燃料油：价格重心来到年内低位，短期弱势仍在

Report Summary 1) Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2) Report's Core View - The price center of fuel oil has reached the lowest level of the year, and the short - term weakness persists. Low - sulfur fuel oil continues to decline, and the high - low sulfur spread of the overseas spot market has a slight rebound [1]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - Futures Prices: For fuel oil futures, FU2511 closed at 2,750 yuan/ton with a - 1.19% daily change, and FU2512 closed at 2,717 yuan/ton with a - 1.11% daily change. For low - sulfur fuel oil futures, LU2511 closed at 3,191 yuan/ton with a - 0.84% daily change, and LU2512 closed at 3,203 yuan/ton with a - 0.50% daily change [1]. - Trading Volume and Open Interest: In terms of trading volume, FU2511 decreased by 3,554 hands to 4,489 hands, FU2512 decreased by 7,801 hands to 11,144 hands, LU2511 decreased by 8,947 hands to 7,576 hands, and LU2512 decreased by 14,112 hands to 76,439 hands. Regarding open interest, FU2511 increased by 32 hands to 12,242 hands, FU2512 increased by 18 hands to 12,872 hands, LU2511 decreased by 2,417 hands to 16,369 hands, and LU2512 increased by 809 hands to 64,270 hands [1]. - Warehouse Receipts: The total fuel oil warehouse receipts remained unchanged at 45,800, and the low - sulfur fuel oil warehouse receipts also remained unchanged at 13,080 [1]. - Spot Prices: Spot prices of high - sulfur and low - sulfur fuel oil in various regions such as Singapore, High - Chayla, and Zhoushan all showed a downward trend. For example, Singapore FOB high - sulfur fuel oil (3.5%S) decreased by 3.07% to 363.3 dollars/ton, and low - sulfur fuel oil (0.5%S) decreased by 1.46% to 432.3 dollars/ton [1]. - Spreads: The spread between FU11 - 12 was 33 yuan/ton, and the spread between LU11 - 12 was - 12 yuan/ton. The spread between LU11 - FU11 was 441 yuan/ton. The spread between FU2510 - Singapore MOPS (3.5%S) increased by 49.2 yuan/ton to 155.8 yuan/ton, and the spread between LU2510 - Singapore MOPS (0.5%S) increased by 18.8 yuan/ton to 103.6 yuan/ton. The spread between Singapore MOPS (0.5%S - 3.5%S) increased by 5.1 dollars/ton to 69.1 dollars/ton [1]. [Trend Intensity] - The trend intensity of fuel oil and low - sulfur fuel oil is - 1, indicating a bearish outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [1].