燃料油：空头优势减弱

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View of the Report - The short - side advantage of fuel oil futures 2601 contract has weakened, and the net short position has shrunk. It is expected that the contract may see a slowdown in the downward trend and maintain a weak trend [6][7]. 3. Summary by Related Content Market Performance - Yesterday, the fuel oil futures 2601 contract showed a trend of shrinking volume, increasing positions, weak downward movement, and a slight decline. The intraday price center continued to move down to the 2680 yuan/ton level, with the lowest reaching 2649 yuan/ton. The closing price dropped slightly by 1.14% to 2683 yuan/ton. The positions increased significantly by 5289 hands to 257652 hands, an increase of 2.10% [2]. Position Changes of Top 20 Long and Short Seats - The positions of the fuel oil futures 2601 contract showed a situation where both longs and shorts increased. The long side increased a total of 3060 hands to 143800 hands, and the short side increased a total of 464 hands to 194617 hands. As a result, the net short position shrank to 50817 hands [2][6]. - Among the top 20 long - side seats, 15 increased long positions. Three seats increased by more than 500 hands, including Guotai Junan Futures, CITIC Futures, and Dongzheng Futures, with increases of 584 hands, 951 hands, and 1230 hands respectively. Ten seats increased between 100 and 500 hands, and 2 seats increased by less than 100 hands [3]. - Among the top 20 short - side seats, 13 increased short positions. Five seats increased by more than 500 hands, including CITIC Futures, Dongzheng Futures, Galaxy Futures, Ruida Futures, and Baocheng Futures, with increases of 1028 hands, 1538 hands, 694 hands, 1565 hands, and 554 hands respectively. Three seats increased between 100 and 500 hands, and 5 seats increased by less than 100 hands [4]. Seat Operation Changes - There was 1 seat that switched from long to short (GF Futures), which reduced 785 long positions and increased 42 short positions, indicating that it believed the fuel oil would have insufficient rebound momentum. There were 2 seats that switched from short to long (Guotai Junan Futures and Haitong Futures), indicating that they believed the short - term fuel oil was oversold and there was a rebound opportunity [6].