燃料油：日盘跌势延续，短期偏弱震荡，低硫燃料油：夜盘大幅下跌，外盘现货高低硫价差走强

Report Summary 1. Report Industry Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The day - session decline of fuel oil continues, with short - term weak and volatile trends. Low - sulfur fuel oil dropped significantly during the night session, and the price spread between high - and low - sulfur in the overseas spot market strengthened [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices and Changes: - For FU2507, the closing price was 2,972 yuan/ton, a daily decline of 2.14%, and the night - session increase was 0.34%. For FU2508, the closing price was 2,982 yuan/ton, a daily decline of 0.53%, and the night - session decline was 3.22%. - For LU2507, the closing price was 3,512 yuan/ton, a daily decline of 0.51%, and the night - session decline was 0.20%. For LU2508, the closing price was 3,505 yuan/ton, a daily decline of 0.14%, and the night - session decline was 1.88% [1]. - Trading Volume and Open Interest Changes: - The trading volume of FU2507 was 541,397, a decrease of 166,483, and the open interest was 123,841, a decrease of 14,474. - The trading volume of FU2508 was 40,399, a decrease of 46,726, and the open interest was 31,619, a decrease of 6,774. - The trading volume of LU2507 was 61,702, a decrease of 17,667, and the open interest was 47,297, a decrease of 5,610. - The trading volume of LU2508 was 46,356, an increase of 822, and the open interest was 64,572, a decrease of 3,179 [1]. - Warehouse Receipts: The total market warehouse receipts for fuel oil were 28,950, with no change. There were no warehouse receipts for low - sulfur fuel oil and no changes [1]. - Spot Prices and Changes: - Singapore MOPS: The price of high - sulfur (3.5%S) was 420.5 US dollars/ton, a daily decline of 1.89%; the price of low - sulfur (0.5%S) was 488.9 US dollars/ton, a daily decline of 0.84%. - Singapore Bunker: The price of high - sulfur was 427.0 US dollars/ton, a daily decline of 1.16%; the price of low - sulfur was 500.0 US dollars/ton, a daily decline of 0.99%. Similar price declines were seen in other regions such as Fujeirah, Zhoushan, Shanghai, Tokyo, and South Korea [1]. - Price Spreads: - The spread of FU07 - 08 was - 10 yuan/ton, and the spread of LU07 - 08 was 7 yuan/ton. The spread of LU07 - FU07 was 540 yuan/ton, a decrease of 17 yuan compared to the settlement spread. - The spread between FU2507 and Singapore MOPS (3.5%S) was - 53.1 yuan/ton, a decrease of 6.9 yuan compared to the previous day. The spread between LU2507 and Singapore MOPS (0.5%S) was - 5.9 yuan/ton, an increase of 11.6 yuan compared to the previous day. The spread between Singapore MOPS (0.5%S - 3.5%S) was 68.5 US dollars/ton, an increase of 4.0 US dollars/ton compared to the previous day [1]. 3.2 Trend Intensity - The trend intensity of fuel oil was 0, and the trend intensity of low - sulfur fuel oil was also 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [1].