燃料油：日盘跟随原油回弹，短期波动将持续放大

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View - The fuel oil market rebounded during the daytime session following the crude oil, and short - term fluctuations will continue. Low - sulfur fuel oil had a significant rebound, and the spread between high - and low - sulfur in the overseas spot market temporarily narrowed [1]. 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - Futures Prices: FU2507 closed at 2,913 yuan/ton with a 0.34% daily increase, and its settlement price decreased by 0.10% to 2,935 yuan/ton. FU2508 closed at 2,876 yuan/ton with a 0.10% daily decrease, and its settlement price increased by 0.84% to 2,894 yuan/ton. LU2507 closed at 3,509 yuan/ton with a 2.36% daily increase, and its settlement price increased by 1.79% to 3,520 yuan/ton. LU2508 closed at 3,466 yuan/ton with a 1.79% daily increase, and its settlement price increased by 2.32% to 3,479 yuan/ton [1]. - Trading Volume and Open Interest: The trading volume of FU2507 was 368,632 lots, a decrease of 332,289 lots, and the open interest was 110,684 lots, a decrease of 2,358 lots. The trading volume of FU2508 was 30,552 lots, a decrease of 11,095 lots, and the open interest was 16,917 lots, a decrease of 326 lots. The trading volume of LU2507 was 30,081 lots, a decrease of 35,907 lots, and the open interest was 16,522 lots, a decrease of 5,265 lots. The trading volume of LU2508 was 80,293 lots, a decrease of 24,065 lots, and the open interest was 63,811 lots, an increase of 6,791 lots [1]. - Warehouse Receipts: The total market warehouse receipts of fuel oil (FU) were 28,950 lots with no change, and the warehouse receipts of low - sulfur fuel oil (LU) were 25,000 lots, a decrease of 2,000 lots [1]. - Spot Prices: In Singapore, the MOPS price of high - sulfur (3.5%S) was 423.2 dollars/ton with a 1.96% daily increase, and the low - sulfur (0.5%S) was 486.3 dollars/ton with a 0.43% daily increase. The Bunker price of high - sulfur in Singapore was 425.0 dollars/ton with a 0.71% daily increase, and the low - sulfur was 500.0 dollars/ton with a 0.40% daily increase. Similar price changes were observed in other regions [1]. - Spreads: The FU07 - 08 spread was 37 yuan/ton, and the settlement spread was 41 yuan/ton, with a difference of 4 yuan/ton. The LU07 - 08 spread was 43 yuan/ton, and the settlement spread was 41 yuan/ton, with a difference of - 2 yuan/ton. The LU07 - FU07 spread was 596 yuan/ton. The spread between FU2507 and Singapore MOPS (3.5%S) was - 129.9 yuan/ton, a decrease of 48.6 yuan/ton compared to the previous day. The spread between LU2507 and Singapore MOPS (0.5%S) was 13.1 yuan/ton, an increase of 65.9 yuan/ton compared to the previous day. The spread between Singapore MOPS (0.5%S - 3.5%S) was 63.0 dollars/ton, a decrease of 6.1 dollars/ton compared to the previous day [1]. 3.2 Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low - sulfur fuel oil is also 0. The trend intensity ranges from - 2 to 2, where - 2 indicates the most bearish and 2 indicates the most bullish [1].