p>窗口交易</p>
<p>- 180 重油：無交易</p>
<p>- 380 重油：無交易</p>
<p>- 0.5% VLSFO：無交易</p>
<p>評估</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>現貨（$/噸）</td>
<td>亞洲收盤</td>
<td>變動</td>
<td>前收盤</td>
<td>RIC</td>
</tr>
<tr>
<td>貨物 - 0.5% VLSFO</td>
<td>418.67</td>
<td>-5.32</td>
<td>423.98</td>
<td>(MFO05-SIN)</td>
</tr>
<tr>
<td>差價 - 0.5% VLSFO</td>
<td>0.05</td>
<td>0.05</td>
<td>0.00</td>
<td>(MFO05-SIN-DIF)</td>
</tr>
<tr>
<td>貨物 - 180cst</td>
<td>340.33</td>
<td>-4.26</td>
<td>344.58</td>
<td>(FO180-SIN)</td>
</tr>
<tr>
<td>差價 - 180cst</td>
<td>-6.85</td>
<td>-0.10</td>
<td>-6.75</td>
<td>(FO180-SIN-DIF)</td>
</tr>
<tr>
<td>貨物 - 380cst</td>
<td>334.01</td>
<td>-3.61</td>
<td>337.62</td>
<td>(FO380-SIN)</td>
</tr>
<tr>
<td>差價 - 380cst</td>
<td>-7.15</td>
<td>0.95</td>
<td>-8.10</td>
<td>(FO380-SIN-DIF)</td>
</tr>
<tr>
<td>燃料（離岸）溢價 - 380cst</td>
<td>1.50</td>
<td>0.00</td>
<td>1.50</td>
<td></td>
</tr>
<tr>
<td>燃料（離岸）溢價 - 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>有關衍生品價格的列表，請參閲 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-布倫特 M1</td>
<td>(FO180BRTCKMc1)</td>
</tr>
<tr>
<td>裂解 180cst-迪拜 M1</td>
<td>(FO180SGCKMc1)</td>
</tr>
<tr>
<td>裂解 380cst-布倫特 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-布倫特 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>東西方 M1</td>
<td>(FOSGEWMc1)</td>
</tr>
<tr>
<td>駁船 M1</td>
<td>(HFOFARAAMc1)</td>
</tr>
<tr>
<td>駁船 M1/M2</td>
<td>(HFOFARAASMc1)</td>
</tr>
<tr>
<td>裂解 駁船 - 布倫特 M1</td>
<td>(HFOFARAACMc1)</td>
</tr>
</tbody>
</table>

