Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report focuses on the fuel oil and low - sulfur fuel oil markets. The appearance of new warehouse receipts in fuel oil has led to a bearish turn in the futures market. Low - sulfur fuel oil has reversed and declined, while the spread between high - and low - sulfur in the overseas spot market has temporarily stabilized. The trend strength for both fuel oil and low - sulfur fuel oil is - 1, indicating a bearish outlook [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices and Changes: - For fuel oil futures contracts, FU2510 closed at 2,880 yuan/ton with a daily decline of 0.93%, and its settlement price increased by 0.42%. FU2511 closed at 2,863 yuan/ton with a 0.42% increase, and its settlement price rose by 0.81%. - For low - sulfur fuel oil futures contracts, LU2510 closed at 3,524 yuan/ton with a 0.06% decline, and its settlement price increased by 0.60%. LU2511 closed at 3,529 yuan/ton with a 0.60% increase, and its settlement price rose by 0.45% [1]. - Trading Volume and Open Interest: - Trading volumes of all listed contracts (FU2510, FU2511, LU2510, LU2511) decreased compared to the previous day, with significant drops in some contracts. Open interests also decreased across the board [1]. - Warehouse Receipts: - The total fuel oil warehouse receipts in the market were 100,310, an increase of 26,600. The low - sulfur fuel oil warehouse receipts were 11,110, with no change [1]. - Spot Prices: - High - sulfur (3.5%S) spot prices in most regions showed slight declines, while low - sulfur (0.5%S) spot prices in some regions increased slightly. For example, the Singapore MOPS high - sulfur price dropped by 0.41%, and the low - sulfur price increased by 0.04% [1]. - Price Spreads: - For contract spreads, the FU10 - 11 spread was 17 yuan/ton, and the LU10 - 11 spread was - 5 yuan/ton. The LU10 - FU10 spread was 644 yuan/ton. - For other spreads, such as the difference between futures and spot prices, the FU2510 - Singapore MOPS (3.5%S) spread decreased by 15.2 yuan/ton, and the LU2510 - Singapore MOPS (0.5%S) spread decreased by 3.4 yuan/ton. The Singapore MOPS (0.5%S - 3.5%S) spread increased by 1.9 dollars/ton [1]. 3.2 Trend Intensity - The trend intensity for fuel oil and low - sulfur fuel oil is - 1, indicating a bearish view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish), with - 1 representing a relatively bearish sentiment [1].
燃料油:新仓单出现,盘面开始翻空,低硫燃料油,反转下跌,外盘现货高低硫价差
Guo Tai Jun An Qi Huo·2025-08-27 03:05