元吨，与本月初元吨相比，下降基准价为美元吨，与本月初相比

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, fuel oil futures showed an overall fluctuating downward trend, following the rhythm of international crude oil fluctuations. Prices were mainly affected by the weakening of the crude oil cost side, a significant increase in domestic futures warehouse receipts, and geopolitical supply disturbances [2] 3. Summary of Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Market - This week, the main fuel oil contract FU2603 closed at 2,405 yuan/ton, down 89 yuan/ton or 3.57% from the previous trading week's settlement price. The highest price this week was 2,551 yuan/ton, the lowest was 2,387 yuan/ton, the trading volume was 977,113 lots, and the open interest was 207,118 lots, an increase of 62,896 lots [3] 3.1.2 Variety Price - The main fuel oil futures contract has changed to FU2603, and the spreads between contracts have further narrowed [6] 3.2 Spot Market 3.2.1 Basis Data - This week, the fuel oil spot market performed poorly, and the current basis level is in the lower range of recent months. Fuel oil prices are closely linked to crude oil, and the low-level consolidation of crude oil prices further restricts the upward elasticity of the basis [8] 3.3 Outlook and Suggestions - Affected by the weakening of the cost side and the increase in warehouse receipts, the price rebound momentum is insufficient; however, the continuous growth of open interest indicates increased capital attention, and the decline of far-month contracts may be smaller than that of near-month contracts due to less warehouse receipt pressure. In the future, it is necessary to closely monitor the trends of crude oil prices, geopolitical situations, changes in Singapore's fuel oil inventories, and domestic fuel oil production, import, and export data [15]