瓦萊羅能源

<p>HSFO 市場在近期下跌後趨於穩定，新加坡 380 重質燃料油現貨差價收窄至每公噸不足 7 美元的折扣。VLSFO 現貨差價保持在平價附近穩定。富查伊拉重油庫存上升了 11.9%，達到 1250 萬桶。由於俄羅斯與烏克蘭的和平談判，油價小幅下滑。美國原油庫存可能下降，而餾分油和汽油庫存則有所上升。Motiva 和 Valero 計劃對其德克薩斯州煉油廠進行維護和升級。HSFO 和 VLSFO 沒有報告交易</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>週三，燃料油現貨交易勢頭減緩，此前經歷了幾天的活躍交易，高硫燃料油（HSFO）市場在近期下跌後找到了支撐。</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 重油現貨差價反彈至每公噸低於 7 美元的折扣，此前在上一交易日觸及多年低點。</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>與此同時，超低硫燃料油（VLSFO）的現貨差價接近平價，與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>截至週三，VLSFO 的下游燃料油溢價低於每噸 10 美元，較上週略有下降，數據來自市場來源。</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>在原油價格支撐下，HSFO 和 VLSFO 的裂解價差均較前一日下跌。VLSFO 的裂解價差（LFO05SGBRTCMc1）跌至每桶低於 4 美元的溢價，而 380 重油的裂解價差（FO380BRTCKMc1）收於每桶近 7.85 美元的折扣，LSEG 彙編的數據表明。</p>
</div><p>INVENTORY DATA</p>
<div class="lb-trans"><p>庫存數據</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>- 富查伊拉重油庫存（FUJHD04）在截至 12 月 1 日的一週內上升 11.9%，達到 1250 萬桶（197 萬噸），根據 S&amp;P Global Commodity Insights 發佈的 FOIZ 數據。</p>
</div><p>OTHER NEWS</p>
<div class="lb-trans"><p>其他新聞</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>- 週三，油價連續第二個交易日下跌，交易員們在等待可能增加供應的俄烏和平談判結果。</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>- 據週二的路透社擴展調查顯示，美國原油庫存預計上週下降，而餾分油和汽油庫存可能上升。</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 計劃在今年 12 月對其位於德克薩斯州波特阿瑟的日處理能力為 640,500 桶的煉油廠進行焦化裝置的維護，並計劃在 2026 年 9 月對大型原油蒸餾裝置進行檢修，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 計劃在 2 月份對其位於德克薩斯州波特阿瑟的日處理能力為 380,000 桶的煉油廠的大型原油蒸餾裝置進行升級，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：無交易</p>
</div><p>- 380-cst HSFO: No trade</p>
<div class="lb-trans"><p>- 380 重油：無交易</p>
</div><p>- 0.5% VLSFO: No trade</p>
<div class="lb-trans"><p>- 0.5% VLSFO：無交易</p>
</div><p>ASSESSMENTS</p>
<div class="lb-trans"><p>評估</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>現貨（$/噸）</td>
<td>亞洲收盤</td>
<td>變動</td>
<td>前收盤</td>
<td>RIC</td>
</tr>
<tr>
<td>貨物 - 0.5% VLSFO</td>
<td>418.67</td>
<td>-5.32</td>
<td>423.98</td>
<td>(MFO05-SIN)</td>
</tr>
<tr>
<td>差價 - 0.5% VLSFO</td>
<td>0.05</td>
<td>0.05</td>
<td>0.00</td>
<td>(MFO05-SIN-DIF)</td>
</tr>
<tr>
<td>貨物 - 180cst</td>
<td>340.33</td>
<td>-4.26</td>
<td>344.58</td>
<td>(FO180-SIN)</td>
</tr>
<tr>
<td>差價 - 180cst</td>
<td>-6.85</td>
<td>-0.10</td>
<td>-6.75</td>
<td>(FO180-SIN-DIF)</td>
</tr>
<tr>
<td>貨物 - 380cst</td>
<td>334.01</td>
<td>-3.61</td>
<td>337.62</td>
<td>(FO380-SIN)</td>
</tr>
<tr>
<td>差價 - 380cst</td>
<td>-7.15</td>
<td>0.95</td>
<td>-8.10</td>
<td>(FO380-SIN-DIF)</td>
</tr>
<tr>
<td>燃料（離岸）溢價 - 380cst</td>
<td>1.50</td>
<td>0.00</td>
<td>1.50</td>
<td></td>
</tr>
<tr>
<td>燃料（離岸）溢價 - 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>有關衍生品價格的列表，請參閲 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-布倫特 M1</td>
<td>(FO180BRTCKMc1)</td>
</tr>
<tr>
<td>裂解 180cst-迪拜 M1</td>
<td>(FO180SGCKMc1)</td>
</tr>
<tr>
<td>裂解 380cst-布倫特 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-布倫特 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>東西方 M1</td>
<td>(FOSGEWMc1)</td>
</tr>
<tr>
<td>駁船 M1</td>
<td>(HFOFARAAMc1)</td>
</tr>
<tr>
<td>駁船 M1/M2</td>
<td>(HFOFARAASMc1)</td>
</tr>
<tr>
<td>裂解 駁船 - 布倫特 M1</td>
<td>(HFOFARAACMc1)</td>
</tr>
</tbody>
</table>
</div>

HSFO 市場在近期的下跌之後找到了支撐點