燃料油，空头优势减弱

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoint of the Report - The net short position of the top 20 long - short positions in the fuel oil futures 2601 contract decreased to 25,384 lots, indicating that the short - side advantage has weakened. It is expected that the decline of the fuel oil futures 2601 contract will slow down and maintain a weak trend in the future [7] 3. Summary According to the Content Market Performance of Fuel Oil Futures 2601 Contract - Yesterday, the fuel oil futures 2601 contract showed a pattern of increasing volume and positions, fluctuating weakly, and closing slightly lower. The intraday price center continued to move down below the 2,750 yuan/ton level, reaching a minimum of 2,711 yuan/ton. At the close, the price dropped 0.94% to 2,743 yuan/ton. The positions increased slightly by 2,413 lots to 183,463 lots, with an increase of 1.33% [2] Changes in the Top 20 Long - Short Positions - The positions of the fuel oil futures 2601 contract showed a pattern of both long and short positions increasing. The long positions increased by 3,402 lots to 107,936 lots, and the short positions increased by 1,532 lots to 133,320 lots [2] Details of Long - Position Increases in the Top 20 Long Positions - Among the top 20 long positions of the fuel oil futures 2601 contract, 11 institutions increased their long positions. Two institutions increased their long positions by more than 1,000 lots, namely Guotai Junan Futures and CITIC Futures, with increases of 1,812 lots and 1,571 lots respectively. Nine institutions increased their long positions between 100 and 1,000 lots [3] Details of Short - Position Increases in the Top 20 Short Positions - Among the top 20 short positions, 13 institutions increased their short positions. Two institutions increased their short positions by more than 1,000 lots, namely CITIC Futures and Ruida Futures, with increases of 3,596 lots and 1,744 lots respectively. Seven institutions increased their short positions between 100 and 1,000 lots [4] Multi - to - Short and Short - to - Long Operations - Three institutions carried out multi - to - short operations, including Galaxy Futures, CITIC Construction Investment Futures, and Guotou Futures, indicating that they believe the fuel oil will have insufficient rebound power. Two institutions carried out short - to - long operations, namely Dongzheng Futures and Fangzheng Futures, indicating that they believe the short - term decline of fuel oil is limited and there is a rebound opportunity [6]