燃料油：夜盘转弱，短期转入震荡，低硫燃料油：盘整走势延续，外盘现货高低硫

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Fuel oil turned weaker during the night session and is expected to enter a short - term consolidation phase. Low - sulfur fuel oil continues its consolidation trend, and the price spread between high - and low - sulfur fuels in the overseas spot market is temporarily stable [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices and Changes: - For fuel oil futures, FU2509 closed at 2,933 yuan/ton, down 0.78%, with a settlement price of 2,953 yuan/ton, up 0.31%. FU2510 closed at 2,949 yuan/ton, up 0.31%, with a settlement price of 2,969 yuan/ton, up 0.64%. - For low - sulfur fuel oil futures, LU2509 closed at 3,655 yuan/ton, down 1.00%, with a settlement price of 3,672 yuan/ton, down 0.08%. LU2510 closed at 3,676 yuan/ton, down 0.08%, with a settlement price of 3,697 yuan/ton, up 0.19% [1]. - Trading Volume and Open Interest: - The trading volume of FU2509 was 403,993 lots, a decrease of 79,435 lots, and the open interest was 148,798 lots, a decrease of 18,854 lots. - The trading volume of FU2510 was 185,899 lots, an increase of 15,400 lots, and the open interest was 83,718 lots, a decrease of 12,634 lots. - For LU2509, the trading volume was 12,574 lots, an increase of 2,637 lots, and the open interest was 14,320 lots, a decrease of 2,701 lots. - The trading volume of LU2510 was 116,200 lots, a decrease of 220 lots, and the open interest was 60,855 lots, a decrease of 5,550 lots [1]. - Warehouse Receipts: - The total market warehouse receipts for fuel oil (FU) were 110,980, with no change, and for low - sulfur fuel oil (LU) were 40,050, with no change [1]. - Spot Prices: - In Singapore, the MOPS price of 3.5%S fuel was 411.4 dollars/ton, down 0.26%, and the 0.5%S low - sulfur fuel was 511.8 dollars/ton, down 0.53%. - The Singapore Bunker price of 3.5%S fuel was 426.0 dollars/ton, unchanged, and the 0.5%S low - sulfur fuel was 526.0 dollars/ton, down 0.19%. - Similar price changes were observed in other regions such as Fujeirah, Zhoushan, Shanghai, Tokyo, and South Korea [1]. - Price Spreads: - The spread between FU09 - 10 was - 16 yuan/ton, unchanged from the settlement spread. The spread between LU09 - 10 was - 21 yuan/ton, with a difference of - 4 yuan/ton compared to the settlement spread. The spread between LU09 - FU09 was 722 yuan/ton, down 3 yuan/ton compared to the settlement spread. - Other spreads such as FU2509 - Singapore MOPS (3.5%S) decreased by 15.3 yuan/ton, LU2509 - Singapore MOPS (0.5%S) decreased by 17.4 yuan/ton, and the spread between Singapore MOPS (0.5%S - 3.5%S) decreased by 1.6 dollars/ton [1]. 3.2 Trend Intensity - The trend intensity of fuel oil is 0, and that of low - sulfur fuel oil is also 0. The trend intensity ranges from - 2 to 2, where - 2 indicates the most bearish outlook and 2 indicates the most bullish outlook [1].