燃料油：高位震荡，短线进入调整，低硫燃料油，大幅上行，外盘现货高低硫价差

Group 1: Report Title and Overview - The report is titled "Fuel Oil: High-level Volatility, Short-term Adjustment; Low-sulfur Fuel Oil: Sharp Upturn, Strong Rebound in the Spread between High and Low-sulfur Spot Prices in the External Market" and was published on September 26, 2025 [1] Group 2: Core View - Fuel oil is in high-level volatility and has entered a short-term adjustment, while low-sulfur fuel oil has seen a sharp upward movement and a strong rebound in the spread between high and low-sulfur spot prices in the external market [1] Group 3: Fundamental Tracking Futures Prices - FU2510 closed at 2,969 yuan/ton, up 1.64% from the previous day, with a settlement price of 2,933 yuan/ton, up 1.88% [1] - FU2511 closed at 2,970 yuan/ton, up 1.88% from the previous day, with a settlement price of 2,948 yuan/ton, up 2.08% [1] - LU2510 closed at 3,366 yuan/ton, down 0.06% from the previous day, with a settlement price of 3,366 yuan/ton, unchanged [1] - LU2511 closed at 3,450 yuan/ton, unchanged from the previous day, with a settlement price of 3,435 yuan/ton, up 1.12% [1] Trading Volume and Open Interest - The trading volume of FU2510 was 216, a decrease of 727 from the previous day, and the open interest was 4,306, a decrease of 127 [1] - The trading volume of FU2511 was 14,583, a decrease of 10,089 from the previous day, and the open interest was 21,802, a decrease of 1,476 [1] - The trading volume of LU2510 was 0, a decrease of 35 from the previous day, and the open interest was 1,295, an increase [1] - The trading volume of LU2511 was 71,885, a decrease of 7,787 from the previous day, and the open interest was 44,735, a decrease of 5,993 [1] Warehouse Receipts - The total warehouse receipts of fuel oil in the market were 80,510, unchanged from the previous day, and the warehouse receipts of low-sulfur fuel oil were 10,020, unchanged [1] Spot Prices - In Singapore FOB, high-sulfur (3.5%S) was 407.3 US dollars/ton, up 0.13% from the previous day, and low-sulfur (0.5%S) was 474.0 US dollars/ton, up 1.70% [1] - In Singapore Bunker, high-sulfur was 418.0 US dollars/ton, unchanged from the previous day, and low-sulfur was 486.0 US dollars/ton, up 1.25% [1] Price Spreads - The spread between FU10 and FU11 was -1 yuan/ton, and the settlement spread was -15 yuan/ton, a difference of -14 yuan/ton [1] - The spread between LU10 and LU11 was -84 yuan/ton, and the settlement spread was -69 yuan/ton, a difference of 15 yuan/ton [1] - The spread between LU10 and FU10 was 397 yuan/ton, and the settlement spread was 433 yuan/ton, a difference of 36 yuan/ton [1] Group 4: Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low-sulfur fuel oil is 0, indicating a neutral view [1]