燃料油：窄幅震荡，弱势仍在，低硫燃料油，夜盘高开，外盘现货高低硫价差

Report Summary 1) Report Industry Investment Rating - Not mentioned in the report. 2) Core View of the Report - Fuel oil is in a narrow - range shock with a continued weak trend, while low - sulfur fuel oil opened higher at night, and the price spread between high - and low - sulfur in the overseas spot market continued to decline [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Price and Change: - FU2510 closed at 2,832 yuan/ton, down 0.42% from the previous day, and its settlement price was 2,820 yuan/ton, down 0.18% [1]. - FU2511 closed at 2,837 yuan/ton, down 0.18%, and its settlement price was 2,822 yuan/ton, up 0.18% [1]. - LU2510 closed at 3,456 yuan/ton, down 1.20%, and its settlement price was 3,458 yuan/ton, down 0.72% [1]. - LU2511 closed at 3,474 yuan/ton, down 0.72%, and its settlement price was 3,471 yuan/ton, down 0.57% [1]. - Trading Volume and Open Interest: - The trading volume of FU2510 was 225,716, a decrease of 2,649, and the open interest was 57,599, a decrease of 10,713 [1]. - The trading volume of FU2511 was 68,717, an increase of 2,616, and the open interest was 38,165, an increase of 423 [1]. - The trading volume of LU2510 was 4,853, a decrease of 2,128, and the open interest was 12,351, a decrease of 464 [1]. - The trading volume of LU2511 was 98,818, an increase of 11,304, and the open interest was 70,209, an increase of 2,022 [1]. - Warehouse Receipts: - The warehouse receipts of the whole fuel - oil market (FU) were 119,580, with no change, and the warehouse receipts of low - sulfur fuel oil (LU) were 35,110, with no change [1]. - Spot Prices: - Singapore MOPS: High - sulfur (3.5%S) was 398.6 US dollars/ton, down 0.56%; low - sulfur (0.5%S) was 485.5 US dollars/ton, down 0.54% [1]. - Singapore Bunker: High - sulfur was 411.0 US dollars/ton, down 0.48%; low - sulfur was 499.0 US dollars/ton, down 0.40% [1]. - High - Chayla Bunker: High - sulfur was 394.0 US dollars/ton, unchanged; low - sulfur was 502.0 US dollars/ton, down 0.59% [1]. - Zhoushan Bunker: High - sulfur was 425.0 US dollars/ton, down 0.93%; low - sulfur was 518.0 US dollars/ton, down 0.77% [1]. - Shanghai Bunker: High - sulfur was 425.0 US dollars/ton, down 0.93%; low - sulfur was 518.0 US dollars/ton, down 0.77% [1]. - Tokyo Bunker: High - sulfur was 452.0 US dollars/ton, down 0.88%; low - sulfur was 522.0 US dollars/ton, down 0.57% [1]. - South Korea Bunker: High - sulfur was 441.0 US dollars/ton, up 0.23%; low - sulfur was 556.3 US dollars/ton, up 3.39% [1]. - Price Spreads: - FU10 - 11 settlement spread was - 2 yuan/ton [1]. - LU10 - 11 settlement spread was - 13 yuan/ton [1]. - LU10 - FU10 settlement spread was 638 yuan/ton, with a difference of 14 yuan [1]. - FU2510 - Singapore MOPS (3.5%S) spread was - 11.4 yuan/ton, an increase of 3.9 yuan/ton from the previous day [1]. - LU2510 - Singapore MOPS (0.5%S) spread was - 7.0 yuan/ton, a decrease of 23.1 yuan/ton from the previous day [1]. - Singapore MOPS (0.5%S - 3.5%S) spread was 86.9 US dollars/ton, a decrease of 0.4 US dollars/ton from the previous day [1]. Trend Intensity - The trend intensity of fuel oil is 0, and that of low - sulfur fuel oil is also 0, indicating a neutral trend [1].