燃料油：环比前期转弱，波动继续放大，低硫燃料油：持续强于高硫，外盘现货高低硫价差再次反弹

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - Fuel oil has weakened compared to the previous period, and its volatility continues to increase. Low - sulfur fuel oil remains stronger than high - sulfur fuel oil, and the price spread between high - and low - sulfur in the overseas spot market has rebounded again [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: For FU2511, the closing price was 2,968 yuan/ton with a daily decline of - 0.07%, and the settlement price was 2,968 yuan/ton with a decline of - 1.30%. For LU2511, the closing price was 3,231 yuan/ton with no change, and the settlement price was 3,231 yuan/ton with a decline of - 1.58% [1]. - Trading Volume and Open Interest: The trading volume of FU2511 was 3 lots with a decrease of 165 lots, and the open interest was 4,849 lots with a decrease of 3 lots. The trading volume of LU2512 was 17,998 lots with a decrease of 5,486 lots, and the open interest was 17,703 lots with a decrease of 3,970 lots [1]. - Warehouse Receipts: The total market warehouse receipts of fuel oil (FU) were 37,890 with no change, and the warehouse receipts of low - sulfur fuel oil (LU) were 4,960 [1]. - Spot Prices: In Singapore FOB, the price of 3.5%S fuel oil was 372.7 US dollars/ton with a daily decline of - 2.70%, and the price of 0.5%S low - sulfur fuel oil was 437.2 US dollars/ton with a decline of - 1.05% [1]. - Price Spreads: The settlement spread of FU11 - 12 was 143 yuan/ton, and the settlement spread of LU11 - 12 was - 15 yuan/ton. The spread between LU2510 and Singapore MOPS (0.5%S) increased by 33.1 yuan/ton compared to the previous day [1]. 3.2 Trend Strength - The trend strength of fuel oil is 0, and the trend strength of low - sulfur fuel oil is also 0, indicating a neutral trend [1].