燃料油：夜盘小幅反弹，短期弱势仍在，低硫燃料油：短期继续弱于高硫，外盘现货高

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - Fuel oil had a slight rebound in the night session, but the short - term weakness persists. Low - sulfur fuel oil is expected to continue to be weaker than high - sulfur fuel oil in the short term, and the high - low sulfur spread in the overseas spot market has narrowed again [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices and Changes: - For FU2511, the closing price was 2,739 yuan/ton, down 0.40%, and the settlement price was 2,725 yuan/ton, down 1.38%. - For FU2512, the closing price was 2,697 yuan/ton, down 1.38%, and the settlement price was 2,685 yuan/ton, down 1.76%. - For LU2511, the closing price was 3,140 yuan/ton, down 1.60%, and the settlement price was 3,141 yuan/ton, down 1.97%. - For LU2512, the closing price was 3,155 yuan/ton, down 1.97%, and the settlement price was 3,158 yuan/ton, down 1.80% [1]. - Trading Volume and Open Interest: - The trading volume of FU2511 was 2,003 lots, a decrease of 2,486 lots, and the open interest was 12,454 lots, an increase of 212 lots. - The trading volume of FU2512 was 9,775 lots, a decrease of 1,369 lots, and the open interest was 12,463 lots, a decrease of 409 lots. - The trading volume of LU2511 was 8,510 lots, an increase of 934 lots, and the open interest was 13,398 lots, a decrease of 2,971 lots. - The trading volume of LU2512 was 87,532 lots, an increase of 11,093 lots, and the open interest was 65,740 lots, an increase of 1,470 lots [1]. - Warehouse Receipts: The total market warehouse receipts for fuel oil were 45,800, with no change, and for low - sulfur fuel oil were 13,080, with no change [1]. - Spot Prices: - In Singapore FOB, the price of high - sulfur fuel oil (3.5%S) was 368.6 dollars/ton, up 1.46%, and low - sulfur fuel oil (0.5%S) was 432.1 dollars/ton, down 0.06%. - In Singapore Bunker, high - sulfur was 380.0 dollars/ton, up 1.33%, and low - sulfur was 446.0 dollars/ton, up 0.45%. Similar price changes were shown in other regions such as Fujeirah, Zhoushan, Shanghai, Tokyo, and South Korea [1]. - Price Spreads: - The FU11 - 12 spread was 42 yuan/ton, and the settlement spread was 40 yuan/ton, with a difference of - 2 yuan/ton. - The LU11 - 12 spread was - 15 yuan/ton, and the settlement spread was - 17 yuan/ton, with a difference of - 2 yuan/ton. - The LU11 - FU11 spread was 401 yuan/ton, and the settlement spread was 416 yuan/ton, with a difference of 15 yuan/ton. - The FU2510 - Singapore MOPS (3.5%S) spread decreased by 48.8 yuan/ton, the LU2510 - Singapore MOPS (0.5%S) spread decreased by 49.1 yuan/ton, and the Singapore MOPS (0.5%S - 3.5%S) spread decreased by 5.6 dollars/ton [1]. 3.2 Trend Intensity - The trend intensity of fuel oil and low - sulfur fuel oil is 0, indicating a neutral view, with the range of trend intensity being [- 2,2] where - 2 is most bearish and 2 is most bullish [1].