燃料油：震荡走势为主，仍然弱于低硫，低硫燃料油：短期偏强，外盘现货高低硫价差

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Fuel oil is expected to show a volatile trend and remain weaker than low - sulfur fuel oil [1]. - Low - sulfur fuel oil is expected to be strong in the short term, and the price spread between high - and low - sulfur fuels in the overseas spot market will continue to rise [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices and Changes: - For fuel oil futures, FU2512 closed at 2,722 yuan/ton, down 0.87% daily, and the settlement price was 2,711 yuan/ton, down 1.85%. FU2601 closed at 2,743 yuan/ton, down 1.85% daily, and the settlement price was 2,727 yuan/ton, down 1.52%. - For low - sulfur fuel oil futures, LU2512 closed at 3,286 yuan/ton, up 0.21% daily, and the settlement price was 3,263 yuan/ton, down 1.45%. LU2601 closed at 3,297 yuan/ton, down 1.45% daily, and the settlement price was 3,277 yuan/ton, down 1.15% [1]. - Trading Volume and Open Interest: - For fuel oil futures, the trading volume of FU2512 was 1,728 lots, an increase of 127 lots, and the open interest was 5,021 lots, a decrease of 337 lots. The trading volume of FU2601 was 456,878 lots, an increase of 59,135 lots, and the open interest was 183,463 lots, an increase of 2,413 lots. - For low - sulfur fuel oil futures, the trading volume of LU2512 was 3,516 lots, an increase of 898 lots, and the open interest was 11,508 lots, a decrease of 523 lots. The trading volume of LU2601 was 87,167 lots, a decrease of 2,856 lots, and the open interest was 74,847 lots, a decrease of 1,435 lots [1]. - Warehouse Receipts: The total warehouse receipts of fuel oil in the whole market were 29,740, a decrease of 16,720, and the warehouse receipts of low - sulfur fuel oil were 34,730, a decrease of 11,000 [1]. - Spot Prices: - High - sulfur (3.5%S) fuel oil spot prices in various regions showed a downward trend, with daily declines ranging from 0.26% to 1.24%. - Low - sulfur (0.5%S) fuel oil spot prices in most regions also declined slightly, except for a 0.72% increase in South Korea [1]. - Price Spreads: - The spread of FU12 - 01 was - 21 yuan/ton, and the settlement spread was - 16 yuan/ton, with a difference of 5 yuan/ton. - The spread of LU12 - 01 was - 11 yuan/ton, and the settlement spread was - 14 yuan/ton, with a difference of - 3 yuan/ton. - The spread of LU12 - FU12 was 564 yuan/ton, and the settlement spread was 552 yuan/ton, with a difference of - 12 yuan/ton [1]. 3.2 Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low - sulfur fuel oil is also 0, indicating a neutral trend for both [1].