燃料油：夜盘大幅走弱，价格重心继续下探，低硫燃料油：跟随原油下跌，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 View of the Report The fuel oil market showed a downward trend overnight, with the price center continuing to decline. Low - sulfur fuel oil followed the decline of crude oil, and the spread between high - and low - sulfur in the overseas spot market fluctuated narrowly [1]. 3) Summary According to Relevant Catalogs Fundamental Tracking - Futures Data: - Price and Change: FU2510 closed at 2,838 yuan/ton with a daily increase of 0.39%, and the settlement price increased by 0.18%. FU2511 closed at 2,833 yuan/ton with a daily increase of 0.18%, and the settlement price increased by 0.07%. LU2510 closed at 3,350 yuan/ton with a daily decrease of 0.18%, and the settlement price decreased by 0.74%. LU2511 closed at 3,374 yuan/ton with a daily decrease of 0.74%, and the settlement price decreased by 0.65% [1]. - Trading Volume and Position: The trading volume of FU2510 was 16,974 lots, a decrease of 14,191 lots, and the position was 14,839 lots, a decrease of 2,332 lots. The trading volume of FU2511 was 17,303 lots, a decrease of 14,300 lots, and the position was 26,995 lots, an increase of 11 lots. The trading volume of LU2510 was 654 lots, a decrease of 1,587 lots, and the position was 5,247 lots, a decrease of 353 lots. The trading volume of LU2511 was 82,588 lots, a decrease of 21,245 lots, and the position was 75,318 lots, an increase of 1,493 lots [1]. - Warehouse Receipts: The total warehouse receipts of fuel oil in the whole market were 101,500 lots with no change, and the warehouse receipts of low - sulfur fuel oil were 10,020 lots with no change [1]. - Spot Price: - 3.5%S: Singapore MOPS was 393.1 dollars/ton, a decrease of 0.81%; Singapore Bunker was 404.0 dollars/ton, a decrease of 0.98%; Fujeirah Bunker was 382.0 dollars/ton, a decrease of 1.04%; Zhoushan Bunker was 421.0 dollars/ton, a decrease of 0.71%; Shanghai Bunker was 421.0 dollars/ton, a decrease of 0.94%; Tokyo Bunker was 443.0 dollars/ton, a decrease of 0.89%; South Korea Bunker was 436.0 dollars/ton, a decrease of 1.36% [1]. - 0.5%S: Singapore MOPS was 463.0 dollars/ton, a decrease of 0.64%; Singapore Bunker was 475.0 dollars/ton, a decrease of 0.63%; Fujeirah Bunker was 477.0 dollars/ton, a decrease of 0.62%; Zhoushan Bunker was 495.0 dollars/ton, a decrease of 0.40%; Shanghai Bunker was 495.0 dollars/ton, a decrease of 0.40%; Tokyo Bunker was 506.0 dollars/ton, a decrease of 0.59%; South Korea Bunker was 533.0 dollars/ton, a decrease of 0.56% [1]. - Spread: - Futures Spread: The spread of FU10 - 11 was 5 yuan/ton, and the settlement spread was 9 yuan/ton, with a difference of 4 yuan/ton. The spread of LU10 - 11 was - 24 yuan/ton, and the settlement spread was - 27 yuan/ton, with a difference of - 3 yuan/ton. The spread of LU10 - FU10 was 512 yuan/ton, and the settlement spread was 510 yuan/ton, with a difference of - 2 yuan/ton [1]. - Other Spreads: The spread of FU2510 - Singapore MOPS (3.5%S) was 37.8 yuan/ton, with a change of 33.9 yuan/ton compared with the previous day. The spread of LU2510 - Singapore MOPS (0.5%S) was 51.5 yuan/ton, with a change of 15.1 yuan/ton compared with the previous day. The spread of Singapore MOPS (0.5%S - 3.5%S) was 70.0 dollars/ton, with a change of 0.3 dollars/ton compared with the previous day [1]. Trend Intensity The trend intensity of fuel oil and low - sulfur fuel oil is both 0, indicating a neutral trend. The trend intensity ranges from - 2 to 2, where - 2 represents the most bearish and 2 represents the most bullish [1].