燃料油：短线反弹，波动持续放大，低硫燃料油：小幅回涨，外盘现货高低硫价差

Report Overview - Title: "Fuel Oil: Short-term Rebound with Increasing Volatility; Low-sulfur Fuel Oil: Slight Recovery with Narrowing Spread between High and Low-sulfur Spot Prices in the Overseas Market" [1] - Date: September 15, 2025 [1] - Analyst: Liang Kefang [1] Core Viewpoints - Fuel oil is experiencing a short-term rebound with continuously increasing volatility, while low-sulfur fuel oil has seen a slight recovery, and the spread between high and low-sulfur spot prices in the overseas market continues to narrow [1] Industry Investment Rating - No industry investment rating is provided in the report Summary by Relevant Catalogs Fundamental Tracking - Futures Prices and Changes: - FU2510 closed at 2,762 yuan/ton, down 2.68% from the previous day, and its settlement price was 2,776 yuan/ton, down 2.01% [1] - FU2511 closed at 2,748 yuan/ton, down 2.01%, and its settlement price was 2,768 yuan/ton, down 1.98% [1] - LU2510 closed at 3,241 yuan/ton, down 3.25%, and its settlement price was 3,261 yuan/ton, down 2.45% [1] - LU2511 closed at 3,267 yuan/ton, down 2.45%, and its settlement price was 3,288 yuan/ton, down 2.43% [1] - Trading Volume and Open Interest: - The trading volume of FU2510 was 13,968 lots, a decrease of 3,006 lots, and the open interest was 13,868 lots, a decrease of 971 lots [1] - The trading volume of FU2511 was 18,576 lots, an increase of 1,273 lots, and the open interest was 24,861 lots, a decrease of 2,134 lots [1] - The trading volume of LU2510 was 675 lots, an increase of 21 lots, and the open interest was 5,106 lots, a decrease of 141 lots [1] - The trading volume of LU2511 was 125,733 lots, an increase of 43,145 lots, and the open interest was 78,084 lots, an increase of 2,766 lots [1] - Warehouse Receipts: The warehouse receipts of the entire fuel oil 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 Prices and Changes: - Singapore MOPS: The price of high-sulfur fuel oil (3.5%S) was 384.6 US dollars/ton, down 2.16% from the previous day, and the price of low-sulfur fuel oil (0.5%S) was 453.2 US dollars/ton, down 2.12% [1] - Singapore Bunker: The price of high-sulfur fuel oil was 399.0 US dollars/ton, down 1.24%, and the price of low-sulfur fuel oil was 467.0 US dollars/ton, down 1.68% [1] - High Chayla Bunker: The price of high-sulfur fuel oil was 374.0 US dollars/ton, down 2.09%, and the price of low-sulfur fuel oil was 467.0 US dollars/ton, down 2.10% [1] - Other regions also showed varying degrees of price declines [1] - Price Spreads: - The spread between FU10 and FU11 was 14 yuan/ton, and the settlement spread was 8 yuan/ton, with a difference of -6 yuan/ton [1] - The spread between LU10 and LU11 was -26 yuan/ton, and the settlement spread was -27 yuan/ton, with a difference of -1 yuan/ton [1] - The spread between LU10 and FU10 was 479 yuan/ton, and the settlement spread was 485 yuan/ton [1] - The spread between FU2510 and Singapore MOPS (3.5%S) was 22.8 yuan/ton, a decrease of 15.5 yuan/ton from the previous day [1] - The spread between LU2510 and Singapore MOPS (0.5%S) was 12.9 yuan/ton, a decrease of 39.1 yuan/ton from the previous day [1] - The spread between Singapore MOPS (0.5%S - 3.5%S) was 68.6 US dollars/ton, a decrease of 1.3 US dollars/ton from the previous day [1] Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low-sulfur fuel oil is also 0, indicating a neutral trend. The range of trend intensity is an integer in the [-2, 2] interval, where -2 represents the most bearish and 2 represents the most bullish [1]