国泰君安期货：燃料油：宽幅震荡，价格短期仍然弱势，低硫燃料油：夜盘回弹，外盘现货高低硫价差

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - Fuel oil is expected to experience wide - range fluctuations, and its price remains weak in the short term. Low - sulfur fuel oil rebounded during the night session, and the price spread between high - and low - sulfur in the overseas spot market has temporarily stabilized [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Data - Price and Price Changes: For fuel oil futures contracts (FU2510, FU2511), the closing prices were 2,821 yuan/ton and 2,815 yuan/ton respectively, with daily declines of 2.05% and 2.11%. The settlement prices were 2,829 yuan/ton and 2,817 yuan/ton, with declines of 2.11% and 1.88%. For low - sulfur fuel oil futures contracts (LU2510, LU2511), the closing prices were 3,485 yuan/ton, with daily declines of 1.11% and 1.27%. The settlement prices were 3,487 yuan/ton and 3,489 yuan/ton, with declines of 1.27% and 1.36% [1] - Trading Volume and Open Interest: The trading volume of FU2510 was 361,054 lots, a decrease of 14,742 lots, and the open interest was 82,271 lots, a decrease of 15,112 lots. The trading volume of FU2511 was 124,405 lots, a decrease of 14,578 lots, and the open interest was 50,170 lots, a decrease of 24,103 lots. The trading volume of LU2510 was 16,233 lots, an increase of 1,410 lots, and the open interest was 17,012 lots, a decrease of 3,876 lots. The trading volume of LU2511 was 97,234 lots, an increase of 21,163 lots, and the open interest was 70,718 lots, a decrease of 6,857 lots [1] - Warehouse Receipts: The total market warehouse receipts of fuel oil (FU) were 119,580, an increase of 19,270. The warehouse receipts of low - sulfur fuel oil (LU) were 35,110, an increase of 24,000 [1] 3.1.2 Spot Price Data - High - Sulfur Fuel Oil: In Singapore MOPS, the price was 396.5 US dollars/ton, a daily decline of 0.41%. In Singapore Bunker, it was 410.0 US dollars/ton, unchanged. In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, there were different degrees of price changes, with declines ranging from 0.25% to 0.70% [1] - Low - Sulfur Fuel Oil: In Singapore MOPS, the price was 489.5 US dollars/ton, a daily increase of 0.04%. In Singapore Bunker, it was 502.0 US dollars/ton, unchanged. In other regions, there were also different price changes, with increases in some regions such as Fujeirah Bunker (0.60%) and South Korea Bunker (1.17%) [1] 3.1.3 Spread Data - Contract Spread: The spread between FU10 - 11 was 6 yuan/ton, and the settlement spread was 12 yuan/ton. The spread between LU10 - 11 was 0 yuan/ton, and the settlement spread was - 2 yuan/ton. The spread between LU10 - FU10 was 664 yuan/ton, and the settlement spread was 670 yuan/ton [1] - Other Spreads: The spread between FU2510 and Singapore MOPS (3.5%S) was - 19.0 yuan/ton, a change of - 47.2 yuan/ton compared to the previous day. The spread between LU2510 and Singapore MOPS (0.5%S) was - 21.1 yuan/ton, a change of - 40.4 yuan/ton compared to the previous day. The spread between Singapore MOPS (0.5%S - 3.5%S) was 93.0 US dollars/ton, an increase of 1.9 US 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, and 0 represents a neutral view [1]