燃料油基准价为元吨，与本月初元吨相比，上涨了

Report Summary 1. Industry Investment Rating No information provided. 2. Core View - This week, the fuel oil contracts showed an overall fluctuating downward trend, following the international crude oil's fluctuation rhythm. Geopolitical news such as the tense relationship between the US and Venezuela and Venezuela's export disruptions affected the market this week, but the long - term oversupply pattern of the crude oil market remains unchanged, providing limited support for fuel oil prices [2]. 3. Summary by Directory 1. Futures Market - 1.1 Contract Market - This week, the main fuel oil contract FU2603 closed at 2,390 yuan/ton, down 15 yuan/ton or 0.62% from the previous trading week's settlement price. The weekly high was 2,460 yuan/ton, the low was 2,366 yuan/ton, the trading volume was 2,927,936 lots, and the open interest was 301,764 lots, an increase of 94,646 lots [3]. - 1.2 Variety Price - The price spreads between different fuel oil futures contracts further narrowed [7]. 2. Spot Market and Warehouse Receipts - 2.1 Basis Data - The fuel oil spot market performed poorly this week, with the current basis level in the lower range of recent months. The close linkage between fuel oil prices and crude oil, and the low - level consolidation of crude oil further restricted the upward elasticity of the basis [10]. - 2.2 Registered Warehouse Receipts - According to the Shanghai Futures Exchange's warehouse receipt data, the scale of warehouse receipts remained stable and did not cause significant supply - demand disturbances in the market [13]. 3. Influencing Factors - 3.1 Industry Information - The benchmark price of fuel oil was 5,400 yuan/ton, up 0.9% from 5,350 yuan/ton at the beginning of the month. The benchmark price of 380 CST fuel oil was 385.5 US dollars/ton, also up 0.9% from the beginning of the month [14]. 4. Market Outlook - Affected by crude oil fluctuations, combined with the fundamental contradiction of abundant supply and weak demand, the fuel oil futures market is expected to maintain a volatile pattern in the short term. The narrowing trend of the high - low sulfur price spread is obvious; the supply of high - sulfur fuel oil remains under pressure, and prices may still face downward pressure. Repeated fluctuations in geopolitical situations may bring short - term market trends, but it is difficult to change the long - term weak tone. In the future, attention should be paid to crude oil price trends, geopolitical situation changes, Singapore fuel oil inventory changes, and domestic fuel oil production and import - export data [15].