燃料油：夜盘冲高回跌，价格重心维持高位，低硫燃料油，短线转弱，外盘现货高低硫价差

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Fuel oil night trading saw a rise followed by a decline, with the price center remaining at a high level; low-sulfur fuel oil weakened in the short term, and the price spread between high and low-sulfur in the overseas spot market rebounded slightly [1] 3. Summary Based on Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Data - Prices and Changes: FU2510 closed at 2,994 yuan/ton, down 0.20%, with a settlement price increase of 1.14% to 3,025 yuan/ton; FU2511 closed at 3,031 yuan/ton, up 1.14%, with a settlement price increase of 1.83% to 3,057 yuan/ton; LU2510 closed at 3,450 yuan/ton, unchanged, with a settlement price unchanged; LU2511 closed at 3,480 yuan/ton, unchanged, with a settlement price increase of 0.35% to 3,482 yuan/ton [1] - Trading Volume and Open Interest: FU2510 trading volume was 319 lots, an increase of 106 lots, and open interest was 3,997 lots, a decrease of 163 lots; FU2511 trading volume was 21,753 lots, an increase of 3,217 lots, and open interest was 16,133 lots, a decrease of 2,699 lots; LU2510 trading volume was 0 lots, a decrease of 2 lots, and open interest was 1,293 lots, an increase of 10 lots; LU2511 trading volume was 68,397 lots, a decrease of 9,404 lots, and open interest was 34,338 lots, a decrease of 5,441 lots [1] - Warehouse Receipts: The total market warehouse receipts for fuel oil were 77,790 lots, a decrease of 2,720 lots, and for low-sulfur fuel oil were 15,020 lots, an increase of 5,000 lots [1] 3.1.2 Spot Prices - High-Sulfur (3.5%S): Singapore FOB was 411.0 dollars/ton, down 0.46%; Singapore Bunker was 422.0 dollars/ton, down 0.24%; Fujeirah Bunker was 402.0 dollars/ton, unchanged; Zhoushan Bunker was 441.0 dollars/ton, down 0.45%; Shanghai Bunker was 444.0 dollars/ton, down 0.45%; Tokyo Bunker was 466.0 dollars/ton, unchanged; South Korea Bunker was 453.0 dollars/ton, down 0.66% [1] - Low-Sulfur (0.5%S): Singapore FOB was 478.1 dollars/ton, down 0.18%; Singapore Bunker was 488.0 dollars/ton, down 0.41%; Fujeirah Bunker was 490.0 dollars/ton, unchanged; Zhoushan Bunker was 512.0 dollars/ton, up 0.20%; Shanghai Bunker was 512.0 dollars/ton, up 0.20%; Tokyo Bunker was 521.0 dollars/ton, unchanged; South Korea Bunker was 525.0 dollars/ton, down 0.94% [1] 3.1.3 Price Spreads - Futures Contract Spreads: FU10 - 11 was -37 yuan/ton, LU10 - 11 was -30 yuan/ton, and LU10 - FU10 was 456 yuan/ton [1] - Other Spreads: FU2510 - Singapore MOPS (3.5%S) was 67.3 yuan/ton, an increase of 7.5 yuan/ton; LU2510 - Singapore MOPS (0.5%S) was 46.0 yuan/ton, an increase of 6.3 yuan/ton; Singapore MOPS (0.5%S - 3.5%S) was 67.0 dollars/ton, an increase of 1.0 dollars/ton [1] 3.2 Trend Intensity - The trend intensity of fuel oil was 0, and that of low-sulfur fuel oil was also 0, indicating a neutral trend. The trend intensity ranges from -2 (most bearish) to 2 (most bullish) [1]